Last week, the share price of Medical Marijuana Inc (OTCMKTS:MJNA) hardly moved. The stock price dropped 0.94% to close the trading session at $0.0741. The share volume decline noticeably to 905,496 shares traded a considerable decline from the average share volume of 6.33 million.
The news
Medical Marijuana portfolio unit, HempMeds exhibited an extensive range of its industrial hemp oil retail items at the popular event known as ‘Cannabis World Congress & Business Expo’ held in New York. It was a three day event that was scheduled from June 17 to June 19, 2015. HempMeds presented the pioneering product ‘Real Scientific Hemp Oil’ also known as RSHO during the expo. The hemp oil is playing a significant role in reshaping global cannabis law in Brazil.
Mr. Stuart W. Titus, PhD, the Chief Executive stated that it will take more than a year for medical marijuana law to be legalized in New York. The subsidiary firm participated in the event to create awareness related to hemp-based cannabis. These products have the potential to provide a viable entry point for those entrepreneurs who intends to enter retail locations.
The financials
Medical Marijuana Inc (OTCMKTS:MJNA) financial report for FY2014 came a month late on May 14. The annual report was accompanied by a pompous PR which opted to alter reality a little. The PR stated MJNA’s sales jumped 280+%, further quoting CEO that sales increased almost 300% YOY. The wording in PR was just an optimistic way to reflect figures.
The actual growth was 180+% and the new figure for financial year 2014 formed 280% of FY2013’s sales. Medical Marijuana might have tried to present the figures in more optimistic way but the fact is that the company has improved significantly on just its sales. The annual net loss was $4.4 million and annual sales came at $14.5 million.
