Medical Marijuana Inc (OTCMKTS:MJNA) Floats Back to 52-Week Lows
After an attempt to get back on track after a few months of poor chart performance, Medical Marijuana Inc (OTCMKTS:MJNA) cooled back down and dropped just a breath away from its lowest closing price for the past 52-weeks.
After a 4.5% red session on Friday, MJNA stopped at $0.042 per share, just $0.0001 away from its Aug 11 close – the lowest for the past 52 weeks. The company did its best to muster investor excitement over the past couple of weeks, posting a number of press releases, some of them even containing relevant positive announcements.
However, it seems it’s just not clicking for investors. Following a brief period of recovery that managed to push MJNA back to five cents per share, the stock is slipping back down near its 52-week lows.
The company is, not too surprisingly, late with its due report. MJNA filed for an extension for its Q2 report deadline but that extension expired last week, on Aug 19. Now the company is once more fashionably late and labelled as Pink Limited Information on OTC Markets. It’s likely that this too contributed to Friday’s slip, and the one before it.
Technical enthusiasts are having a field day with the recent lows the stock is charting, predicting all kinds of scenarios for the immediate future. Ultimately, the report and the figures contained in it will be what will make or break things for the share price.
It’s perhaps a little disappointing that nearly three years after it led the pot stock pack MJNA is back to its late 2012 price levels, seemingly gong back to square one despite all the PR, all the work allegedly done, all the deals, asset juggling and acquisitions. The Q2 report should reflect a full quarter in which Kannaway was part of the company. If the report shows a dramatic increase in revenues stemming from that fact and contained expenses, MJNA may get another shot at glory.