Medical Marijuana, Inc. (OTCMKTS:MJNA) Trades in Lowest Volume of 2013
Even though many would claim the heyday of the marijuana industry is still to come, it seems this point in time may not be located in the foreseeable future. After making huge waves and offering considerable profit for savvy traders a few months ago, yesterday the industry’s top dog, Medical Marijuana, Inc. (OTCMKTS:MJNA) traded its lowest share volume of 2013.
Despite all the supporters of the green leaf prophesying an imminent massive breakout in the industry for months after the initial decline of the February sector rally, the recovery never really happened. Marijuana stocks across the board have been going through the slow pains of a decline that shows no signs of a reversal. Despite the streams of optimistic news releases, both MJNA and other marijuana businesses have dropped significantly in share price over the months.
One of the more recent announcements from MJNA was the launch of their CBD-enriched chewing gum, through their CanChew branch. While many traders hailed the news as another step forward, the fact that a pack containing 32 pieces of gum is priced at $125 may put a stick in the sales wheel. MJNA has also gone very quiet on the press release front which is not helping the stock price in any way, with investors anticipating more positive developments to propel the price.
The fact that MJNA moved its lowest share volume for all of 2013 so far can and will be interpreted in different ways by traders. Some may consider this a baited breath before another rally in price, triggered by a positive news release. Others may think it’s the stock teetering on the edge of a tall cliff. Predictions about the future movement of the stock, as always, remain in the sphere of hieromancy, or divining the hidden messages of the green leaf. The market for marijuana stocks has proven to be hugely volatile and its movement – nearly impossible to predict.
MJNA is currently slow in early trading, going nearly flat, under 1% up at $0.14 per share.