MJNA: Publicly Traded Marijuana Stock
The black market has hit the stock market. Medical Marijuana Inc. which is represented by the ticker symbol MJNA, is listed for sale on the Pink Sheets. We at Marijuana Myth Busters don’t recommend investing in this stock at this time since the company is so new. However, if they prove themselves and manage to get listed on one of the more conventional exchanges such as the NASDAQ we do believe that this could be a home run for entrepreneurial investors. The company is essentially a process management firm for smaller businesses in the medical marijuana industry. Their CEO is Bruce Perlowin who is believed by many US authorities to have been the largest importer of marijuana of all time. The company has been involved with several mergers and acquisitions as they seek to expand their network of clients and associate businesses into Central America. It should be interesting to watch how things pan out with this company as many states consider legalizing marijuana for medicinal use. Ultimately, this will lead to marijuana’s classification as a Schedule 1 substance changing to Substance 3, which is designated for substances that have medicinal use. In fact, Medical Marijuana Inc. has filed for a permit with the federal government to be one of the first commercial providers of marijuana in the country. This would set the company on the course to be a competitor to Pfizer and other big pharmaceutical providers, as marijuana represents such a large industry with retail sales in $10 billions every year.