Medical Marijuana Inc (MJNA)

[nopancakemix]

Death Cross
MMJ stocks have been digressing towards the dreaded "death cross" (50MA crossing below 200MA). Of all the technical indicators, the golden cross and the death cross are the most widely acknowledged patterns. Right now MJNA is heading directly for it. CB*S is already there and ER*B is on its way.

I posted back in March that .18 was weak support and .09 was a likely base. I'm sticking to those numbers. My call was extremely unpopular in March when I posted it and I doubt it will make me any friends today, but it was an honest assessment especially while many of the people here were screaming for $1+/share.

Bottom line:
NOBODY is buying MJNA. There are little nibbles here and there but the accumulation has fallen off a cliff. The big shake out came on the dip to .12 and management's letter was a much needed pop, albeit a rather empty consolation as little to no clarity was provided. Currently, the ship is without a captain having no CEO in place or even an interim one. The earnings reports provide absolutely zero reliable breakdowns of which divisions of MJNA are profitable.

If MJNA is a "market leader" the industry is full of clowns because current management does not have what it takes to run a billion $ empire. If this is the state of MMJ upstarts, I advocate leaving cannabis on the black market.