Medical Marijuana Inc (OTCMKTS:MJNA) had been in the headlines for quite a while, with most of its news surrounding the appointment of a new CEO, Dr. Stuart Titus. His profile as a cannabis industry expert and veteran is what made him the right choice for the management. The news came at a time when the company’s stock had been on the path to a constant decline. The announcement, however, was able to pull the stock price up by 15%. The Mirage was short lived since the stock started to decline and is currently trading near a 52-week low. Currently, it is trading at $0.095 and is not expected to make a quick recovery.
The company, before this appointment, had been seen as one that was a strong contender in the cannabis market. The company also has a few popular products in the cannabis market, which have helped enhance the life of many individuals. This is one of the reasons why you just cannot write off the company so easily. It still commands a strong area in the market and can bounce back anytime soon.
The decisive game here is in the hands of most state lawmakers. People are more than willing to buy marijuana from the company for medical and recreational reasons, but only 23 states in the U.S. allow it. If the laws become a bit more flexible or anymore States decide legalize the product, it could be a turning point for the company’s fortunes. The appointment of the new CEO might also be a step in right direction since Dr. Titus has been around for the company since its early days.
He is said to be the 7th shareholder of the company, which now boasts more than 200 investors. The new lead role is familiar, with the working of the company, how well it is established and just might be able to pull the company out of this new crisis.