If you are currently looking into cannabis stocks then you might as well take a look into the first publicly listed marijuana firm in the United States, Medical Marijuana Inc (OTCMKTS:MJNA). As it happens, the company was in the news today following a key announcement, however, that led to a selloff in the stock and it ended the day with a decline of as much as 6%.
Trading Data
On Tuesday, MJNA stock slumped 6.25% to $0.0120 with more than 7.55 million shares traded, compared to volume of 4.71 million shares. The stock moved within a range of $0.0116 – 0.0136 after opening trading at $0.0136.
Medical Marijuana, Inc. Subsidiary HempMeds® Brasil Celebrates Major Features Across Several Marquee Brazilian Press Outlets
On Tuesday, Medical Marijuana made an announcement with regards to the fact that its subsidiary unit HempMeds Brazil had been featured in a range of press outlets in Brazil. In addition to that it had also been featured as part of an interview in the largest newspaper in the country Folha de S. Paolo.
The interview in question had been with regards to the launch of the company’s 6000 mg CBD product. It had been featured as the best cost-benefit CBD item in Brazil and it goes without saying that such press can only be a good thing for Medical Marijuana at this point. That being said, the news did not elicit any strong reactions from the investors and led to a selloff. It remains to be seen if the stock can manage to make a recovery today.
Key Quote
“We are thrilled that our products are enhancing lives and making a significant difference in the world,” said HempMeds® Brasil Executive Director Matheus Patelli. “It is such a privilege to be in a position to provide relief to anyone let alone someone as well known as Maguila, and we are honored to have been highlighted in Brazil’s most popular newspaper.”
Technical Data
MJNA stock is trading below the 20-Day and 50-Day Moving averages of $0.0119 and $0.0125 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0154.
