Medical Marijuana Inc (OTCMKTS:MJNA) Soars on Broad Sector Excitement
In yesterday’s session Medical Marijuana Inc (OTCMKTS:MJNA) seemed to latch on to the general green leaf sector excitement that has been bubbling since Friday. MJNA ended up a massive 58% up, stopping at $0.049 per share.
Volume went crazy on Tuesday with no warning, with over 31 million shares having changed hands by the closing bell. The move sent MJNA back to its August price levels. Sadly, there was no trigger related directly to MJNA, its business or performance that caused the move.
There were various bits of sector-related news that made headlines over the past few days, including a ballot that seeks to legalize recreational marijuana in the state of California, as well as information about Ohio residents voting on marijuana legalization today. There is also the matter with industrial hemp becoming legal in the state of North Carolina.
None of this is directly related to MJNA and its core business, which is focused on CBD products. The lack of any meaningful related news left many investors on discussion boards puzzled about the reason behind MJNA‘s surge. Despite that, the stock soared, and it was not the only one to catch a massive price boost. Other OTC pot stocks that have long been forgotten by investors and moved miniscule dollar volume for months hopped on the hype train as well.
The entire pot sector is squirming with nondescript excitement, but it remains to be seen whether this culminates into anything meaningful or remains a price spasm on the charts.