Medical Marijuana Inc (OTCMKTS:MJNA) had been on the comeback trail until we hit 2018. Since the new year, the stock has been pulling back rather sharply. We hated this stock for most of last year but then got on board after the key dime level was taken out and we saw shares subsequently plunge into the depths to nearly test the nickel area.

At that time, we issued our bullish call because we believe the company knows how to play the game of maintaining share price traction if it chooses to, particularly if it sticks to substantively communications. In fact, we would suggest taking a fresh look at it here, given its latest announcement, which concerns itself with the establishment of its newest subsidiary, Phyto Animal Health.

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.”

It’s newest subsidiary, Phyto Animal Health, is described as “a company that cares about the health and well-being of all animals, Phyto Animal Health also cares about the earth. Using the least amount of water and other resources to create its products, the Company aims to leave the smallest footprint possible while helping provide cats, dogs and horses with the nutrients they need to have outstanding mental and physical health.”

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According to the company’s latest release, “Phyto Animal Health offers a line of cannabidiol (CBD) hemp oil supplements and hemp products targeted to cats, dogs and horses. CBD hemp oil has been researched by top veterinarians for cardiovascular, orthopedic and mental animal health. These products are Triple Lab Tested for integrity, safety and consistency and offer an abundant number of terpenes, essential fatty acids and other cannabinoids found naturally in hemp.”

“We are excited to bring these revolutionary botanical products to market and help provide therapeutic benefits for a variety of animals,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We’ve seen the popularity of our CBD products for humans grow significantly in recent years and look forward to achieving the same type of success in the animal health and wellness market.”

We’re not sure how this gambit will work out, but you have to give the company some credit for taking the shot. Now, if only management would take our advice and foot the bill for some audited financial results and possible uplisting to the QB level on the OTC, we might actually have a story.

At this time, carrying a capital value in the market of $363.8M, MJNA has a store ($1.2M) of cash on the books, which must be weighed relative to 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%. You can bet we will update this one again as new information comes into view. 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.