In last trading session, the stock price of Medical Marijuana Inc (OTCMKTS:MJNA) barely moved. The stock gained 0.68% to close the trading session at $0.0745. Share volume dropped considerably to just 712,453 shares traded, a substantial drop from the average share volume of 6.50 million.
The buzz
Medical Marijuana portfolio company, HempMeds will exhibit vast range of industrial hemp oil retail products at the Cannabis World Congress & Business Expo to be held in New York from June 17 to June 19, 2015. The subsidiary firm will also present the innovative product Real Scientific Hemp Oil that is playing a key role in reshaping international cannabis law in Brazil.
The CEO Stuart W. Titus, PhD said that there is still time left for New York’s medical marijuana law to become legal. HempMeds is participating in the Expo to showcase novel hemp-based cannabis products. These products create a viable entry point into the market for those entrepreneurs who are seeking retail locations.
The performance
Medical Marijuana annual report came a month late but it was finally released on May 14. The pompous PR accompanying annual report chose to alter reality a little and stated that MJNA’s sales “surged 280+%”, further quoting CEO Stuart Titus who asserted “nearly a 300% increase” in yearly sales over the previous year. The wording in PR was one approach to present figures but it was not precisely accurate. The actual growth in revenues was 180+% and the new figure for FY2014 constituted 280% of FY2013’s sales.
Despite this strange way of presenting results, Medical Marijuana Inc (OTCMKTS:MJNA) still improved considerably on its FY2013 numbers, as far as sales go. The company posted annual net loss of $4.4 million and $14.5 million as annual sales. The total current liabilities came at $4.0 million. The company has filed for an extension of its first quarter filing.
