Medical Marijuana Inc (OTCMKTS:MJNA) had been working hard to hold onto key technical support. We turned bullish on this stock back in October of last year, but soured on it again last month when we saw signs that its communications policy was returning to poor form. Now, the stock is tracing along its 200-day simple moving average, which is very near the dime level that has been so important for this stock in the past.
In terms of new catalysts, the company just announced today the establishment of its Veterinary Advisory Board. According to its latest release, “Phyto Animal Health’s Advisory Board is comprised of recognized experts in veterinary medicine and animal sciences. The Board’s mandate is to create animal-safe products and build upon the Company’s industry-leading standards to continue to ensure substantive, in-depth, science-based standards of practice.”
Medical Marijuana Inc (OTCMKTS: MJNA) casts itself as an investment holding company that operates in the medical marijuana and industrial hemp markets. Its products range from patented and proprietary based cannabinoid products to seed and stalk or isolated high-value extracts manufactured and formulated for the pharmaceutical, nutraceutical, and cosmeceutical industries.
MJNA’s subsidiary, Kannaway, LLC, is a network sales and marketing company specializing in the sales and marketing of hemp-based botanical products. Kannaway currently hosts weekly online sales meetings and conferences across the United States, offering unique insight and opportunity to sales professionals who are desirous of becoming successful leaders in the sale and marketing of hemp-based botanical products
MJNA licenses its proprietary testing, genetics, labeling and packaging, tracking, production, and standardization methods for the medicinal cannabinoid industry. It engages in the research and development of cannabinoid-based pharmaceuticals; and marketing and distribution of cannabidiol hemp oil-based products.
In addition, MJNA provides management support and services to cooperatives, collectives, health and wellness facilities, and medical clinics; and consulting and securities services to businesses and individuals in the legal cannabis industry. Further, it focuses on the treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products.sportswear and more.”
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As noted above, the company has been working hard to establish its new subsidiary in the veterinary space. With shares battling to hold onto key technical support, communications are focused on convincing the market that the substance of this move is something that can blossom into real opportunity in the future. A strong advisory board is, at least in theory, one step in that direction.
“This team of well-respected experts will continue to help Phyto Animal Health become a leader in the animal health and wellness market,” said Phyto Animal Health CEO Ian Quinn. “They can provide us with the knowledge needed to create safe, effective products that can help us provide our pets with happier, healthier lives.”
“We take pride in the fact that all of the products created by our portfolio of companies are stringently tested and created by industry experts,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “This Advisory Board is our latest example of that and we are excited to see how they can help us continue to improve the quality and education of the unique offerings of Phyto Animal Health.”
Traders will note 2% tacked on to share pricing for the listing in the past week. Market participants may want to pay attention to this stock. MJNA is a stock with a past that has featured a litany of sudden rips to the upside. In addition, the company has witnessed a pop in interest, as transaction volume levels have recently pushed 45% beyond what we have been seeing over the larger time frame.
Currently trading at a market capitalization of $339.2, MJNA reports unaudited financials. According to its own claims, it has a store ($1.2M) of cash on the books, which compares with about $814K in total current liabilities. MJNA is pulling in trailing 12-month revenues of $19.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 255.6%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $MJNA stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MJNA, either long or short, and we have not been compensated for this article.