One of the best penny stock picks we had to start the year was Cannabis Science Inc. (OTC: CBIS). We issued an alert on the penny stock when CBIS was under .03 and watched it run to as high as .245, a gain of 741%. It appears as the share price of Medical Marijuana Inc. (OTC :MJNA) stock is experiencing the same run and its time to get it on the list of penny stocks to watch before it triples.
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MJNA stock Chart:
Medical Marijuana (MJNA) traded as low as 0.0321 on April 30th and has since climbed as high as 0.064 today, a gain of 99.38%. The Company issued their financial results for Q1 just last week with an amazing 316% increase in revenues compared to Q4 2011.
The Company reported net income of approximately $1.21 million on gross revenues of $1.79 million for Q1 2012 compared to revenue of $430,000 for Q4 2011. On top of the revenue growth, MJNA also acquired 2 additional Wellness Managed Services accounts which the Company expects will generate annual revenue of $1.7 million, closed a $1.04 million upfront payment licensing transaction for high value hemp extracts, retired 14.6 million shares worth approximately $1.0 million dollars, and secured $4 million in non-dilution, non-recourse finance for the acquisition and development of strategic acquisitions.
Note: the saying don’t get high on your own supply obviously is working for MJNA as they made some incredible growth movements in Q1.
Since April 1, MJNA has completed the acquisition of Dixie Elixirs & Edibles brand, intellectual property, proprietary formulas and extraction processes. With the closing of the deal, MJNA formed Red Dice Holdings to develop manufacturing and distribution partnerships for Dixie in every state and country that has legalized medical cannabis. The Company also began hemp-based extraction product development beyond the medical marijuana industry, crossing into the nationally legal category of health and wellness with such products as sleep aids, topical and pain management. A market launch of the new products is expected by the end of Q2.
Medical Marijuana also brought PhytoSPHERE systems on-line and will begin to market the benefits of its seed-to-sale product growth and cultivation technology in an attempt to secure licensing agreements worldwide.
To say that 2012 has been a good year for Medical Marijuana thus far is a severe understatement. Just look at these numbers:
|Q1 2011||Q2 2011||Q3 2011||Q4 2011||Q1 2012|
About MJNA Stock:
Shares Outstanding as of December 31, 2011: 558,565,764
Shareholders of Record a/o March 31, 2012: 547
Float a/o March 31, 2012: 225,681,291
Medical Marijuana Inc. is the first publicly held company vested in the medical marijuana and industrial hemp markets. The company is comprised of a diversified portfolio of products, services, technology and businesses solely focused on the cannabis and hemp industries. These products range from patented and proprietary based cannabinoid products, to whole plant or isolated high value extracts specifically manufactured and formulated for the pharmaceutical, nutraceutical & cosmeceutical industries. The size of the U.S. Medical Marijuana market is estimated to be $17 billion, and that figure is likely to increase in the coming years. By 2016, the marijuana market could surge up to approximately $29 billion.
To view the Q1 filings for MJNA, click here. For more info on Medical Marijuana Inc., click here.
Bottom Line: MJNA stock has 1.788 million reasons why its a better addition to the list of penny stocks to watch than CBIS and that’s just for Q1 2012. Medical Marijuana has had some very positive comments regarding its legislation by some very high ranking government officials, including President Obama.
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