Medical Marijuana, Inc. (PINK:MJNA) is definitely on fire.This is exactly the first thought that comes to mind when taking a look at the chart. Because, what MJNA stock did yesterday is easily one of its best market runs ever.
Closing at $0.0659 per share, MJNA shot up a staggering 127% ultimately reaching a new six-month record. The same goes for the turnover as more than 31 million shares of common MJNA stock changed hands within the trading day. So, will MJNA continue to gather momentum today?
As it seems, MJNA’s extraordinary chart run was triggered by the news about the finalization of a financing agreement between MJNA and CannaBANK Inc. As set out in the agreement, the company has the right to use up to $4 million to complete some key acquisitions, as well as to finish developing a couple of pending technologies. What is more, the nature of the agreement was revealed to be entirely non-dilutive to existing shareholders.
MJNA closed the fourth fiscal quarter of 2011 with:
- cash equivalents of $24 thousand;
- $845K in current assets vs. $27K in current liabilities;
- $430K in revenue and a net quarterly loss of $63 thousand.
