Medical Marijuana Inc. (OTCMKTS:MJNA) currently trading at levels that preceded strong breakouts recently.
MJNA was trading just above $0.10 towards the middle of March before it saw a quick spike to $0.20 and settling down around $0.13 for a few days.
The next run was a month later in mid-April when it ran from $0.11 back up to $0.13. At the middle of May and beginning of June, there have been similar runs between $0.10 and $0.12.
MJNA could be getting ready for another breakout run as it’s trading below both its 50 Day and 200 Day Moving Averages.
On June 5th, MJNA announced Q117 earnings results and here are the highlights:
Medical Marijuana, Inc. (OTCMKTS:MJNA) Financial Results
- Gross revenue increase from $1,535,728 in Q1 2016 to $3,612,739 in Q1 2017, a quarter over quarter increase of 135%
- Total gross profit increased from $820,446 in Q1 2016 to $2,545,229 in Q1 2017; which is an increase of 210%
- Total assets increased by 130% from $214,115,665 in Q1 2016 to $494,182,096 in Q1 2017
- Net loss in Q1 2016 of ($11,096,659) was decreased by 79% over Q1 2017 to ($2,222,818)
- Net comprehensive income increased by 1188% quarter over quarter from ($9,708,598) in Q1 2016 to $105,632,830 in Q1 2017
Medical Marijuana, Inc. (OTCMKTS:MJNA) Business Results
Here are the Q117 business results for MJNA’s SUBSIDIARIES:
Wholly-owned subsidiary HempMeds US, the portfolio’s predominate consumer brand, continued to experience growth in 2017 and experienced the following milestones:
- Launched a new affiliate program.
- Hired a new sales manager.
- Increased the sales staff with the addition of ten inside and four outside representatives.
- Hired a new online sales and marketing director.
2) HempMeds Brazil®
93.4%-owned subsidiary HempMeds Brazil, which received the country’s first import permit for cannabis products, achieved the following milestones in the first quarter of 2017:
- Partnered with one of the leading global wholesale distributors of pharmaceutical products.
- Began importing its RSHO™ Green Label, which contains a high concentration of cannabinoids in their acidic form, into Brazil.
- Announced authorization from the Brazilian government to sell its product for treatment of patients in the country suffering from Alzheimer’s disease, Multiple Sclerosis, and Autism Spectrum Disorder (ASD).
- Held the country’s first-ever medical cannabis symposium dedicated to providing the Brazilian medical community with information about the medical value of cannabinoids and how to legally import the Company’s products into the country for patients with approved conditions.
3) HempMeds Mexico®
Wholly-owned subsidiary HempMeds Mexico, which accomplished the first-ever import permits for a cannabis product for its RSHO™ and RSHO-X™ products from the federal governments of Mexico and Paraguay in 2016, achieved the following milestones in the first quarter of 2017:
- Its products were included in clinical research done by Dr. Saul Garza showing a decrease in epileptic seizures in 86% of patients.
- Received permission from Mexico’s health authority COFEPRIS to import Real Scientific Hemp Oil-X™ (RSHO-X™) to treat pain associated with cancer, the Company’s third approved indication in Mexico.
- Launched a new corporate website.
- Celebrated its one-year anniversary of operations in Mexico where it received the first permit in the country to sell cannabis products.
Subsidiary Kannaway, a premier hemp lifestyle brand, recently experienced 11-times revenue growth in a year-over-year comparison, and achieved the following milestones in the first quarter of 2017:
- Launched a new product, “Kannaway® Gold Premium Hemp Oil, an all-natural, full-spectrum, filtered CBD hemp oil, to its line of CBD lifestyle products.
- Unveiled a renewed line of chewable energy supplements, “Kannaway Energy Chews,” a bite-sized line of hemp-based energy supplements.
- Announced the company’s first ever international expansion plan.
- Appointed Alex Grapov as the company’s International V.P. to oversee the expansion.
Here are the Q117 business results for MJNA’s INVESTMENTS:
1) AXIM Biotechnologies®
AXIM Biotechnologies (OTCQB: AXIM) is a cannabinoid research and development biotech company.
Medical Marijuana, Inc. owns 22,669,100 shares worth approximately $308,704,704.
The closing share price was $13.44 as of March 31, 2017, which is an increase of $13.04 from $0.40 as of March 31,2016.
