Todor Pichurov

Medical Marijuana, Inc. (OTCMKTS:MJNA) Swinging Up Again

by Todor Pichurov September 11, 2013
64MJNA_chart.pngYesterday the stock of Medical Marijuana, Inc. (OTCMKTS:MJNA, MJNA message board) climbed by over 7% and arrived to a close of $0.17. Volume kept picking up and was 20 million shares, with notable spikes in the early session hours.

The company's recent price spasms have proven short-lived as the whole sector swung with the hype caused by the DoJ announcement that the federal authorities will not interfere with state-imposed laws. The excitement bubble burst just as quickly as it originally swelled and MJNA, along with every other green leaf stock, trundled down to its old levels.

The most recent PR announcements from the company were related to MJNA's participation in exhibitions and expos, through its portfolio companies. With no immediate effect on the price, those news releases were hardly the cause for yesterday's 7% climb.

Technical analysis aficionados will probably find a lot to dissect with the recent undulations in MJNA's price but so far nothing has changed with the company on a fundamental level. What is possibly good news is that HempMedsPX is stepping up its participation in MJNA's plans and activities. The company serves as a distributor and marketer for MJNA's products and expanding its activities and popularity is probably the best bet MJNA has in popularizing its products, including the two new product lines announced last week - a body care range of CBD-rich products and a herbal supplement.

22MJNA_logo.gifDespite those developments, MJNA remains both volatile and with a current quarterly report that is less than stellar. The recent swings show that the sector is still being traded on hype and that day-traders will still squeeze what they can from any sudden jump in price. Traders are advised to tread with care, no matter which of the sector's stocks they're contemplating.

MJNA is currently trading 2% down in the early session.

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