Medical Marijuana Inc (OTCMKTS:MJNA) continues to trend upwards since a brief dip below the $0.10 mark. The stock saw a big move in November running up to $0.268 highs as pot stock heated up across the board. MJNA remains an Investors favorite and a staple among the top most traded stocks on the entire exchange especially when pot stocks heat up.
When the pot sector heats up MJNA is a great place to be with its history of parabolic moves; the Marijuana industry has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with many new states legalizing the drug including California, Nevada, Maine, and Massachusetts on November 8.
Medical Marijuana Inc (OTCMKTS:MJNA) mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. They strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value.
MJNA most profitable division is HempMeds, an exclusive master distributor for MJNA that provides cannabidiol (CBD) products made from industrial hemp that are already available in all 50 states and more than 40 countries. The unit boasts fast growing revenues and reported $2,876,438 in sales in Q3.
MJNA says their HempMeds™ sales operation has been greatly streamlined and they have cut back on inefficient expenses. The world is waking up to the vast untapped potential of cannabinoid-rich hemp oil and our flagship product, Real Scientific Hemp Oil™ (RSHO™), continues to show increasing demand. Combining our reduced manufacturing costs with improving demand from lower retail prices – we expect to see improving gross margins as the year progresses. Over the course of the last year we have been able to decrease our retail sales price by over 30% while still increasing margins and overall volume.”
Several Months ago Project CBD, a California educational nonprofit that focuses on cannabis science and therapeutics published an article called HEMP OIL HUSTLERS; Medical Marijuana Inc., HempMeds & Kannaway that has raised a stir especially with MJNA management who filed a $100 million lawsuit. As per the recent shareholder letter ”To date, two parties have settled in our litigation.”
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In September MJNA announced it has signed a U.S. manufacturer for sourcing of its Gold Label cannabidiol (CBD) hemp oil brand Real Scientific Hemp Oil™ (RSHO™). The sourcing agreement is for a minimum of $2,500,000 USD for a 12-month period. The first two months of the contract have already been sold, shipped and processed.
On December 15 MJNA announced its subsidiary company HempMeds® has formed a new business in Chile. Additionally, as part of the company’s Latin American market expansion initiative, the company has begun importing their flagship product Real Scientific Hemp Oil™ (RSHO™) to Argentina.
This new Latin American expansion comes after the company received the first-ever federal approval from COFEPRIS to import a cannabis product into Mexico, along with two other historic first-ever approvals to import RSHO™ into Brazil and Paraguay.
“We are proud to be building a business in Chile and expanding our distribution of HempMeds® RSHO™ into more countries in Latin America. Other countries in the region such as Brazil, Paraguay and Mexico have legalized CBD products for the treatment of multiple medical indications, so developing a business presence in Chile and a distribution network into Argentina seemed like the best logical direction,” said Chief Executive Officer of Medical Marijuana, Inc., Dr. Stuart Titus. “We are excited about the new venture and look forward to helping develop new economic opportunities for the people of Chile and Argentina.”
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Currently trading at a $367 million market valuation MJNA has a long history of losses that has resulted in a massive debt problem that has caused and will continue to cause significant dilution. But MJNA is one pot stock to watch when the sector heats up; they are masters at selling the sizzle on the pot sector as well as getting themselves featured by mainstream media, in the past this has resulted in spectacular short term moves. We will be updating on MJNA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MJNA.
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Disclosure: we hold no position in MJNA either long or short and we have not been compensated for this article.