Dilution is not necessarily a bad thing in this situation. This isn't a fake company. It's a real company, making real cash, in an uncertain sector. They have the cash (due to dilution and revenue) to take any legal action they want, or protect themselves in a court of law (which they will doing a lot of). Yeah, there will probably be reverse stock splits of course, but if the stock price hits 1, 5, 10, 50$ in the next 5-10 years, your probably not going to care much.
One the feds give the okay to the banks, and ganja no longer is a "cash" business, I'd bet a good number of these cheap mj stocks will get up listed. Just have to guess right. MJNA has a good head start.
Oh... and there's another factor that will come into play.