Medical Marijuana Inc (MJNA)

[Det_Robert_Thorne]

2Q/15 Report filed. $16.6M Loss on $2.2M Revenue

MJNA filed its 2Q/15 report this morning at OTC Markets. I hope to follow up with more analysis a little later, but some quick points:

1) Revenues were $2.24M, down 37% from 1Q/15
2) HempMeds generated $1.18M in revenue, down 32% from prior quarter, and it lost $179K
3) Kannaway's revenue of $736K was down 38% from 1Q/15 and the net loss was $333K
4) Net operating loss was $5.65M, with $3.9M of that being litigation expenses of stock (probably the Roen settlement I wrote about last December)
5) A $10.9M stock writedown brings the Net Loss to $16.6M. This writedown is probably due to the steep declines in the stock prices of AXIM and CannaVest
6) They continue to value Kannaway on the Balance Sheet at $100M, which is ludicrous, considering its net assets at the time of the sale was less than $1.5M
7) MJNA confirms that the OS is now 1,852,520,040 shares, same as reported on OTC Markets

http://www.otcmarkets.com/financialReportViewer?symbol=MJNA&id=143981