Medical Marijuana Inc. (OTCMKTS: MJNA) is currently trading at 0.336, up 0.023. This is the highest it's been all week. In fact, the last time investors saw any real action from this penny stock was earlier this year, when it was trading at the same price mid-February.
Should we get surprised just yet? Probably not.
MJNA has stability, remaining above the 0.30 mark since Jan.21. This was a far cry from the days of being traded at 0.18 a share. Medical Marijuana is all the buzz in the media right now. However, prices still don't reflect the sudden surge in the drug's popularity. Could this be that companies like Medical Marijuana Inc. haven't secured their "street cred" yet? Who knows. Even with the company's bright spots, the stock remains quiet, but steady.
At the end of last month, Medical Marijuana Inc.'s HempMedsPX Featured on FOX 5 News Segment, "Healing with Hemp". HempMedsPX, a portfolio company of Medical Marijuana Inc. also announced earlier this year the American Herbal Products Association accepted HempMedsPX as world's first Cannabidiol (CBD)-Rich Hemp Oil Product Line.
In its defense, the stock has come a long, long way. For example, in 2010, Medical Marijuana Inc. was being traded around 0.06 a share. The recent rise in price, in theory only, could be due to the popularity of the medical legalization of the drug:
According to an article in the Atlanta Journal Constitution, CNN's Dr. Sanjay Gupta plans to revisit the subject of medical marijuana tonight in another special, "doubling down" for support of cannabis for medical purposes. It'll be interesting to see what this does for the medical marijuana industry.
Meanwhile New York is still working through the red tape in legalizing the medicinal use of the drug. It was reported March 10 by Forbes that Washington approved a less restrictive medical marijuana bill. Boston is under fire for its selection process of medical marijuana dispensaries.
There's no reason this stock hasn't soared, but only time will reveal why it's remaining at the back of the line. Its product is getting more than enough attention right now.