Medical Marijuana Inc (OTCMKTS:MJNA) continues to fight for some kind of low in a vicious trend that has been no doubt led by fears of continued dilution for shareholders – as has been the tradition at the company. To counter that force, the company just announced that it has promoted its VP of Corporate Finance Brooke Beers to Chief Financial Officer of the Company.
“Brooke’s contributions to the Company have been extraordinary,” said Medical Marijuana, Inc. COO Blake Schroeder. “He’s helped us overcome several financial obstacles that many cannabis companies face every day and he has helped us significantly improve our public reporting practices to increase transparency.”
Medical Marijuana Inc (OTCMKTS:MJNA) casts itself as an investment holding company that operates in the medical marijuana and industrial hemp markets. Its products range from patented and proprietary based cannabinoid products to seed and stalk or isolated high-value extracts manufactured and formulated for the pharmaceutical, nutraceutical, and cosmeceutical industries.
MJNA’s subsidiary, Kannaway, LLC, is a network sales and marketing company specializing in the sales and marketing of hemp-based botanical products. Kannaway currently hosts weekly online sales meetings and conferences across the United States, offering unique insight and opportunity to sales professionals who are desirous of becoming successful leaders in the sale and marketing of hemp-based botanical products.
MJNA licenses its proprietary testing, genetics, labeling and packaging, tracking, production, and standardization methods for the medicinal cannabinoid industry. It engages in the research and development of cannabinoid-based pharmaceuticals; and marketing and distribution of cannabidiol hemp oil-based products.
In addition, MJNA provides management support and services to cooperatives, collectives, health and wellness facilities, and medical clinics; and consulting and securities services to businesses and individuals in the legal cannabis industry. Further, it focuses on the treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products, sportswear and more.”
According to company materials, “Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value.”
As noted above, MJNA just announced that it has promoted its VP of Corporate Finance Brooke Beers to Chief Financial Officer of the Company.
The stock has suffered a bit of late, with shares of MJNA taking a hit in recent action, down about -11% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -24%. Furthermore, the stock has benefitted from a jump in recent trading volume to the tune of 30% beyond what we have been seeing over the larger time frame.
“Working with the Medical Marijuana, Inc. team has been an incredibly rewarding experience,” said Beers. “Last December, the Brightfield Group reported that our Company represents 10 percent of the entire CBD market and I’m proud to be a part of that financial milestone and many more to come. It’s encouraging to work with a large group of highly motivated professionals and claim our stake in the global CBD industry.”
Now commanding a market cap of $82M, MJNA has a significant war chest ($6.5M) of cash on the books, which is balanced by about $10.8M in total current liabilities. One should also note that debt has been growing over recent quarters. MJNA is pulling in trailing 12-month revenues of $76.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 5.3%. This is an exciting story, and we look forward to a follow-up chapter as events transpire.