Medical Marijuana (MJNA) Is Bad For You
March 31, 2011: You've got to hand it to convicted felon Bruce Perlowin: he's got the marketing skills that's enabled him to take advantage of his anointment as "The King of Pot" as well as the loosening of the noose on the marijuana trade and turn it into a scheme called Medical Marijuana (MJNA). What does this company do? Anybody? Anybody at all? Well apparently everything... except dispense medical marijuana. And why not? There are thousands of dispensaries out there dispensing medical marijuana. Why isn't Medical Marijuana, Inc. one of them?
We still haven't figured out where the revenues are for this company and neither has the company apparently because there are no hard reports of revenues or financials. We have seen claims of a point of sale/taxation (software?) system, a hemp products division, trade show participation/sponsorship/speaking opportunities but no actual cash numbers.
What the company is good at is promoting itself and creating a fascination through bluster. An October press release offered the headline, "Medical Marijuana, Inc. Prepares for Legalization in California". Well it's great that MJNA is prepared, whatever that means, but pot is not legal in California or any other state for that matter, so what? Same with the claims of thousands of agents and consultants in the Hemp Network. What does this mean in revenues? Is there any? We especially like the press release congratulating Arizona becoming the 15th State to legalize medical marijuana, like it was MJNA's idea. Or offering the company's support to Colorado's enforcement system. We're sure the Governor is relieved.
We think that the company's boiler plate on its press releases says it all.
"ABOUT MEDICAL MARIJUANA, INC.
Medical Marijuana Inc. (www.medicalmarijuana.com) recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion thus opening the door for safe and lucrative investment opportunities."
Huh? You recognize the opportunities? There's an ongoing discussion? Ok, but how does this translate into dollars.
Way back in August, 2009, the company announced that it was taking the necessary steps to move to the Bulletin Board market. Promises were made to keep the public updated during the process and yet nary a word has been spoken about it since. In fact, although the company inferred that it was going to keep current with the SEC filings required (this includes financials) of those listing on the Bulletin Board, not a single filing has been made. Why? We think that MJNA says it best within its press release when it recognizes the OTCBB as a regulated market.
What MJNA produces best is press releases and stock certificates. While nobody will tell you the actual number of shares on the street it is said to be quickly approaching 1 billion, giving this company a market cap of $100 million. Can anybody justify this?
from pumpanddumps.com
