MJNA stock is trading lower in Tuesday's trading session despite Medical Marijuana Inc (OTCPK:MJNA) announcing the expansion of its operations with a new production and warehouse facility.
Major Expansion for MJNA
Although it is named Medical Marijuana Inc, the United States’ first publicly traded cannabis firm is primarily involved in the hemp business, and today, the company made a major announcement. The company announced that its already considerable operations are going to be expanded with a brand new production facility and warehouse.
The announcement is a hugely significant one for MJNA. The facility in question sprawls over an area of 16,000 square feet in Utah. On top of that, it is eGMP compliant. Medical Marijuana is one of the biggest names in the CBD products industry, and with the acquisition with this facility, it is possible for it to expand its business further.
In addition to increased production, it will also help MJNA in storing products and in managing orders with far more efficiency. The Chief Executive Officer of Medical Marijuana Inc, Dr. Stuart Titus, said as much. He said, “As the Company has seen a significant rise in sales and overall revenue this year, we believe that this new facility will help us strengthen our customer base and meet the needs of today’s burgeoning cannabis market.”
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Despite the positive development, MJNA stock is down 4% and now trading at $0.0463.
Biggest Sales Booking Month
The company has been going from strength to strength in recent days, and earlier on this month, it released its highly impressive monthly sales numbers. It revealed that back in June, the company had managed to have the biggest sales booking month in its history through two of its subsidiaries, HempMeds and Kannaway.
Once the news was announced by Medical Marijuana, MJNA stock reacted positively and went up by as much as 4%. The positive news is a clear indication that its selling potential is slowly but surely reaching its peak, and hence, the decision to further increase its production capabilities through this new facility could prove to be an important move in the larger scheme of things.
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