Todor Pichurov

Medical Marijuana, Inc. (OTCMKTS:MJNA) New CEO Excitement Fades

by Todor Pichurov March 24, 2015

After Medical Marijuana, Inc. (OTCMKTS:MJNA, MJNA message board) announced the appointment of a new CEO last Wednesday, the stock shot up 15%, catching a much needed boost that pulled it from the new lows it was charting. The following three sessions, however, were all red, with MJNA closing 2.5% down yesterday, barely clinging to a dime per share.

The new man at the helm of MJNA is none other than Mr. Stuart Titus. His involvement with marijuana OTC stocks does stretch back a good deal and he does have extensive experience, as the PR mentions. However, the exact nature of that experience may be a little different from what most would expect.

We first mentioned Mr. Titus in an article way back in early 2013, after MJNA had offloaded its PhytoSphere subsidiary into the lap of CannaVest Corp. (OTCMKTS:CANV). Mr. Titus happens to be the man who, in a nutshell, kickstarted CANV by loaning money to two of the parties that bought up its shares while it was still called Foreclosure Solutions. Titus' General Hemp entity also bought 7% of the company's stock. On March 6, 2014 CANV came up with a special purpose PR, explaining its relationship with Titus, or rather the lack thereof, citing he was no longer a beneficial owner and he was no longer affiliated with CANV in any way.

On his way to becoming a non-beneficial shareholder, Mr. Titus managed to cash a neat $7 million, selling his CANV stock into the insane Feb-Mar 2014 price spike, right before the company's chart turned into a sob story. The original investment in CANV cost Titus $375 thousand.

MJNA shareholders will remember the company signed an agreement to acquire Kannaway LLC – one of the portfolio companies of General Hemp, which in turn has Mr. Titus as its helm. If this all sounds like an awfully tangled, convoluted deal, it's because it really is.

It remains to be seen whether the company can provide more news to keep shareholders excited or a few further red sessions will push the ticker under a dime once more. Just before the Titus announcement and the spike, MJNA hit a 52-week low at $0.094 per share.

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