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Falling knives don't bounce. They go straight to the bottom and stick.
The lack of civil action against SA and the fact that SA continues to batter MJNA speaks volumes about who is on solid legal ground here.
Hundreds of thousands in a week? Really? Did you look at the qtr 4 financials? Dixie didn't even sell one hundred thousand items for the entire qtr. In fact if it weren't for adding $4.5 million of that worthless stock to revenue they would have been in the hole. Some of you guys really need to get some fresh air. One day this company may live up to your lofty expectations but it won't be anytime soon and it sure won't be under current management.
Finally someone is using sound logic and reasoning based on facts.
Navy you may be right. Maybe I'm jaded, but when the COO sells millions of shares at the most critical juncture in the company's history this is a huge red flag for me. The company was under a continuous assault from SA and others and this only provided fuel for the fire. A responsible move would have been to wait until the company was on more stable footing. I've watched this same scenario play out over 28 years now. The game doesn't change only the players. Further, when I asked Stuart Smith about these sales the knee jerk and irrational response I received screamed guilt. You be the judge.
Below is a couple of email exchanges between myself and Stuart. Keep in mind I spoke with Stuart many times before this and always have very friendly and respectful conversations. The emails started on 3/4 and continued for approximately a week.
Stuart:
Could you please confirm or deny if a 144 has been filed on behalf of Ms Sides to sell 7.2 mil shares. Thank you for your
I will ask the Company I do not know. What I do know is I have been told she has not sold a share in the past two years. Filing 144 removes the restriction to sell it does not mean you have to sell.
The question was: "Did Ms Sides file a 144 filed in order to 7.2 Mil shares starting on 3/10/2013?" I am well aware of the process in regards to the 144 and I don't care if she sold shares in the past or if she sells shares in the future. However, when a company starts parsing words to avoid answering questions in full I begin to get suspicious. I don't have a problem with the sale but, I have a big problem with the answer. I've been around this game a while and the response I received is a big red flag.
I understand where you are coming from. With that said I was unable to speak with Michelle yesterday so I got the best available answer. My calls are always returned in 24 hours. I expect to hear from her today
Stuart, did Ms Sides ever respond to the question about the 144? Thanks
Yes she did and yes that was her registration of restricted shares. The difference is the spin shorters and naïve folks put on it. Just the subject of the email along says insider selling (sort of). She is in compliance with the SEC and that means no more that 1% at any point of the daily volume. Even better she has not sold a single share of MJNA ever. But, I know you are naïve so make of it what but don’t confuse a removal of a restriction with the actual selling. Moreover, like many of my other clients, to preserve cash for the expansion of operations, wouldn’t you rather the management of these micro caps leak shares out in compliance with the SEC in lieu of large salaries? Thereby more income is making its way to the bottom line right?
Sounds like you are in over your head, Stu . I asked a legitimate question and you get your panties in a twist. I insinuated no wrong doing by the subject line, but instead just responded to your last e-mail instead of creating a new one. Naïve? No, not Naïve. I've forgot more about this industry that you know and it shows by your childish knee jerk response. If this management team is as amateurish as you it is only a matter of time before this thing implodes. For the sake of all invested I hope that is not the case. Lack of transparency and defensive reactions such as the one you just displayed erode confidence in those looking to invest in this company. Now I am worried about what is going on behind the scenes. Good job, Stu. I'll be sure to pass this along to management as well. {Note} Insider selling is not the same thing as insider trading. One is legitimate the other is a crime.
To be fair to Stuart he did issue an apology. Though he would not answer my questions about the issues you raised earlier today. IMO, same old game just different players.
Navy you are right on track as far as what needs to be answered by management. As you may know I got out yesterday because many of the issues you list were the same issues I raised with the company and Stuart Smith; (numerous times in the past two weeks). I never did receive a reply. My last attempt, this past Wednesday, I cautioned management that we were at a tipping point and any other missteps will result in the PPS taking another drop; a huge drop. I told them investor confidence is non-existent and if they don't address specifically and concisely the issues listed the PPS will languish in the single digits from here on.
My take is: Mgt. has no answer to these issues. IMO they have mislead shareholders and are backed into a corner. They are trying to figure out a way to positively spin this debacle and avoid the inevitable class action suit. The shareholders have heard enough BS and any news, regardless of how positive, will not result in moving the PPS. Maybe a small bounce at best. As the old saying goes: Fool me once shame on you, fool me twice shame on me. The only chance this company has is to replace these incompetent and ethically questionable officers with seasoned pros that have a track record of success. Unfortunately, there isn't sufficient shareholder ownership to accomplish this.
Next shoe to drop: Qtr 1 financials will reveal that record earnings were achieved through sales of Cannavest and without these sales the company is in the red, or, a major class action suit has been filed.
As I said yesterday this is a shame....this company could be a super star and should be if those in management had a vision of the future. Instead they seem to be concerned with the quick buck and lining their pockets as fast as possible as the ship sinks.
