The California-based company continues to forge ahead
Medical Marijuana Inc. was the first publicly-traded cannabis company in the U.S. It has been attracting attention on NASDAQ for the past decade and concentrates on developing and selling products derived from hemp-based cannabidiol (CBD). It was one of the pioneers in the CBD industry, before CBD even became a buzzword. Now that hemp in the U.S. has been legalized, the company could be on the verge of an explosion that will take its stock to new heights.
Things haven’t been that great for the company, which is traded on NASDAQ under the ticker symbol MJNA. Since it trades at just $0.07, it’s considered a penny stock, which aren’t usually attractive to institutional investors. A catch-22 develops – no institutional investors will pick it up because the price is low and the price is low because no institutional investors will pick it up.
But, things are moving and there could be a bright future on the horizon for the company. HempMeds, a subsidiary of Medical Marijuana, recently inked a partnership deal with Shopaholic Boutique, as well as 38 other retailers, to sell its CBD products. HempMeds President Todd Morrow said at the time, “Our brick-and-mortar store presence is a strategic imperative for our business in 2019 and we plan to announce several new and exciting products that will further our growth significantly.”
Additionally, another subsidiary, Kannaway, has brought onboard a former placekicker from the NFL to be its spokesperson. Mike Hollis, who spent nine years in the NFL with the Jacksonville Jaguars and other teams, will utilize his status to help spread the word of CBD’s benefits for active consumers and athletes.
Both of those moves have occurred in the past week, so there is still work to be done. However, the timing is perfect and could go a long way to helping Medical Marijuana move on up and take a better position in the stock markets.