Medical Marijuana Inc (OTCMKTS:MJNA) is under going a quiet period with no news announced lately. Without any significant news, the stock price began to move rapidly in a downward trend and made a 52-week low of $0.094 in last week. Otherwise, it is performing fairly well when measured in terms of financials. However, the financial performance is totally ignored by the stock.
The financial performance
As per the last quarterly report, Medical Marijuana revealed that it has cash of $1.56 million. It reported current assets of $36.22 million and current liabilities much lower at $2.92 million. The total liabilities amounted to $13 million whereas revenue in the quarter was $3.42 million. It posted net income of $406,000. Most of the times, Medical Marijuana is not impacted by promotions or press releases. However, it seems that latest Press Released reporting a new President, CEO and Board members along with a promotional email helped the company to regain some ground from 52-week low. Still, the stock is not quite far away from 52-week low made on last Tuesday.
Medical Marijuana Inc (OTCMKTS:MJNA) stock price didn’t react when back in January it announced acquisition of KannaWay. It is a network marketing firm that focuses on hemp products. The acquisition news was totally ignored by the market, despite the fact that Medical Marijuana keeps on updating with all relevant news related to the new acquisition.
The other details
In February, Medical Marijuana touched its 50-day moving average twice but failed to cross it. It traded lower for while and then tried again to probe the resistance with a couple of intra-day gains. However, it didn’t work out and the price declined once more. As of now, it would be too early to say that Medical Marijuana has made a bottom because it doesn’t get any sharp momentum from the financials and performance.