MJNA stock is trading in the red despite Medical Marijuana Inc (OTCPK:MJNA) announcing the completion of the first-ever high-level stability study on a CBD hemp oil product.
Medical Marijuana Inc is a pioneering company in the cannabis industry, having become the first ever cannabis company to be traded publicly in the United States. However, that is not all. The company was also the first to launch nutraceutical products derived from cannabis, and today it made another path-breaking announcement. Its THC free CBD product known as Real Scientific Hemp Oil X has been tested for its long term stability with encouraging results.
It is particularly crucial since the entire testing process was conducted in accordance with the guidelines laid down by the FDA/ICH. The Chief Executive Officer of Medical Marijuana, Dr. Stuart Titus, stated, “We’re excited to offer consumers and retail partners the transparency and security of knowing that our products are reliable and stable throughout several climatic conditions and through transportation.” It is a significant breakthrough for the company, without a doubt.
However, MJNA stock is down over 6% and now selling at $0.057 on the OTC market.
About Medical Marijuana
As an aside, it is necessary to point out that despite the company being named Medical Marijuana Inc, it is not actually involved in the marijuana industry. Instead, it is involved in growing hemp and selling products derived from hemp. The company is one of the oldest companies in its chosen segment and has been continuously trading in the US capital markets since 2009. The company has a wide range of products on offer as well. It manufactures CBD products, diet supplements, skin care items, and prescription medicines, among others. Lastly, it has also managed to enter the hemp product industry for pets, which are sold through its subsidiary Phyto Animal Health.
The company’s financials seem impressive as well, and in the first quarter of 2019, it generated revenues of $20.2 million. Much of the revenues were driven by products sold under the Real Scientific Hemp Oil brand. That being said, the legalization of hemp and hemp-based products in the United States remains the company’s most important target. If that happens, then it could go on another trajectory of growth altogether. It has also entered international markets and created subsidiaries in Brazil, Mexico, and Europe.
MJNA stock has tumbled over 30% so far in 2019.
What do you think about MJNA stock after today’s news?
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