Medical Marijuana Inc (OTCMKTS:MJNA) Does the Limbo
In Friday’s session Medical Marijuana Inc (OTCMKTS:MJNA) abseiled another 4% down the charts. The ticker stopped at $0.057 per share by the closing bell, at its lowest closing point since late 2012.
It has been an exciting couple of years for all pot stocks on the OTC but it seems all this excitement, often growing into unfiltered hype, is very nearly gone. The majority of the tickers that led the first wave of pot stock runners are now back down to their late 2012 prices, before the real upheaval of pot stocks began, MJNA included.
Hemp Inc (OTCMKTS:HEMP) and Cannabis Science Inc (OTCMKTS:CBIS) who were also among those early pot stock gainers are both down at or below their Q4 2012 price levels. Those who joined the big pot race later, piggy backing on early 2014 legalization euphoria, have also largely wiped any gains made over the last year and a half and are wobbling along on heavily faded volumes.
Despite a number of seemingly significant positive news releases in 2015 so far, including one major acquisition deal and a big announcement for a deal with the Brazilian government, MJNA is also down to its late 2012 prices. The company’s next quarterly is due by mid-August. If this manages to surprise in a big way and reveals some smashing numbers, things may take a turn for the better.
Until the report is up, shareholders have just the optimistic videos and upbeat PR to go by, as well as the company’s previous quarterly which listed a net loss of over $870 thousand. As a bit of an aside, the company’s expenses for “Meals and entertainment” for Q1 comprise 43% of the annual 2014 expenses under the same heading.