Medical Marijuana Inc (OTCMKTS:MJNA) has rallied over the last few day taking a healthy jump on the new Farm Bill and strong sales. MJNA did not release the recent audited numbers, but rather described the overall success on all fronts of the company. To look at their data, in Q3 revenue exceeded $16.8 million dollars, an increase of more than 116% over Q3 2017. Revenue for the nine-month period ending September 30, 2018 exceeded $42.1 million dollars, an increase of 146%over the prior year nine-month period.
“We are proud to announce that we had such great success in November,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “There is significant change and progress occurring throughout the industry and we are happy to be at the forefront of it.”
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.”
According to company materials, “Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value.”
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At the re-convened MJNA shareholder meeting on December 3, 2018, a quorum was met and all five directors of MJNA were reelected to staggered terms. A second proposal, however, still lacks the votes needed for approval.
All told, MJNA has been showing positive revenue and booking strong gains, but still continues to be a loser for investors. It is something all interested parties need to consider here as a juicy 2019 looms for the company.
At this time, carrying a capital value in the market of $301.08M, MJNA has just $2.2M in cash on the books, which must be weighed relative to a mountain of about $15.5M in liabilities. The debt has been growing for the company, but there are drivers here that could keep this stock up. 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.