MNJA stock is selling for $0.089 USD and down 3.4% at the time of writing. Despite the small decrease on the day, MJNA is actually going through something of an upswing at present, and it could be the beginning of a much-expected bounce-back for Medical Marijuana Inc (OTC:MJNA).
MNJA Stock Bounce-Back
The company is overdue a bounce-back off the back of strengthening fundamentals. MNJA stock has been down over 50% and plunged to one-year lows in recent weeks. Strangely enough, it is mimicking last year's price action activity.
In 2017, MNJA stock plunged from highs of $0.20 per share to $0.06. But then it bounced back to the $0.17 handle. Now, this year, the $0.06 mark is also showing itself to be a critical support level from where the stock could rally after its November sell-off.
Record Q3
Medical Marijuana Inc has just reported record revenues for Q3 and has also received permits that will allow it to pursue cannabis operations in Mexico.
The Q3 results showed revenues of $16.8 million USD, which was a 116% year-over-year increase. Similarly, revenue for the first nine months of 2018 came in at $42.1 million—a 146% increase. Further, gross profit surged 140% in Q3, which meant a net income in excess of $600,000. Those are some very strong results.
Also, there is promising news from two of Medical Marijuana's subsidiaries. One has unveiled a new hemp-based CBD cannabidiol Pure Liquid Flavored Trio. The other, HempMeds, announced a new line of liquid hemp products which will only strengthen its product line.
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So while the company's operations are doing really good things, MJNA stock hasn't been reflecting such. But as stated, it could really begin to turn now and aim for the highs of $0.17 a share.
What is Medical Marijuana Inc?
Medical Marijuana Inc is an investment holding company that operates in the medical marijuana and industrial hemp markets. It specializes in the production of "patented and proprietary cannabinoid-based products." It also licenses its proprietary testing and genetics, as well as labeling and packaging methods to the medicinal cannabinoid industry.
Looking ahead, MNJA stock is in a prime position to skyrocket once again. With the recent approval of the 2018 Farm Bill in the US, hemp farming is now entirely legal across the USA. The doors now opened for Medical Marijuana Inc only improve prospects that MNJA stock is set to explode.
Featured Image: Depositphotos/© baramee2017
