Medical Marijuana, Inc. (OTCMKTS:MJNA) Pulls Ahead Again
Medical Marijuana, Inc. (OTCMKTS:MJNA) is probably becoming the favorite swing-trade vehicle of every OTC market trader and their dog. After slipping three consecutive days last week for a total of 20% down, MJNA managed to shrug off the red streak and rose back to its pre-slump levels in a matter of two sessions.
Yesterday volume was only a little slower than Friday but MJNA pulled ahead by a solid 20%, reaching $0.13 per share, or a little higher than its perch before the three-day slump. Seeing that both the slip and the climb happened on virtually zero news from the company, MJNA looks like a very profitable vehicle for swing-trade lovers to make a few quick bucks, even if there is a significant degree of risk involved. The stock is still trading on half-mouthed rumors, unrestrained sector excitement and speculation.
At the very least the movement from the past five sessions more or less proved that the people who like to dip in the cheap really mean it, as the price recovery happened on a share volume comparable to the crash. The company has not posted any news on the development of its uplisting process from Pink sheet to OTCBB. The Income section of MJNA‘s quarterly financial report for Q1 remains bloated by the addition of $6 million recorded as “Extraordinary items” originating from CannaVEST stock payment – an item that is arguably worth its listed value.
Between the camps of those cheering for MJNA and claiming that CBD will be the substance that will change medical science of this century and the opposing camp of those claiming MJNA is run by shady individuals, we are trying to take a more balanced look at things. While MJNA seems far from uplisting to OTCBB and is still facing possible issues on a federal level, the stock is highly liquid and has offered several chances for deft traders to turn a quick profit during its bounces. Still, the supposed support levels of the drops seem to be slipping and there is never any guarantee a bounce will come.
On the other side of the fence, sector competitor Hemp, Inc. (OTCMKTS:HEMP) slipped 12% in yesterday’s market to a close of $0.02, on nearly 19 million shares traded.
