Medical Marijuana Inc (OTCMKTS:MJNA) subsidiary Wellness Managed Services’ MPS International is not a new name in providing security for the growing cannabis market. The company reported that it received exclusive security contracts for grand historic events such as Seattle Hempfest. The pioneering security services firm stated that it again received the security contract to benefit show goers and exhibitors during “420” week to be held in Colorado.
The industry
Medical Marijuana operates in rapidly growing cannabis industry, and moreover its subsidiary MPSI offers its services in Cannabis security segment. It is essential due to compliance with local and state government mandates. The subsidiary was established in January 2014 and is directed by leading veterans active in the physical security industry. Since 2014, MPSI has fetched several contacts in the growing cannabis security industry. It expanded its reach to serve carious legalized recreational and medical marijuana states.
The momentum
Yesterday’s trading session saw Medical Marijuana close in green. It gained more than 4% to close the day at $0.0850. The stock generated daily volume of 3.14 million shares. It retreated from its 52 week low of $0.06per share recorded in previous trading session. The green session was expected as the stock was trading in oversold zone for a couple of days and making new lows.
The problems
A part of the dismal performance can be attributed to the reason that Medical Marijuana has still not released its annual report. The report was expected to be released by the end of March. The company being a pink sheet is known for delay filings on a regular basis. Once the report is released, it will throw some light on the company’s financial performance in the fourth quarter of 2014. The third quarter ended with net loss of $834,000. It factored in extraordinary income generated from a JV deal.
