Medical Marijuana, Inc. (OTCMKTS:MJNA) Logs Another Green Day
After Medical Marijuana, Inc. (OTCMKTS:MJNA) managed to close green on Friday and stopped its descent before slipping under $0.13 per share, the stock logged a 3% green day on Monday and went back above 14 cents per share.
Daily volume was at 5.3 million shares yesterday, picking up from Friday’s more cautious 3.6 million. There have been no new press announcements from MJNA and the company’s last few were not particularly enthusing and didn’t help the stock move up in a significant way. What is perhaps good news for longs is that MJNA shows reluctance to slip back to the 12-13 cent range where it spent the majority of the last few months.
In retrospect, it’s now been quite some time since MJNA declared its intentions to uplist out of pink sheets and into OTCQB status. The company’s latest filing is a document informing that the Depository Trust Company has lifted the so-called DTC chill on MJNA. This was one of the factors that bothered some investors for some time and while this is now out of the way, the company has been very quiet about progress on the matter of uplisting.
Several days ago Romania officially legalized the use of marijuana derivatives for medical purposes, becoming the tenth European country to allow the medicinal use of the plant. While possession of the drug is still illegal, medical products using CBD, like a large part of MJNA‘s product lineup, are now officially good to go. MJNA came up with tidbits about its expansion in Europe, including Romania earlier this year but is yet to provide new information on the subject.
For now, traders seem to be looking forward to MJNA‘s next quarterly report which is due in a little over a month. The figures from the previous quarterly were announced ahead of the filing but income turned out to be booster mainly by CannaVEST stock and not actual product sales, so MJNA will have to impress with its next quarterly to inspire more confidence in investors.
Other big OTC movers in yesterday’s session include Globalstar, Inc. (OTCMKTS:GSAT) who remained among the session’s dollar volume leaders and closed less than 1% down, after a very good green run. Pacific Clean Water Technologies, Inc. (OTCMKTS:PCWT) – the latest Awesome Penny Stocks pump job, closed 14% up, stopping at $0.27 per share.