Medical Marijuana Inc (OTCMKTS:MJNA) has been in comeback mode after a dreadful Spring, Summer, and Fall in 2017. The latter stages of the year have featured some sort of recovery. We have been largely critical of the name for much of year, but turned a bit more positive in late October in response to some signals that the strategy of elusive and largely irrelevant communications was giving way to some more substantive efforts from the company.
In addition, the company is in the process of making some changes in the upper ranks, including its recent announcement that its Vice President of Operations, Blake N. Schroeder, Esq., has been promoted to Chief Operating Officer. Schroeder will also remain in his dual role as Chief Executive Officer of Medical Marijuana, Inc. subsidiary Kannaway, which sells hemp-based botanical products for health and wellness.
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 is obviously quite bullish on Mr. Schroeder, as is evident by the tone of the release.
“We are proud to have Blake as a senior leader and this promotion is well-deserved,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Since joining our organization, Blake has delivered dramatic performance results, pioneered new business strategies and helped improve our operations and brand presence worldwide. We’re confident in his ability to take us to yet another level of success. Blake is known for his ability to drive significant revenue increases and Medical Marijuana, Inc. was pleased to announce that throughout Q3 2017, we shattered monthly and daily sales records, with a year-over-year increase of 255%.”
“I’m excited about my expanded role at Medical Marijuana, Inc. and look forward to helping drive the organization’s continued growth, contribute to its strategic direction, and provide access to CBD to more people than ever across the globe,” said Schroeder.
Recent action has been sideways over the past week as well as over the past 6 weeks. But the situation might get more interesting: MJNA is a stock featuring a past littered with sudden rips. Moreover, the stock has benefitted from a jump in recent trading volume to the tune of 73% over what the stock has registered over the longer term.
Currently trading at a market capitalization of $331.6M, MJNA has a chunk ($1.2M) of cash on the books, which is balanced by 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%. As more color becomes clear on the name, we will review the situation and update our take. 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.