Medical Marijuana Inc (OTCMKTS:MJNA) is the first ever publicly traded cannabis firm in the United States made a major announcement yesterday and it may be a good idea for investors to consider taking a look. The company announced yesterday that its subsidiary unit Kannaway had inked a distribution agreement with Complete Hemp Technologies for the purpose of expanding its presence in the European market.
Trading Data
On Thursday, MJNA stock ended flat at $0.0133 with more than 2.14 million shares, compared to volume of 4.61 million shares. The stock moved within a range of $0.0132 – 0.0135 after opening trade at $0.0133.
Medical Marijuana, Inc. Signs Deal With Leading European Manufacturer and Distributor to Expand Channel Access to Products Throughout the Region
Complete Hemp Technologies has been a long time partner of Kannaway and hence, the announcement was a significant one for Medical Marijuana. In addition to that services, that are already provided by Complete Hemp to Kannaway in its European operations, two more aspects have been added. Complete Hemp would now be responsible for the daily operations as well as warehousing.
It was a major development and could help Kannaway in making its operations more efficient in the European market. The company claimed that such an arrangement was going to help in not only saving costs but also boost margins. The European market remains one of the largest playgrounds for Medical Marijuana and it is going to be interesting to see if Kannaway can make this latest move a success or not.
Key Quote
“As the first US company to enter Europe with our hemp-based products, we have built long-standing relationships with the region’s most knowledgeable companies and this agreement is a perfect example of that,” said Medical Marijuana, Inc. CEO Blake Schroeder. “It is a win-win for both companies. We will continue to leverage our superior product formulations and brand equity as the original trusted source for quality products, while being supported by a reputable company with a proven track record of success.”
Technical Data
MJNA stock is trading below the 50-Day and 50-Day Moving averages of $0.0138 and $0.0139 respectively. However, the stock is trading below the 200-Day moving average of $0.0171. The company has a total market capitalization of $51 million.
