Medical Marijuana Inc (OTCMKTS:MJNA) share price continued with its dismal momentum in the last trading session. The stock price has remained subdued from last one month and still there is no respite for MJNA. It made a fresh 52-week low in March 2015 and is again moving towards the lower end. Last Thursday, it declined 2.5%, much close to its lowest closing price for March.
In fact, the last time it reported a green closing was on March 18, 2015, when the company released a press release stating that it appointed a new CEO and added new members to its board. The impact of news lasted for just one day and then the stock started with its downtrend. Since that time the company has erased all 15% gains that it made in the trading session after the release of PR.
What is wrong?
It is clear that the shareholders and traders are taking into account the many problems associated with Medical Marijuana. The concerns are even associated with Stuart Titus, the new CEO who has terms with the OTC marijuana segment that go back in past and associates with CannaVEST Corp (OTCMKTS:CANV). He diluted all his holding shares of the company before the unexpected slide of the company. He liquidated shares of almost $7 million. In addition, he is associated with General Hemp, the parent firm of recently bought Kannaway LLC. It is one of the biggest acquisitions of the company.
In other news, Medical Marijuana informed that its recently bought company Kannaway achieved 42% sales growth in period starting from December 1 to February 25. The firm has been nominated in the class of ‘Start-Up of the Year Award’. It is focused on the marketing activities related to hemp lifestyle network. The mission is to supply natural CBD hemp botanical reliable products to the consumers.