Can Medical Marijuana, Inc. (OTCMKTS:MJNA) Find a Bottom?
Yesterday was yet another disappointing session for Medical Marijuana, Inc. (OTCMKTS:MJNA). The company is currently going through its longest uninterrupted red streak in 2015 so far, closing down seven sessions in a row, carving ever new 52-week lows.
Yesterday MJNA sank another 6%, stopping at $0.061 by the closing bell. The ticker shifted its second largest volume for the past month, at 8.38 million shares changing hands. With each passing day it seems like investors don’t really care how oversold MJNA is and won’t stop shedding shares until the company puts up its long-overdue report.
The annual for 2014 is still missing, even though it became overdue in mid-April, after MJNA filed for an extended deadline. MJNA is currently a Pink No Info, STOP sign, Dark of Defunct entity on OTC Markets. Traders would no doubt have been more grateful to get some fresh numbers instead of MJNA‘s Friday press release, once again related to Kannaway.
As things stand at the moment, the most current financial information available on the company is seven and a half months old. Meanwhile, MJNA is involved in a legal dispute with Project CBD over certain claims and counterclaims made by both parties. Additionally, two former MJNA board members have filed a lawsuit, levying serious accusations against Michael Llamas and Michelle Sides, including fraud, unjust enrichment and violation of the U.S. Exchange Act. The full story was reported in detail by Courthouse News Service.
In the midst of all that, with an overdue report, it’s no wonder the share price is slipping, even if MJNA has been oversold for a few days now. MJNA stock is currently 4.9% up in the early session. Whether it will keep pushing up and manage a much-needed green close remains to be seen.