Medical Marijuana, Inc. (OTCMKTS:MJNA) Steadies, Volume Cools Down
After an excited and volatile streak that sent the share price of Medical Marijuana, Inc. (OTCMKTS:MJNA) mostly up despite a few wobbles, Friday brought relative calm. The price moved 3% down on a volume of 28 million shares, the lowest value for almost two weeks.
On Friday morning an article with a title suggesting MJNA may be ‘set up’ for a pump campaign was put up. This didn’t affect the stock in a major way. As a matter of fact, the promotional piece in question was by WiseAlerts, a small-time outfit, and disclosed that the promoter ‘may’ receive $10 thousand for promoting MJNA.
The alert itself was rather contained in its tone and briefed on current events and press releases from MJNA, discussing price movement, and contained little of the usual grand but empty pumper promises. In the end, marijuana is way too hot a topic at the moment and MJNA is too well-known for a small-time promoter who may receive a very humble compensation to have any sizable effect on price and volume movement.
The most current news coming from MJNA and the very likely cause for the ticker’s last double-digit green move concerns the signing of a contract. HempMedsPX, MJNA‘s ever-present master distributor and marketer, signed an agreement with a home-based business organization that is not named in the release. The contract covers a purchase of anti-aging CBD products worth a little over $1 million. However, there is very little other information surrounding the deal and this will likely remain unchanged until MJNA files its Q1 report.
The news got people excited and MJNA made up a good portion of last Wednesday’s drop. More details surrounding the contract would have been a boon to shareholders but they will simply have to wait for those.
Other pot-sector tickers were less fortunate on Friday. Creative Edge Nutrition, Inc. (OTCMKTS:FITX) dropped 9% to a close of $0.05 per share. GreenGro Technologies, Inc. (OTCMKTS:GRNH) closed 8.5% down, stopping at $0.42 by the bell.