After Medical Marijuana Inc (OTCMKTS:MJNA) disclosed the appointment of a new Chief Executive Officer last week, the stock price surged 15%, getting a much needed relief that prevented it from making new lows. However, the news failed to generate any optimism and in the following three sessions, the stock prices closed in red. Even in last trading session, MJNA stock prices declined more than 1% to close at $0.101.
Medical Marijuana appointed Mr. Stuart Titus as the new CEO of the company. His involvement and experience with marijuana OTC companies does reflect a good deal. He has extensive experience of being involved in marijuana industry but the practical results will be evident in the coming months. Back in 2013, the company offloaded its PhytoSphere subsidiary to CannaVEST Corp (OTCMKTS:CANV).
It was believed that it was Titus who started CannaVest by lending money to two parties that purchased its shares. At that time it was known as Foreclosure Solutions. Also, Titus’ General Hemp firm acquired 7% of the company’s stock. Back in March 2014 CannaVest released a special purpose PR, stating its relationship with Titus. It cited that Titus was no longer affiliated with CannaVest in any way.
The future ahead
The press release also stated that he is no longer a beneficial owner of the company. In the process of translating into a non-beneficial shareholder, Titus managed to cash a $7 million by selling his CannaVest stock in last February and March. The two months witnessed a sharp rise in CannaVest stock prices. After that, the prices declined and it converted into a sob tale. Titus has originally invested $375,000 in the company. Medical Marijuana signed to deal to acquire Kannaway LLC. It is one of the portfolio firms of General Hemp. All the new changes have to still yield results for the shareholders of the company.