On Monday the share price of Medical Marijuana Inc (OTCMKTS:MJNA) declined more than 6% to close the trading session at $0.0610. It marks a new 52-week low for MJNA ticker and its seventh successive red close. The decline came at a share volume of 8.39 million compared to average share volume of 3.60 million. Even on Friday, the stock price declined 5.5% to close at $0.065.
Medical Marijuana issued a press release after the closing bell on Friday. It disclosed that its recently acquired firm Kannaway was recognized with the esteemed “Startup of the year” accolade. The award was presented by the Academy of Multi-Level Marketing, probably an institution which may or may not exist at all. The market ignored the news and posted another drastic red session. It was very much expected as the press release didn’t contain anything significant, particularly in the absence of annual report.
Medical Marijuana filed an application to get a later date to file its 2014 annual report. However, the extended data has even gone, in fact almost by one month. It is prime reason the company stock shows up as ‘Dark of Defunct’ and is termed as “Pink No Information.” It even has the STOP sign on page. The momentum on Monday made it clear that investors are looking for substantial information related to financial numbers, and no other press release seems to be convincing at this time.
The sector problem
As of now, Medical Marijuana is not the only marijuana company having trouble with stock price performance. Mostly, all the big OTC marijuana companies of last year are trading around 52-week lows and finding it really hard to maintain their strong daily volume and interest that was witnessed in 2014. The confidence in marijuana stocks is declining rapidly, and showing no signs of quick revival.