Medical Marijuana Inc (OTCMKTS:MJNA) share price has collapsed over 70% since 2015, but seems to be making attempts to stage a turnaround. The share price has surged almost 25% in recent weeks on high volume. The weekly average volume traded on MJNA is roughly between 15 million and 22 million shares. MJNA’s share price hit a multi-year low of $0.03 and has recovered in recent weeks to $0.04.
There are currently 1.9 billion shares outstanding and MJNA currently does not offer any dividends nor likely in the near future given its limited capital position. Average daily volume tends to be around 4.21 million shares compared to Friday’s trading volume of 3.1 million shares.
In recent developments, MJNA announced that one of its portfolio company’s Kannalife Sciences received necessary 2016 quota from the DEA (Drug Enforcement Agency) to import pharmaceutical grade cannaibidiol into the United States. Kannalife is taking strides forward for a potential cannabinoid-based treatment for hepatic encephalopathy (HE) and chronic traumatic encephalopathy (CTE). It is still in early phase development but the team is working hard and very dedicated. Catalent is a proven global leader in bringing the highest-quality pharmaceutical products to market and we are excited for what’s to come
MJNA sells several brands that promote the benefits of cannabidiol which is a type of hemp oil. Some benefits it promotes is antibacterial, anti-inflammatory and pain relief. The medical marijuana growth and legalization has increased awareness of CBD’s benefits and resulted in MJNA eyeing international markets such as Mexico and other geographies for expansion.
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MJNA is currently trading at a $72.61 million market valuation. MJNA has been diversifying its portfolio and currently owns several companies that its considers its investment portfolio. MJNA is still operating at a loss but is seeking ways to grow its topline and maintain its expenses at a healthy level and % of total sales. It has roughly $18 million in cash equivalents and $26 million in overall liabilities.
We will be updating on MJNA when more details emerge so make sure you are subscribed to Microcapspot so you know what’s going on with MJNA.
Disclosure: we hold no position in MJNA either long or short and we have not been compensated for this article.