Last week Medical Marijuana Inc (OTCMKTS:MJNA) closed on a weak note, and it seems Monday is no different. The stock is down more than 1% in opening trade on Monday. MJNA traded at low volume for the past month, at almost 2 million shares changing hands.
No impact on news
Medical Marijuana didn’t manage to post gains despite the big news last week. As every investor who owns marijuana stock in their portfolio is well acquainted with the news. Last week, a revolutionary new pot bill known as ‘CARERS Act’ was presented ahead of Congress. It reflected bipartisan support from the three senators who introduced it. CARERS Act is abbreviated the form of ‘Compassionate Access, Research Expansion and Respect States.’
The Act introduced last week seeks to eliminate medical marijuana from the list of ‘Schedule I’ on a federal level. It intends to make pot-derived medication available to people, irrespective of their state of residence. The new bill seeks a considerable change in the federal policy view on marijuana. With bipartisan support, it appears to be a precedent in the U.S. history. The announcement resounded throughout the marijuana stock world. Almost every other OTC marijuana pot ticker that is traded in larger volumes ended in green after the news. However, Medical Marijuana Inc was not affected by the news.
Medical Marijuana’s stock is not performing great in 2015 as a whole. The sharp rise on the first trading day of 2015 was squashed in next few trading sessions. The share price proceeded to decline below its pre-spike levels. As a matter of fact, Medical Marijuana’s spend last month hovering near $0.11, thankfully never declining under it. In the past 52 weeks, the stock posted only five closes below $0.11 level. The fact, however, is that just as big announcements are happening in the marijuana industry MJNA’s price is trading close to its 52-week lows.