Medical Marijuana, Inc. (OTCMKTS:MJNA) Retreats
It has been a great few days for Medical Marijuana, Inc. (OTCMKTS:MJNA). The company’s stock bounced nicely off its recent lows, following the submission of MJNA‘s long-overdue annual report. The share price put on nearly 60% within the span of just three sessions. That green run was cut short on Tuesday and turned into a retreat down the chart yesterday.
In the last market session MJNA closed 12.5% down, stopping at $0.086 per share. The price made one last big push up on Tuesday, testing its previous intra-day spike levels but retreated much lower by the bell. Yesterday’s session was marked by an immediate, decisive morning dip that leveled out in the afternoon.
MJNA‘s latest surge was driven not only by its annual filing but also by its most recent press release. The company announced its Real Scientific Hemp Oil product has been approved on a federal level by the government of Brazil, to be imported in the country and handed out as prescription medication. This is the first time a marijuana-derived product has been legalized in the country and the PR, understandably, made a big deal out of that fact.
Hemp oil for Brazilian patients will be imported by HempMeds Brasil, an entity which appears for the first time in a text related to Medical Marijuana, Inc. The company seems to be a sort of a branch or offshoot of HempMeds PX – the “exclusive master distirbutor” of MJNA‘s RSHO.
This is undeniably good news for the company. When the revenues originating from this partnership materialize on MJNA‘s balance sheet, the bottom line may go in the black once again. Here is what MJNA reported in its annual 2014 filing:
- $678 thousand in checkings/savings
- $4.0 million in total current liabilities
- $14.5 million in annual 2014 sales income
- $4.4 million in annual 2014 net loss
The company’s Q1 report was due last Friday but MJNA filed for a deadline extension again. The new deadline was actually yesterday, May 20, and the report is nowhere to be found. Whether or not it will take another month for MJNA to put it up, as it happened with its annual, remains to be seen.
