MJNA stock is moving higher by 3% in early trade on Thursday after Medical Marijuana Inc (OTCPK:MJNA) announced that its subsidiary Kannaway has reached a strategic partnership with Endocanna Health.
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Medical Marijuana Inc has the distinction of the being the first cannabis company to be traded publicly in the United States, and over the course of the past few months, the company has been busy making plenty of deals. The company has managed to create a world-class range of nutraceutical products derived from cannabis through its network of subsidiaries, and today, it made a major announcement with regards to one of its subsidiaries.
Medical Marijuana announced that its subsidiary Kannaway has signed a partnership with endocannabinoid California-based DNA testing and personalization company Endocanna Health Inc. According to the terms of the agreement, Endocanna is going to license its DNA Testing technology to Kannaway.
MJNA stock is up over 3% and now selling at $0.046 on the OTC market.
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The collaboration is a highly important one since it will allow consumers of CBD to correctly figure out how their body will specifically react to CBD consumption. Dr. Stuart Titus, who is the Chief Executive Officer of Medical Marijuana, seemed enthusiastic about the deal. He said, "This partnership creates an opportunity for us to do this in an initial hyper-personalized way and help consumers learn how to incorporate CBD into their everyday lives. We are very excited about our first steps in this endeavor with Endocanna.”
However, that is not all. The company has been making steady progress over the past months, and only last week, it made another important announcement. On July 25, Medical Marijuana announced that it had made major headway into its hemp production operations. It announced that it had managed to acquire a hemp processor license that would allow it store hemp without any trouble, but will also allow Medical Marijuana to store and convert the industrial hemp under its possession. It is a major expansion for the company just when the hemp sector seems to be on the upward trajectory following its legalization in the United States last year.
MJNA stock has taken a significant hit so far in 2019, plunging 55% to $0.046.
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