The green profit buds keep popping up on the penny stock of Medical Marijuana Inc. (MJNA) each time the cannabis and hemp industry innovator reports news. Today’s pre-market announcement of their Q4 earnings, assumed to have been audited by the Accounting Firm of Anthony W. Imbimbo & Associates, was enough to send MJNA stock right back into the mid-teens and traders back to swing trading more gains from the open. With net income of approximately $3.39 million on gross revenues of $5.10 million for the quarter ended December 31, 2012, it’s amazing that everyone doesn’t go into the pot business with those kind of percentage ratios.
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MJNA Stock Chart
Market Cap: 109.07M
Last: 0.1482 ▲ 0.281 (23.42%)
Dollar Volume: $2,555,236
14-Day Rel Strength: 63.55%
14-Day Stochastic: 79.48%
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Landing itself squarely in 6th place of the top 10 OTC stocks traded on Tuesday, traders have learned by now that the once thought to be scam from the pink sheets is long and strong and not departing from the trading scene anytime soon. While lawmakers are still having a tough time re-writing legislation that would allow for medical marijuana possession to not carry the same penalties it would for trafficking or recreational users face, the pioneer, Medical Marijuana Inc., is seeing the spotlight for more reasons than just their name.
The Company reported that, since the close of the second quarter, Anthony W. Imbimbo & Associates will be auditing the financial records with the final fourth quarter results and financial statements expected on or before February 15, 2013. Beyond that, MJNA plans on having each prior quarter audited in order to obtain a full 24 months of audited financial statements.
Where Medical Marijuana goes from there is one of two places: onto the OTCBB as an SEC filer and/or becomes privatized by some large investors stepping in to capitalize on a new “soon-to-be-legalized” marketplace. The latter definitely explains why the share price of MJNA has sustained itself above the 0.10 range since prior to the November elections. Do I smell a buyout?
About MJNA Stock
Medical Marijuana Inc., the first publicly held company vested in the medical marijuana and industrial hemp markets, is comprised of a diversified portfolio of products, services, technology and businesses solely focused on the cannabis and hemp industries. Click here to view the website of MJNA.
Last 5 Trading Sessions:
Bottom Line: We put MJNA stock on the list of penny stocks to go long on back in mid-August and have watched it grow over 250% since. While going long at this point would be a much riskier venture than before, swing trading PR, like today’s news is a much better approach. Expect to see a pull back in MJNA on Wednesday and watch for the 10’s as a support level before targeting a long position.
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