Medical Marijuana Inc (MJNA)

[Det_Robert_Thorne]

Talking about uplisting for more than one year

MJNA has been talking about uplisting for more than one year. Here's what they said about it in a PR from Aug. 14, 2012:

Company to become Fully Reporting

In conjunction with the S-1 filing, MJNA expects to file their first audited financial statements prior to year-end. The Company's objective is to complete the 15c2-11 application process, which it started in May of this year, as well as becoming a fully reporting, fully compliant company with the Securities Exchange Commission (SEC). The audit and due diligence process will take an additional 90 to 120 days to complete. Once completed and approved, the Company's equity shares will trade on a "Solicited" basis, be on a higher level of the NASD Over-the-Counter Bulletin Board and there will be a dedicated market maker for the Company's tradable shares.

So more than a year later, the uplisting is still "all hat and no cattle".

If MJNA management wanted to, they could easily have completed an audit of 2011 and 2012 by now, plus filed an S-1 with the SEC, but they haven't.

If management was serious about this, they wouldn't be dribbling out the "audited" financials one quarter at a time, but would simply audit the two prior years.

Look at how quickly the company that has created the tweet has put together its S-1 in preparation for its going public. They filed a Draft Registration Statement in the middle of July, and less than three months later, filed the S-1. The stock is supposed to price this week.

IMO, MJNA is simply stalling for time.