AXIM Biotechnologies achieved the following milestones:
- Received positive pharmacokinetic (PK) data results on its CanChew Plus® CBD Gum.
- Enrolled 40 patients and commenced its Phase II clinical trial for the treatment of irritable bowel syndrome (IBS) with its CanChew Plus® CBD Gum.
- Retained the services of global Contract Research Organization Ora®, Inc. to perform its upcoming product and development (based on AXIM IP) and clinical trials for treating glaucoma and dry eye utilizing cannabinoid-based therapeutics.
- Entered into a Term Sheet Agreement with a U.S.-based controlled-substances Active Pharmaceutical Ingredient (API) production company to develop a dronabinol-based functional, controlled-release chewing gum product based on AXIM IP and technology, which will be bioequivalent to Marinol®, which remains the only FDA approved cannabis-based drug available in the U.S.
2) Kannalife Sciences
Kannalife Sciences Inc. is an early-stage biotechnology company involved with the pharmaceutical development of new therapeutic compounds based on cannabinoids, which Medical Marijuana, Inc. owns 16.7% of.
Kannalife has garnered a licensing agreement with the United States National Institutes of Health (NIH) for two indications: (1) Hepatic Encephalopathy (HE) and secondly for traumatic head injury, known as (2) Chronic Traumatic Encephalopathy (CTE).
- Accomplished significant advancements in its clinical development programs throughout 2017 using proprietary technology and exclusive agreements with the National Institutes of Health.
- Additional intellectual property is being pursued and filed.
- Multiple orphan drug candidates are being identified.
Medical Marijuana, Inc. (OTCMKTS:MJNA) Company Overview
Medical Marijuana, Inc. (OTCMKTS:MJNA) is a a company of firsts leading the charge to transform a stigmatized plant into one of today’s most impactful industries.
MJNA has five primary areas of focus:
- Creating an International CBD Product Pipeline
- Legal Cannabis Consumer Products
- Cannabinoid-based Pharmaceutical Development
- Support Services for the Cannabis Industry
- Developing New Markets for Cannabis
The company’s focus is harnessed through multiple subsidiaries and brands to bring its vision for the cannabis industry to market.
MJNA Management Team
MJNA is led by a strong leadership team that has deep experience in the cannabis industry in both areas of development and operations.
Dr. Stuart W. Titus, Ph.D.
Chief Executive Officer and President
Dr. Stuart Titus, Ph.D., is an industry innovator who has been involved in the growth of many companies in the cannabis industry, and started his relationship with Medical Marijuana Inc. by becoming its seventh investor.
Dr. Titus has been involved in the development and investment of several industry-leading cannabis and industrial hemp businesses during his most recent career. Dr. Titus is the co-founder and President of General Hemp, LLC which, with Titus at the helm, developed several prominent cannabis companies, including HempMeds, KannaLife Sciences Inc, and Kannaway, LLC.
Michelle L. Sides, Esq.
Chief Operations Officer
Before she joined Medical Marijuana, Inc., Sides served as COO for HDDC, also known as San Diego’s CannaBANK®, a Medical Marijuana, Inc. major shareholder that funds the research of hemp-based opportunities.
Sides has experience as an attorney and director of company growth, previously serving as Executive Vice President and General Counsel for EH Building Group II, LLC, one of Florida’s fastest-growing developers in 2006-2008. The company won awards for design, marketing, and production.
Blake Schroeder, Esq.
Vice President of Operations
For nearly 10 years, Blake Schroeder has been a leader at international direct sales companies, where he has helped them massively increase revenue.
As the former COO of ForeverGreen International, he drove the rebranding and growth of the company’s line of nutritional supplements in Europe. At MonaVie, he substantially grew the company’s European product line.
Initially taken by the passion and vision of the Medical Marijuana, Inc. staff, he contributes extensively to the strategic direction of the organization. He is also CEO for direct sales company Kannaway®, which sells hemp-based botanical products for health and wellness.
MJNA’s chart is showing a potential gap that could indicate the company is currently undervalued and could show a move to the upside.
The company has demonstrated significant forward progress year over year based on its latest quarterly report and appears to be positioned for more growth in the future.
Keep watching MJNA as it moves forward its plan to deliver more innovations in the cannabis industry.
Disclosure: We have no position in MJNA and have not been compensated for this article.