Medical Marijuana, Inc. (OTCMKTS:MJNA) Notches Down Again

After a slower Wednesday, yesterday Medical Marijuana, Inc. (OTCMKTS:MJNA) picked up a bit in share volume and dropped another 4% to a close of $0.123. This move was the company’s fourth red close in a row.

After MJNA closed flat last Friday on nearly 2 million shares traded, the four sessions into the current week have marked a slow decrease that saw the stock lose about 12% of its price. This sort of movement is never desirable, especially at a time when traders are getting a little impatient about further and more definitive news about the promised uplisting out of pink sheets. After MJNA managed to balance the last round out and stop at exactly $0.10, a new prolonged slip may fail to meet perceived ‘support’ at a dime and breach what may prove to be a very important psychological barrier – namely, keeping the price in the -teens.

There have been no news releases or filings from the company and an extended period of drought, especially in the PR sector, is never beneficial for stocks such as MJNA that often trade on momentum and excitement. The current sentiments among traders on discussion boards have not changed much. There are the borderline-delusional supporters of the stock who have been claiming the price will hit $0.20 in the very next session for more than two months now, and there are also those who are forecasting immediate devastating drops.

While neither of those views is balanced or very probable, in its current state of news limbo and a quarterly filing that was not precisely stellar in terms of income numbers, MJNA could definitely use an investor confidence boost in any form. If their Q2 filing comes out a month and a half into the next quarter, like the one for Q1 did, it will be some time before hard information is out. In the meantime, traders will have to rely on their faith in the company and keep their fingers crossed MJNA will soon have a CEO who will be able to take a firmer grip on operations.

MJNA‘s 4% slip pales in comparison to some other drops in yesterday’s session. Augme Technologies, Inc. (OTCBB:AUGT) closed the day 32% down after opening with a gap down and proceeding to fall further from there. MyECheck, Inc. (OTCMKTS:MYEC) closed another 13% down on record volume, dropping from a cent per share to $0.0065 in a matter of three sessions.

MJNA is currently trading 2% down in the early session.