Over the course of the past several months, the cannabis industry has had a fairly turbulent time and many of the stocks have suffered in a similar fashion as well. That being said, there are still some companies that may be of interest to investors.
At the end of the day, it ought to be noted that a sector may not be performing well but there are companies that may still hold long-term promise. One such company could well be Medical Marijuana Inc (OTCMKTS:MJNA). This article is going to give you a closer look at Medical Marijuana as a cannabis company and also showcase some of the recent developments with regards to the company which may be of interest.
Trading Data
On Thursday, MJNA stock moved down 1% to $0.0148 with 4.58 million shares, compared to its average volume of 4.61 million shares. The stock moved within a range of $0.0145 – 0.0152 after opening trade at $0.0145.
About The Company
Medical Marijuana boasts three distinct divisions which are related to the non-psychoactive cannabis industry. One of those is a worldwide portfolio of CBD-based nutraceutical brands headed by HempMeds and Kannaway. The second unit is a pioneering one that is involved in sourcing non-psychoactive legal cannabis products of the highest quality.
Last but not least is a division that is involved in CBD-related medical research which is led by pharmaceutical companies in which the company has invested. As one can see, it is a fairly comprehensive operation. As it happens, CNBC had named the company as the top CBD producer in the industry and its flagship product is the Real Scientific Hemp Oil.
Medical Marijuana, Inc. Subsidiary HM Pharma Submits CBD Product Dossier; Receives Sanitary Registration in Brazil
Medical Marijuana also happens to be the first-ever publicly traded cannabis company in the United States and yesterday, the company made an announcement with regards to HM Pharma, its pharmaceutical subsidiary. The company announced that HM Pharma had submitted a product dossier with regards to its CBD products after the Brazilian health regulatory agency ANVISA had issued it with a Sanitary Authorization.
As per this particular authorization, HM Pharma will not be able to import raw extracts, finished products and isolated CBDs in bulk. In addition to that, it would also be able to manufacture and then distribute cannabis products to pharmacies that operate in Brazil. The Managing Director of HM Pharma, MatheusPatelli, noted that it was a major new accomplishment for the company and also constituted ‘great news for the people of Brazil. He went on to state that the submission of the dossier was the very first step toward the registration of its product as one of a pharmaceutical nature in Brazil.
In this regard, it is perhaps important to note that Medical Marijuana has a track record of success in Brazil. HempMeds Brasil, which is a subsidiary of Medical Marijuana, had been the very first company that had been able to import products legally under the provisions of the Compassionate Use laws in the country. That had happened way back in 2015. The compassionate use market in the country is a thriving one and it was noted yesterday that it was going to continue to grow alongside the medical market.
Technical Data
MJNA stock is trading above the 20-Day and 50-Day Moving averages of $0.0143 and $0.0143 respectively. However, the stock is trading below the 200-Day moving average of $0.0180. The company has a total market capitalization of $56.9 million. The stock is down 8% over the past 3-month.
