Smoke ’em if you got ’em! Cannabis stocks like Medical Marijuana Inc. (MJNA) and Hemp Inc. (HEMP) are still smoking hot with the upcoming elections, but are they good to buy now? In our opinion — No. However, MJNA stock and HEMP stock are seeing so much action that ripping them on the daily dips is a strategy worth implementing since both are currently up 192% and 495%, respectively, from our initial alerts.
Speaking from experience, when the buds become ready for cultivating, they become too heavy for the stems to support them and need to be propped up with artificial assistance.
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MJNA Stock Chart
Market Cap: 80.81M
Close: 0.135, up 0.01 (8.00%)
Volume: 10,672,691
Dollar Volume: $1,463,992
High: 0.145
Low: 0.127
Trades: 816
Average Trade Size: 13,079
Authorized: 600,000,000
Issued and Outstanding: 598,565,764
Back in September, when Medical Marijauna’s MJNA stock really began to take off, Ted Caligiuri was appointed as Interim President and CEO, taking over day-to-day operations from Michael Llamas who announced his leave of absence for personal business reasons. (see here) Those “personal business reasons” which pulled Llamas away from his desk were FBI indictment charges for his alleged role in a ponzi-scheme. (see here)
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HEMP Stock Chart
Market Cap: 60.98M
Close: 0.078, up 0.0195 (33.33%)
Volume: 5,250,467
Dollar Volume: $376,311
High: 0.08
Low: 0.061
Trades: 356
Average Trade Size: 14,748
Authorized: 3,000,000,000
Issued and Outstanding: 881,778,537
HEMP falls into the boat, together with MJNA, not because of any fraud charges brought against any of their executives, but because of its affiliation via industry. The old saying “if the U.S. catches a cold, the rest of the world sneezes” is why we feel the window to buy HEMP stock has closed and now its all about flipping on the dips.
Bottom Line: MJNA and HEMP have been great penny stocks to come out of the summer with and pocket big gains, especially if you caught wither of them off our alerts. Both MJNA stock and HEMP stock are closing in on 52 week high’s which are concrete ceilings for the two. If wither of them can somehow jackhammer their way past that ceiling where the seller will back off, it is possible to see new highs, but its also possible Snoop Dogg and Tommy Chong team up for a nationwide awareness tour sponsored by Rizzla.
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