Medical Marijuana, Inc. (OTCMKTS:MJNA) Stops Short of Five Cents Despite News
The last couple of weeks over at Medical Marijuana Inc (OTCMKTS:MJNA) have been a proper press release barrage. The company pushed out no less than nine separate press announcements and even though the majority of those were met with indifference by the market, with the share price slipping, a couple managed to cause green movement. Despite this push, MJNA remained below five cents per share on Friday.
Following a couple of fluff releases, last Wednesday MJNA announced a distribution deal that marks the company’s expansion into the Asian markets. The details on the subject were a little hazy but the gist of the news was that newly formed HempMeds South Korea facilitated a deal that includes an initial purchase order of $2 million, followed up by another $3 million worth of product that should be ordered by the end of 2015, to be sold on the Korean market.
This news excited shareholders enough to push MJNA up the chart in double digits on the day it came out. This announcement was followed by more rapid fire PR, concerning the publication of a patent by Kannalife Sciences and the launch of clinical trials for the MedChew RX chewing gum in Europe. Hopefully, MedChew will turn out a lot better than MJNA‘s CanChew CBD gum did.
Not too surprisingly, MJNA is running late with its due quarterly report for the three months ended June 30. The company put up a notification of late filing, extending the deadline for submission by this coming Wednesday.
It remains to be seen whether MJNA‘s seemingly incredibly diversified portfolio of companies and products can culminate in numbers that can satisfy shareholders by the end of this year. MJNA is currently near its lowest prices for the past 2 years and just four days away from its lowest close for that period, at $0.042 per share.