Medical Marijuana, Inc. (PINK:MJNA) Slips Below $.30, Announces Investment
Yesterday trading volume for Medical Marijuana, Inc. (PINK:MJNA) remained relatively low but the stock dipped nearly 7% and closed the day at $0.28 per share. The price moved in minor spikes and dips, remaining below the previous close throughout the day.
The company did not come out with any news or press releases yesterday. MJNA was, however, features in a large article on the front page of the business section of the Boston Globe, once again through its most popular public face – Mr. Tripp Keber, MJNA president and director of MJNA subsidiary Dixie Elixirs. The article dealt with the expansion of the medical marijuana business as a whole into the state of Massachusetts, in anticipation of the launch of MA’s medical marijuana program later this year. The state’s health authorities have until May to formulate regulations, then dispensaries will be able to open their doors to patients.
MJNA‘s drop is open to interpretation but it has more or less proven one thing – even though the sector’s stocks may be hot and offer great opportunities, they remain very volatile and chart analysis and resistance level calculations are very much irrelevant. Long supporters of the stock will hardly be swayed by the dip, especially those who got in at levels two to three times lower following the November elections or even earlier.
MJNA and CannaVEST Corp., still trading under the FCLS ticker symbol, dropped a press release announcement shortly after the market’s open that, through a Series A financing agreement, they will be investing $1.5 million into KannaLife Sciences, a phyto-medical company that holds a National Institute of Health license. The release was padded with statements from the officers of all three companies involved.
MJNA spiked 6% up in early trading in the wake of the announcement and is 4.6% up at the time of writing.