MJNA stock is reacting positively after Medical Marijuana Inc's (OTCPK:MJNA) subsidiaries announced the highest sales bookings for the month of June.
Positive Development
Although the company is named Medical Marijuana Inc, it is a company that deals in hemp and remains the oldest cannabis company that has been traded publicly for decades now. It is well known for having successfully developed cannabis-derived nutraceutical products for the first time at a global level, and today the company announced that Medical Marijuana, along with two of its subsidiaries, has had the biggest sales booking month in its history last month. The subsidiaries in question are Kannaway and HempMeds.
Additionally, Medical Marijuana also announced that it has managed to hit some important milestones with regards to other associated operations in its business.
Dr. Stuart Titus, who is the Chief Executive Officer of Medical Marijuana, spoke about the company’s accomplishments and said that the new management group, active since March 2016, is responsible for these successes. The team is in charge of the subsidiary Kannaway and has also looked after several operations across the rest of the company.
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MJNA stock is up over 3% and now selling at $0.0523 on the OTC market.
The company has experienced a 15-times surge in monthly revenues from its March 2016 levels, and the company is now looking to expand into new markets during the rest of 2019. In June, the company concluded a study on the stability of CBD oil products. The company and its subsidiaries also managed to bring several key products into the market.
Financial Performance
Earlier on in July, Medical Marijuana provided updates on its financial performance for the rest of 2019. The projected EBITDA for the end of the year is going to touch $5.1 million. The company also stated that three of its main initiatives, and one of its plants, are going to benefit from the growth in the hemp-based CBD market in the future. The company said at the time that Medical Marijuana has tweaked its business strategy and is poised to take advantage of the growth in the CBD industry that is going to take place over the next six years. It expects that it will post impressive results going forward.
MJNA stock has taken a significant hit so far in 2019, plunging 45% to $0.0523.
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