MaryJane Group Inc (OTCMKTS:MJMJ) has been experiencing continuous decline for the past few sessions. The decline came despite the news from the company that they had acquired a new location in Colorado Springs for its Bud + Breakfast, at a monthly rent of $12,500. Unfortunately, this was also accompanied by some bad news. MaryJane’s Canna Camp plans recently fell through as the company failed to acquire the location at Wilderness Trial Ranch.
Canna Camp was planned to be one of the biggest marijuana themed resort in the country. The location had been ideally chosen and investors expected big returns from the venture. Unfortunately, without a proper location and the camp opening date growing closer, the company is in quite a bit of trouble. MaryJane had already started reservations for the Canna Camp and now they would either have to return the payments or find a great new location. Additionally, if the company fails to find a comparable location to that of the Wilderness Ranch, and settles for something close, it might result in a loss of future business for the company.
The last minute change in plans for its biggest venture is not the only thing scaring investors away from MJMJ. The company has also been a target of severe dilution, with the current authorized share count standing at 2 billion. The last few months alone, saw dilution of over 1700%. Additionally, an initial announcement from the company has revealed that the reservations for the Canna Camp would, for now, be converted to complimentary stays at the company’s Bud + Breakfast. It is important to note here that even the most expensive Bud + Breakfast location costs only a fraction of the amount of a Canna Camp reservation. The company does, however, plan to carry on its plans for the Canna Camp to next year, but it is doubtful that they would receive the same kind of response.
MaryJane Group Inc (OTCMKTS:MJMJ) closed at $0.00169 at the end of the July 7 session, after trading 84.26 million shares and losing 0.59% of its share value.