MJNA stock is moving up about 2% in today's early session after Medical Marijuana Inc (OTCPK:MJNA) announced that its subsidiary HempMeds Brasil has signed a partnership agreement for Dr. Cannabis.
There can't be a discussion about the cannabis industry without mentioning Medical Marijuana Inc, the first-ever publicly traded cannabis company and the first company to have produced nutraceutical products derived from cannabis. Today, the company made a major announcement with regards to its Brazilian subsidiary HempMeds Brasil. The subsidiary is licensed to import CBD-laced medicines into the country, and it has now signed an agreement with online marketplace Dr. Cannabis that should further boost its sales.
Dr. Cannabis allows patients to have easier access to these products and has decided to become the exclusive only reseller of products from HempMeds Brasil.
Over the past five years, Brazilian regulator National Sanitary Surveillance Agency (ANVISA) has granted permission to as many as 10,000 patients to import such products and hence, this partnership has the potential to give Medical Marijuana and its subsidiary access to a large market.
At the time of writing, MJNA stock is up about 2% at $0.041.
The partnership has already started bearing fruit for HempMeds Brasil and its Vice President, Caroline Heinz, said as much: "We received 300 new import orders last month and are excited about this new opportunity to grow and provide many new consumers with our high-quality CBD products."
Medical Marijuana has been making highly interesting moves in recent times and only last month, the company announced a line of CBD products meant for pets. The fact that the company is a member of the National Pet Summit Council is also an important factor if the new products are to succeed.
The products include Hot Spot Balm, Hemp Oil Tinctures, Hemp Oil Applicators, and Hemp Oil Itch, among others. The demand for CBD products for pets is expected to increase significantly in the years to come, and the company has made a move at the right time.
Last but not least, it should be noted that HempMeds has proven to be a vital part of Medical Marijuana Inc.
Last month, the company revealed that HempMeds had managed to sign up as many as 100 retail partners, and bookings for the month of July was the highest in its history.
MJNA stock has underperformed the broader cannabis sector this year, with a fall of 45% so far in 2019.
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