Medical Marijuana Inc (OTCMKTS:MJNA) has continued to move lower in recent weeks unlike many in the sector that have moved skyward.
The stock recently popped after the Company announced they Successfully Defeated Project CBD’s Anti-SLAPP Motion and Motion to Reconsider in $100 Million False Claims Lawsuit
Medical Marijuana Inc (OTCMKTS:MJNA) announced in October that it filed a $100 million lawsuit against multiple companies that published false allegations about Medical Marijuana, Inc. its portfolio companies and CBD hemp oil brands. Today, Medical Marijuana, Inc. is pleased to inform its shareholders and the public that a California Superior Court has struck down Project CBD’s Anti-SLAPP motion and motion to reconsider in the false claims lawsuit.
“The Trial Court has now twice ruled that the case can proceed against Project CBD, Martin Lee and Aaron Cantu on the causes of action for Libel and False Light,” says Dr. Stuart Titus, the CEO of Medical Marijuana, Inc. “While it’s unfortunate that it came to this, Medical Marijuana, Inc. intends to use all available resources to aggressively prosecute this case and proceed to trial.”
In filing the Anti-SLAPP motion, Project CBD had attempted to have Medical Marijuana, Inc.’s $100 million lawsuit dismissed on the grounds that it violated Project CBD’s right to free speech.
MJNA has a long history of spectacular movies running as high as $0.50 in 2013. This is a Company that knows how to market itself and get itself into the main stream media and deserves to be at the top of Investors watch lists anytime it starts trading big volume.
Medical Marijuana Inc (OTCMKTS:MJNA) is one of the first pot stocks that has been around since the beginning. The Company has made a number of acquisitions in the cannabis sector that drive future growth.
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 recently announced its 2014 Annual Report last week, MJNA said ”The Company continued to have exceptional growth over the year with product sales total of over $14,522,892 compared to $5,059,924 for the prior year, representing a sales increase of more than 280%.
Operating highlights for the year included:
- Overall consolidated product sales income of $14,522,892 compared to $5,059,924 for the year ending 2013
Maintained a note-based line of credit with $6,000,000 in available reserves
Increased its merchant accounts monthly processing ability to over $20,000,000
The Company, through its licensing agreement with CannaVest, has held seasoned securities valued at over $8,000,000 (at close of 2014)
Completed its expansion to a new sales, marketing and logistics center in order to accommodate continued and rapid growth
Completed one of the largest acquisitions in industry history with the purchase of direct sales company Kannaway
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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.”
Last month 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.”
On May 18 MJNA said ”HempMeds Brasil’s™ RSHO™ product has been written into world history as the first cannabis product to be approved for import by Brazil’s federal government and used as a prescription for approved medical indications within Brazil including epilepsy (CDKL5 and Dravet Syndrome). HempMeds Brasil™ is providing the RSHO™ exclusively for the Brazilian marketplace while under temporary broad approval for additional medical indications, subject to clinical trials within the country.
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Currently trading at a $75 million market valuation there are two sides to MJNA; on one hand this is one of the original pot plays on the bb’s that has a long history of gaining serious media attention resulting in spectacular short term runs and this could easily happen again. On the other hand this is a pink sheet stock with a history of dilution that is late on their filings; the 2014 Annual Report and Shareholder Letter are promising. 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.