Medical Marijuana Inc (OTCMKTS:MJNA), as we noted in recent articles, has been back up to its old ways as a bad bet in the MJ space. The latest move is the stock’s technical break back under its long-standing critical level around a dime/share. That also happens to be the 200-day simple moving average. The company has been pushing a gambit to move into the veterinary space with a line of theoretical CBD products. However, as usual, its case is rather suspect, as share performance shows quite clearly.
Specifically, the company just announced that its subsidiary Phyto Animal Health has garnered news coverage in a top veterinary trade publication, American Veterinarian. According to the release, “a March 13, 2018, article on the American Veterinarian website entitled ‘Phyto Animal Health’s Line of CBD Pet Products,’ features interviews with executive members of the Phyto Animal Health Veterinary Advisory Board, Liz Hughston, MEd., RVT, CVT, VTS (SAIM, ECC), and Stephen F. Cital, RVT, SRA, RLAT, VTS-Lab Animal.”
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.
The company has also started up its Phyto Animal Health segment, “as a company that cares about the health and wellbeing 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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Keep in mind in reading the following show quotes that we are talking about a pink sheet stock that still refuses to release any audited financial results, and continues to be one of the worst performing names in the cannabis patch.
“We want all of our subsidiaries to be known as leaders in their respective product markets and are pleased to see these veterinary experts endorsing Phyto Animal Health in this nationally recognized publication,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus.
In the article, Stephen Cital talks about the Company’s Certificates of Analysis (COAs) saying, “What’s nice about Phyto Animal Health compared to some of the other companies out there is they is they have a Certificate of Analysis of the cannabinoids that are in the product but also have other elemental analyses which are important because if we’re getting these products from overseas we could have high levels of lead and other elements that could be very toxic.”
“We have sworn a Pledge of Loyalty to Good Manufacturing practices and our Triple Lab Testing process allows pet owners to place trust in our products,” said Phyto Animal Health CEO Ian Quinn. “Our goal is to continue to provide the most up-to-date, scientifically-based approach to pet health in all that we do and provide transparency on the quality and safety of our products.”
Now commanding a market cap of $316M, MJNA claims to have a stash ($1.2M) of cash on the books, which compares with about $814K in total current liabilities. MJNA also claims to be pulling in trailing 12-month revenues of $19.7M. In addition, the company posits that it is seeing major top-line growth, with y/y quarterly revenues growing at 255.6%. Naturally, as noted above, none of this audited data. 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.