A New Green Rush For Medical Marijuana Inc (OTCMKTS:MJNA)

Things are heating up again for Medical Marijuana Inc (OTCMKTS:MJNA) ahead of the November elections. Investors are certainly getting excited and money is pouring into the cannabis sector again. MJNA is up 100% in less than a month. Could Green Rush 2.0 just be getting started and bigger gains just around the corner?According to a report from a cannabis analytics firm New Frontier and Arcview Market Research, sales of recreational pot shot up 184% year over year, up to $998M in 2015 from $351M in 2014. Colorado and Washington state were responsible for a lot of the industry’s growth, the report said. Colorado tax revenue and recreational sales are predicted to be $135M for 2015, a 77% hike from $76M in revenue in 2014. Washington pulled in $70M in tax revenue.It’s also an interesting time for the industry and MJNA might garner some interest and move higher, as well as the other stocks in the sector, due to the upcoming election. Come November, voters in at least nine states will decide on whether to legalize either the recreational use or the medical use of marijuana. As it stands now, those states include Arizona, Arkansas, California, Florida, Maine, Massachusetts, Montana, Nevada and North Dakota.So far, 25 states have established medical marijuana programs. These states include: Alaska, Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine,Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island,Vermont, and Washington. In addition, Washington, DC and Puerto Rico allow medical marijuana for patients.Additional states, while not offering comprehensive medical marijuana programs, have approved marijuana- based “low THC, high cannabidiol (CBD)” products for limited medical purposes. These states include Alabama, Florida, Georgia, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina,Tennessee, Texas, Utah, Virginia, Wisconsin, and Wyoming.Alternatively, CBD oil products that are derived from hemp are legal to purchase and use in all 50 states without a visit to a doctor, a medical marijuana card, or paying a state enrollment fee. Made with naturally high-CBD, low-THC hemp, these products contain the same levels of CBD as those sold in medical marijuana dispensaries, but because they are sold as supplements, they are 100% legal in the U.S.Furthermore, we’re expecting the DEA to reschedule marijuana some time after the Presidential election in November. Eight Democratic senators have urged the DEA and its parent agency, the Department of Justice, to drop marijuana from its Schedule I list of controlled substances. The Schedule I classification undermines research on marijuana’s potential health benefits, they wrote.As it stands, marijuana is classified a Schedule I, dangerous drug under the confines of the Controlled Substances Act. In the eyes of the federal government, this means that anything derived from the cannabis plant has no medicinal value and a high potential for abuse. Of course, we know this to not be true. A reclassification to Schedule II would give Doctors the ability to prescribe marijuana and would open up the medical marijuana research market. It could also loosen the banking regulations on cannabis stocks and allow for companies like MJNA to up-list to NASDAQ. The NASDAQ’s denial of MassRoots Inc (OTCMKTS:MSRT) earlier this year was most likely due to marijuana being classified as a Schedule I substance.In California, where MJNA is based, things are really heating up. Proposition 64, which is on the November ballot, would allow people age 21 and older to possess and use up to an ounce of marijuana and would allow pot shops to sell cannabis for recreational use. The initiative also includes a provision that could someday allow cannabis sellers to advertise their products in print ads and on digital sites and radio and television stations. If Californians vote to legalize recreational use, overnight it will triple the size of the US cannabis market. So far, Proposition 64 has widespread support. Lt. Gov. Gavin Newsom (D) and at least four California U.S. representatives are supporting the measure. Most importantly, latest polling data shows 60% of Californians in favor of legalization.Currently trading with a market cap of $183 million, MJNA is well-positioned to benefit from marijuana expansion and further legalization. Its products are sold in all 50 states and in over 40 countries. MJNA was the first publicly-traded cannabis stock in the US and has established a global CBD pipeline. Medical Marijuana Inc has also been the first cannabis company to prescribe prescription cannabidiol for epilepsy, Parkinson's Disease, chronic pain, and many more indications. We believe the green rush in MJNA could just be getting started. 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.