In last trading session, the stock price of Medical Marijuana Inc (OTCMKTS:MJNA) gained more than 1% to close the day at $0.0556. The gains came at a share volume of 42.04 million compared to average share volume of 6.91 million. After the last green close, the market cap of MJNA stands at 200.24 million.
Medical Marijuana momentum on the charts have been very unstable after the plunge that the company witnessed in December. In February, the stock tried to recoup some of the losses it incurred, but unfortunately the stock continued oscillating in both directions fast. This is very much on the expected lines considering the massive market capitalization that Medical Marijuana stock holds.
As per the recently submitted financial report for the FY2015, Medical Marijuana posted cash of $240,000. The current assets came at $13.51 million whereas current liabilities amounted to $4.72 million. Medical Marijuana posted revenues of $9.21 million on net ordinary loss of $3.64 million. The report indicates that Medical Marijuana’s cash on hand has considerably dropped, while the firm keeps offering overly-inflated evaluations of its subsidiary firms.
Also, the revenue has declined by over 36% as against the previous year, and the losses have jumped considerably. Medical Marijuana issued almost 1.1 billion shares in FY2015, increasing the outstanding share number to 2.86 billion. The stock dilution has been massive in the past year, and it appears investors are not bothered with it.
Medical Marijuana reported that its brands and investments were covered in “420” mainstream. This specific content spread awareness on the availability of hemp cannabidiol oil products and availability of cannabigerol (CBG) in retail offerings. The update from the company as well as mainstream indicates that the masses wants to know about cannabis and retail offerings containing CBDS. It shows the transition that are coming in the cannabis products industry.