Best wishes for all longs. I hope this turns around but I'm afraid we see a gap down Monday and continued bleeding from there,
For all the brave souls that continue to hold I wish you the best of luck. I gave this company every benefit of the doubt that I could. But in the end the evidence/facts are too compelling.
From the misleading financials; i.e.; Record Earnings when in reality the only way they posted a profit was through sales of Cannavest shares.....the Hemp Oil sale that turned out to be a trade.....Sides dumping millions shares at a critical juncture.....IR, both Stuart Smith and Chris unable or unwilling to answer my questions and/or having a psychotic episode via email.....the disconnect between Dixie Elixirs unable to keep up with demand and the fact that they lost money in qtr4 was more than enough for me to get out.
I may be mistaken but I cannot recall when this company/management has said they were going to do something or reported great earnings or other positive news that didn't turn out to have a caveat that made me think....AH SHIT! Every time they open their mouth with positive news there is a turd in the woodpile. This is deception folks.
Again I wish all holders the best. IMO I was afraid to hold going into the weekend. I expect it to gap down at the opening on Monday. If another shoe drops in the near future I would expect it to fall into single digits. Quite possibly between .07 and .09. But who knows maybe she'll rebound and take off. Hopefully this company can put a seasoned management team in place to turn things around. The shame is.....this company could be a star under the right leadership.
How diluted is this pig?
How filthy is it?
For the longs here is a little bit of good news. Spoke with Dixie Botanicals today about an order. Rebecca Montalvo was assisting me and I asked her about the business and more specifically the product flow at Dixie. She said business has never been better. Apparently sales are increasing and surprisingly she said the Botanicals sell very well in the dispensaries. I guess a lot of patients do not want the pycho-active effects associated with the THC.
I'm with you Nebula. Been in this game 28 years... last gig was an FA with AG Edwards and I can assure you that big money buys into strength. Deep pocket investors didn't get their money by betting recklessly on penny stocks with unaudited financials. The recent activity surrounding the PPS is simply that MJNA has too many unanswered questions right now and as a result there are more sellers than buyers. As far as the investment group, ARC, they will have to have these questions answered fully before investing a dime into MJNA. So for MJNA to engage in a coordinated effort to drop the PPS in order to attract investors is insane. Again deep pockets look for strength; i.e.; solid audited financials, full disclosure, increasing revenue, decreasing debt and a steady PPS. The mere fact that this PPS has fell over 60% in the past few months is enough to scare most investors away. If MJNA can secure an investor or two it will be because Tripp Keber brought his A+++ game and is able to answer all concerns completely.
Yeah, I'm literally sick to my stomach. This company could be a super star in a huge emerging market and management has shit the bed.
When the financials come out and it shows that the shares of Cannavest was added to the bottom line in order to achieve their RECORD REVENUES then you will be able to buy as much as you want below .10
If they tried to BS investors and include the 4.5 million from Cannavest in the Qtr. 1 report and then call it RECORD EARNINGS the PPS is headed south in a big way. At that point, in my mind, the management will have lost all credibility.
SA just posted another article this time with a positive spin. SA has essentially made MJNA their bitch and personal piggybank.
With the management team we have in place and their propensity to step on their own d@@k, with one more mistake this pony may blow right thru the 200 ma.
I said nothing about Canchew not being released.
The third week in April has nothing to do with my previous post. If you would read it you should realize that the problem I talk about is with the chronic failure of management to follow through with what they say they are going to do. Chronic meaning-- long term-- and not a specific point in time such as the third week in April.
This is the exact thing I've been ranting about for weeks now. Management's failure to follow through and {do exactly what they said they were going to do .... on time} is a big reason why the PPS keeps falling. Investors do not trust a company that doesn't keep it's word and the end result is you end up with more sellers than buyers.
I hope you're right. That could be the boost we need.
Being on the pinks would management even have control over the who the MM is?
That is a worrisome thought and it has crossed my mind. Many of these CEO types have huge egos and will at times act in a childish manner; even if it hurts the company.
It gets very frustrating watching a potential star in an emerging industry struggle unnecessarily. The best thing that could happen to MJNA is if Keber would take the lead. He gets it.
Legal counsel guided MJNA through the MJ business model; not Sides. Further, If you look back just a few months at all the missteps such as:
1)Press release: {$35 million sale of Hemp oil inventory}....no not really, we just traded the oil for a major stake in Cannavest.
2)Failure to quickly and aggressively shoot down the SA hit job. There should have been a response within hours, not days, and because of the article marinating for a long weekend the PPS has never recovered. This created doubt and uncertainty which in turn eroded shareholder and potential shareholder confidence.
3)Talked about uplisting one day and the next they talk about acquiring an existing NYSE company instead. Which one is it? Do they not have the confidence that 24 months of audited financials will pass the scrutiny of the SEC? Why change horses in mid stream? Again, this erodes confidence in the company.
