The month of August, for anyone who has ever actually grown outdoors themselves, has proven to be a great month for Marijuana plant growth just prior to the change of seasons. It is also proving to be a great month for Medical Marijuana Inc. (MJNA) whose stock price has risen 65.45% from 0.0275 on August 1. Closing at its high (no pun intended) yesterday, MJNA stock should be on the list of momentum stocks for today’s session as it gets ever closer to being a full nickel bag penny stock.
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MJNA Stock Chart
Close: 0.0455, up 0.011 (31.88%)
Dollar Volume: $565,237
Shares Outstanding: 558,565,764 a/o Dec 31, 0211
Float: 225,681,291 a/o May 15, 2012
Authorized Shares: 600,000,000 a/o Dec 31, 2011
The Company has been on the PR campaign trail almost as heavily as Obama and Romney have in the past week. With a press release coming out almost every day, investors should count on yesterday’s Q2 results being the highlight the radio interview and industry highlights was leading up to.
It would be Awesome if MJNA was an SEC filier. However, the Company reports that they earned net income of approximately $1.47 million on gross revenues of $2.40 million for Q2 2012. Compared to revenues of just $196,748 for the same period last year, its incredible. However, don’t toke too hard on the numbers.
There’s a ton of MJNA shares out there in the market, and, similar to Cannabis Science (CBIS), has a cult following which was able to drive CBIS stock from around the same level MJNA was on August 1 to 0.245, 700% plus gains, within two months. Reason: Hype, cult following and pure love for the story behind the Company. It is easy to see MJNA follow the path CBIS did in the beginning of 2012.
About MJNA Stock
Medical Marijuana, Inc. is focused on becoming the premier cannabis and hemp industry innovator, leveraging their team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit.
Bottom Line: The marijuana focused penny stock of Medical Marijuana Inc., MJNA, should be on the list for long traders. Swings will come and go on the stock, but the growing popularity of these hemp-based penny stocks is driving a ton of momentum into their PPS.
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