Medical Marijuana Inc(PINK:MJNA)’s shares have been showing solid momentum and have gained about 130% in the past one week on heavy trading. The stock is now up 17% at $0.31 with more than 14.50 million shares have traded hands.
The stock started its rally on January 28, and rose from 14 cents to 43 cents – TRIPLED – in just six trading sessions. On Tuesday and Wednesday, the stock retreated on profit booking from $0.43 to $0.27.
There has been a lot of media coverage on the stock recently. One of the news was that U.S. legislators are trying to push a medical marijuana legalisation bill and this may have been part of the reason for the stock moving up.
Marijuana proponents are trying to use the momentum gained by Washington and Colorado and press country-wide, including Hawaii’s House Bill 699 that was presented last Friday.
The company said recently that it expects income of over $3.3 million on revenues of more than $5 million for the fourth quarter. In the third quarter the company reported a 20 percent fall in income.
The official results are yet to be announced.
The company has announced a plan for 24-month auditing in an effort to move away from pink sheet non-standard reporting and uplist.
In tandem with Medical Marijuana, other marijuana stocks also moved up in double digits.
Hemp. Inc. managed to close Friday 34 percent up and reach $0.045 per share.
According to its latest report, Hemp is still next to cashless, and the report sports a quarterly dilution of common stock of about 12 percent or 100 million new shares.