Although the company made a major new announcement yesterday, the cannabis firm MJ Holdings Inc (OTCMKTS:MJNE) saw its stock record a decline of as much as 12%.
On Wednesday, MJNE stock slid 12% to $0.1849 with more than 31K shares, compared to its average volume of 16K shares. The stock moved within a range of $0.1800 – 0.2100 after opening trading at $0.21.
MJ Holdings to unveil plan for First ever Cannabis Crypto “Fractional Farming Token” at Web3Expo in Vegas
The company announced yesterday that its Vice President of Digital Asset Strategy, John Tabacco, was going to make a presentation with regard to the company’s Digital Asset Tokenization Project at an event. The event in question is the Web3 Expo which is going to be held at the Wynn in Las Vegas on October 10. It was also noted that this project is also going to propel MJ Holdings into the leading position in combining digital asset tokenization and cannabis farming.
While it is true that the presentation could well prove to be a major boost to the company’s project, the announcement of the same did not seem to bring any optimism among investors. It is going to be interesting to see if the stock can manage to make a recovery in the coming days or not.
The event is going to be held from October 10 to October 13 in Las Vegas. Tobacco is going to provide the first look into the Fractional Farming Token Affiliate Program from MJ Holdings at the event.
MJ Founder Paris Balaouras said “MJ has assembled a world-class team of professional growers and we have done the hard work of putting together a state of the art world-class facility with our 260 acres at Amargosa Valley. Now with John on board we intend to change the game in Tokenizing Cannabis Grow assets and using Blockchain and Digital tokens to streamline our process from growing to sale. I have been in the Cannabis Marijuana game for decades and never before have I seen one company with such a unique collection of resources, assets and professional talent come together in one project. There are still challenges faced by Marijuana growers around the country we believe this first pilot Token Program will be the first step in a massive paradigm shift in space. We are excited to lead the charge.”
MJNE stock is trading below the 20-Day and 50-Day Moving averages of $0.23 and $0.26 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.26. The company has a total market capitalization of $14.67 million.