MaryJane Group Inc (OTCMKTS:MJMJ) Squashed Further
Yesterday’s session brought another red close for MaryJane Group Inc (OTCMKTS:MJMJ), despite the buoyant even if baseless optimism that has gripped many traders on discussion boards. The company’s price slid 9.6% to stop at $0.0028 per share. Volume picked up to over 100 million shares once more, after a hesitant Tuesday session.
Why is MJMJ dropping when it just announced it will be expanding its Bud + Breakfast business with a new location lease in Colorado Springs against $12,500 per month? Quite likely because it also failed to secure its CannaCamp location and just a couple of days ago it turned out the CannaCamp will “not be hosted at the original sight” [sic].
The company managed to clamber back to a penny per share primarily because it announced the very same CannaCamp back in early June, dubbing it the country’s first cannabis resort. According to plan, the camp was to be located on the Wilderness Trail Ranch near Durango, CO and use the cabins of the ranch for accommodation.
Even though the CannaCamp website was open for reservations through the better part of June, the company has not officially stated what is going to happen with those reservations and whether guests who already booked their stay will be offered accommodation in the yet-unnamed location the new CannaCamp will occupy. Whether guests will find such drastic last-second changes acceptable or not is an entirely different matter.
MJMJ‘s other recent memorable achievements include diluting its retail shareholders to kingdom come, after issuing 350,000,000 new shares, starting with just 21 million in March 2015. This amounts to dilution of about 1690% within the space of three months and a week. A few days ago MJMJ upped its authorized shares to 2 billion.
Despite those mind-boggling figures and the fact that those 350 million new shares were issued at an average price of $0.001, there seem to be plenty of people who are still enthused about the stock, or at least do their best to put on such airs on investor discussion boards. It remains to be seen where MJMJ heads once it reveals its new CannaCamp site.
