Medical Marijuana Inc (OTCMKTS:MJNA) has been working hard to hold key support along with a combination of a very important price level in the history of the stock (the dime level) and the 200-day simple moving average. MJNA has been searching for something to get a new buzz going, but the latest attempt may not be what investors are really looking for: The company just announced that it is “excited to celebrate the 2018 Olympic Games with discounts on its tetrahydrocannabinol (THC)-free cannabidiol (CBD) hemp oil products” designed specifically for athletes and those who are subject to drug tests.

According to the release, “it’s no secret that cannabis is becoming increasingly popular as a pain management supplement in the U.S., and specifically is becoming a more widely recognized treatment option for professional athletes who are constantly experiencing a variety of injuries. In fact, according to a Yahoo/Marist College Poll, nearly 70% of Americans approve of athletes using cannabis for pain.”

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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The company’s latest move – to link itself to the popularity of the Olympics – is a classic MJNA move. Time will tell if it has any substantive impact. We continue to wait for this company to start releasing audited financials and get off the pink sheets. Until then, there are better places to play.

That said, if you want to take its data at face value, then management is clearly going to frame a message that gels with that data and suggests a top-tier status in the space. While we haven’t exactly been on board with that narrative, we will let our readers be the judge.

“We are excited to be able to celebrate the dedication and hard work of Olympians from all over the world and make our CBD products more accessible to those who need it most,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We’re happy that the World Anti-Doping Agency understands that CBD is safe for professional athletes to use and has many health and wellness benefits.”

WADA removed CBD from its list of prohibited substances as of Jan. 1, 2018, stating that: “Recent scientific literature shows that synthetic cannabidiol is not a cannabimimetic. Therefore, cannabidiol no longer fulfills two of the three criteria to be considered for inclusion on the list.”

Currently trading at a market capitalization of $334.2M, MJNA releases only unaudited financial data, which means you really need to take its numbers with a big, fat grain of salt. But the claim they make now is that they hold a chunk ($1.2M) of cash on the books relative to about $814K in total current liabilities, with nearly $20M in trailing 12-month revenues. That equates to top-line growth on a y/y quarterly basis of about 255.6%. Again, these are entirely unaudited numbers. This may be a very interesting story and we will look forward to updating it again soon. 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.