Cannabis stocks kicked off the week in the red, and they seem to be following a similar pattern today. Looking at Medical Marijuana Inc (OTC:MJNA), you can see MJNA stock down nearly 2%.
Interestingly enough, while Monday's decline was caused by Aphria's quarterly report, there's nothing we can attribute to MJNA stock trading in the red today. In fact, Medical Marijuana Inc only had positive things to say today.
MJNA Stock Trades in Red Despite Subsidiary News
On Tuesday, April 16, Medical Marijuana Inc's subsidiary Phyto Animal Health announced the launch of its newest product, Skin Vitality. It is a cannabidiol (CBD) pet product. According to Phyto Animal Health, "animals experience extreme skin discomfort and irritability just like humans do." Therefore, the company created Skin Vitality, an itch and hot spot treatment balm.
The treatment comes in a 1.3 FL oz. container; each container offers 50 mg of CBD per container and skin-soothing ingredients (like beeswax and almond oil). It's also worth mentioning that the CBD in the containers is from hemp plants that have "less than 0.3% THC," according to PR Newswire.
Medical Marijuana Speaks on the News
Phyto Animal CEO Ian Quinn said the company isn't just interested in selling products. Rather, they want to educate the public about the therapeutic benefits of CBD. And Medical Marijuana Inc CEO Dr. Stuart Titus agrees with Quinn.
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According to Dr. Stuart Titus, both companies "aim to continue listening to our customers on how CBD has helped them and their pets." Further, MJNA and Phyto Animal Health plan to "continue to bring the highest quality products to market."
But the market didn't seem as optimistic as the two companies, considering MJNA stock is in the red.
MJNA Stock: As of 1:28 PM
According to Yahoo Finance, MJNA stock is trading at $0.0612, which puts the cannabis stock down 1.29%.
Takeaway
What do you think caused MJNA stock to trade in the red today? Do you think it will find its way back into the green tomorrow? Let us know what you think in the comments below!
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Featured image: DepositPhotos © rbspace