4)Downgraded before they can even get uplisted. WTF? Another typo in the financials and as a result they get downgraded and as a result the PPS takes another hit. Now everybody is thrilled that the "limited" designation is scheduled to come off tomorrow. I'm not, it should have never happened to begin with.
5)Their hired gun, Stuart Smith, pumping the company with a firm that has a horrendous track record. Did you see the results of this publication after it pumped a stock? All nine went down in price. Again WTF? You pay a publication with a 1000% batting average of dropping PPS to pump your stock? Are these people trying to kill their own/our own company?
Bottom line is: This company has prospered in spite of management blunders. I think this company can be a star. Tripp Keber is a star. The rest of the management team are out of their league and the sooner we get seasoned professionals with a track record of success to run this company the better for all. I'm sure Ms. Sides is doing her best but the fact remains: {All of these screw ups killed the PPS and it happened on her watch}. Excuses don't pay the bills and even though I am long I have serious concerns about the integrity and competency of this management team. If managed correctly this company should be trading between .60 and .70
Tripp is the only one of that bunch that has any business sense. The guy is single handedly carrying MJNA. For the rest of those jokers I wouldn't allow them to mow my yard. They screw the pooch at ever given opportunity from misstated financials to the IR firm they hired.
I'm in at .31 as well. Been looking to average down but still waiting for a confirmed reversal.
If there is a gateway drug it is Alcohol. People will do anything or try anything on that stuff.
I'm guardedly optimistic that he will reach a new group of investors to help move the pps. Our biggest problem with the company is the current lack of investor confidence and the uncertainty of how the feds will react.
I'm long as well.
Let's hope Snoop can kick this pony in the ass and get her running again. If not, based on the recent PR, she may look more like a little pig playing in the mud.
When a company has to pay a "Carnival Barker" to promote their stock this is a huge red flag. It indicates weakness based on either a lack of investor confidence and/or weak future projections. This only serves to further erode investor confidence as it indicates the company is desperate and internally lacks confidence in the direction of the company. The manner in how their PR campaign has been handled over the past several months reflects that some members of management and IR and not ready for prime time.
The will of the people is a smoke screen for government expansion and increased control over the lives of the American people. The people are control freaks and will not relinquish their absurd war on drugs until they find it to their political advantage to do so.
I emailed Stuart yesterday morning about this and haven't received a response yet. Don't expect to either.
Stuart answers his emails just fine and has done so for several months. I've communicated with him by phone and email at least a dozen times. Each time he was as prompt to answer the phone as he was answering the email. I just happened to ask some of the questions that many of my fellow longs are choosing to ignore. These aren't that easy to answer but, will have to be answered in the near future.
I haven't received a response yet. I questioned about the downgrade on 4/11, what was the reason for the downgrade and how could this impact the up listing. I also asked about the pre-reported financials and if the revenues reported included the sales of cannavest shares. Wouldn't surprise me if he just doesn't answer. The last time I asked about insider selling;i.e; Michelle Sides he had a very unusual response. Won't go into details but, I wasn't inspired to buy any more shares.
I think reaching Stuart is going to become more and more difficult as we move forward. I emailed some specific questions earlier and never received a response. The campaign for me is a big red flag. BTW I'm long on this stock.....for now.
You are exactly right. The most important quality of a publicly traded company is investor confidence. Currently that is missing and for good reason. Many potential investors are on the sidelines waiting for this company's to address "clearly and specifically" the Llamas issue....if exonerated will he be back at the helm? If convicted what assets if any will be forfeited and how will this impact MJNA? IR tells me it will not affect the company, I am not so sure. The Cannavest deal....why it was initially touted as a $35 million sale of their CBD oil inventory when in reality the oil and durable inventory was used to trade for a major stake in Cannavest. Going from a cash sale to trading inventory for a stake in a company is a major leap. What about the OTC up listing....hell MJNA was downgraded before up listed and now management is talking about the NYSE?!!! The latest pre-reporting of financials.....was the record revenue derived with the aid of sales of cannavest stock and if not, why was this omitted? For everyone invested in this company and/or thinking of investing you had better do your homework. Don't listen to the irrational exuberance of how this is going to the moon or huge news is just around the corner. Do your homework, decide for yourself.
IMO the future is very uncertain with this company. I've been around this game a long time and my bullshit meter is redlining right about now. The shame of it is; {this company could be an absolute star} but the novice manner in which this company's management handles business is killing it.
For disclosure purposes: I am long for now. This is the only OTC stock I own and as far as I know the only I would own. I've been trading stocks since 1985; a former FA with AG Edwards and currently trade for myself. Nothing I say should be construed as advice.
Then they have miscalculated. This has no bearing on MJNA.
Hopefully soon. My response was to the question; "where are the buyers?" My take is that most potential buyers are waiting until his decision is announced and the majority of current shareholders are in a holding pattern until such time.
Waiting on Holder's decision.
And those working behind the scenes get the lion's share of the rewards with very lucrative stock options. They aren't doing the shareholders any favors by working hard but are doing what they are supposed to do.