All those who may be looking into marijuana stocks at this point in time might consider taking a look at the Medical Marijuana Inc (OTCMKTS:MJNA) stock this morning. It emerged as one of the notable movers in the sector on Tuesday and ended up with gains of as much as 4%.
Trading Data
On Tuesday, MJNA stock gained 4.17% to $0.0175 with more than 12.56 million shares, compared to its average volume of 12.21 million shares. The stock has moved within a range of $0.0169 – 0.0180 after opening trade at $0.0175.
Subsidiary Kannaway® Opens New Office and Warehouse in Johannesburg, South Africa
In this regard, it is perhaps also important to note that Medical Marijuana is the first publicly traded cannabis company in the United States and has introduced a wide range of cannabis based products over the years. Yesterday, the company came into focus after it announced that it had established a new warehouse and a new office in South Africa.
The warehouse in question spans across an area of as much as 3326 square foot and is located not far from the city of Johannesburg. It was also pointed out that the location makes it perfect for easy access.
The company noted yesterday that it had made South Africa a focal point of its thrust to drive international growth and hence, the development was a significant one for a number of reasons. It now remains to be seen if the stock can manage to hold on to its momentum and add to its gains.
Key Quote
“Our strategic decision to make South Africa a large focus for the Company’s international growth this year comes with big ideas and even bigger execution,” said Kannaway® CEO Blake Schroeder. “This new warehouse will allow us to reach more customers in the region and reduce our operating costs.”
Technical Data
MJNA stock is trading below the 20-Day and 50-Day Moving averages of $0.0181 and $0.0202 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0296. The stock is down 20% in the past 3-month.
