Medical Marijuana Inc (OTCMKTS:MJNA) has exploded recently due to highlighting recent developments in cannabidiol (CBD), a partnership with CannaNative and, of course, election fever. MJNA closed at the high end of its range $0.124 on 37mm shares, twice the recent 30-day average volume of 19mm shares. After closing at $0.0544 on September 30th MJNA announced that research in Mexico showed that Real Scientific Hemp Oil-X (RSHO-X) was effective in treating refractory epilepsy in children. The stock opened up 45% higher the following day. Since then it's been nothing but net. It's continued to trade higher along with the rest of the sector. Marijuana stocks are going parabolic ahead of the election where the outcome could transform the industry.MJNA's AXIM Biotechnologies just secured funding to continue its pharma clinical trials program in cannabinoid research and development. This will allow it to continue its R&D for the treatment of conditions for which there is currently no effective remedy. These include MedChew, a cannabinoid-medicated chewing gum that may reduce pain and spasticity in multiple sclerosis (MS) patients and a topical application of the cannabinoid, Cannabigerol, for psoriasis and atopic dermatitis (eczema).MJNA also announced a partnership with CannaNative to grow cannabis, produce the first-ever hemp oil products and develop economic opportunities on native lands in the United States. CannaNative, the premiere Native American-owned company that uses cannabis to promote economic development on native lands, was also featured in reports from Reuters, Time.com and Forbes.A Reuters article picked up by Time.com entitled "Hemp may be next gold mine for Native American tribes," highlights how cultivating industrial hemp could lift many people from poverty on Native American lands -- the global hemp market is already an $800 million market that could grow into billions, according to the Global Hemp Group. Meanwhile, a Forbes article explains how CannaNative™ has come to an initial agreement with the Navajo Nation to discuss growing cannabis and promoting economic opportunities on the largest Native American land in the United States today, with reservation land covering a total of 17.5 million acres.
"Native American lands are sovereign lands, and every Native American tribe should have the opportunity to grow cannabis responsibly and to promote economic opportunities for future generations," CannaNative CEO Anthony Rivera said. "CannaNative is also excited at the prospect of working with the largest Native American tribe in the United States. CannaNative co-founder Andy Nakai is a member of the Navajo Nation and is an important part of the Company's future strategic growth initiatives."
On the election front, in just two weeks, the voters in the states of Arizona, California, Maine, Massachusetts and Nevada, will decide on whether to legalize marijuana purely for recreational purposes, following in the footsteps of Alaska, Colorado, Oregon, Washington and the District of Columbia. In addition, the states of Arkansas, Florida, Montana and North Dakota will all be deciding on measures to legalize medical marijuana. There are proponents and opponents on both sides of the pending legislation but a new Gallup polls show a record-high of 60% of Americans support legalization of marijuana.
MJNA reported its FY16-Q2 ending 6/30 on 8/12. MJNA’s balance sheet reflected that the company has $12mm in current assets, including $432K in cash, $2mm in short-term investments and $4.1mm in inventory. Total assets are $212mm of which $198mm is in LT investments, strategic investments in a portfolio of companies, such AXIM and HempMeds, among others. Current liabilities are $14.2mm.
At the present price, MJNA has a market valuation of $357 million. It's been one of the most liquid of the pot stocks and has been trading even more heavily recently. Its 30-day average daily volume is 19mm shares, up from its 90-day moving average of 12mm shares. As we sprint into the election in the next two weeks and with the remarkable strides being made in CBD, the partnership with CannaNative, MJNA warrants consideration. We will be updating our subscribers as soon as we know more. For the latest updates on MJNA, sign up below!
Disclosure: We have no position in MJNA and have not been compensated for this article.
Discover Hidden Gems
Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.
