Medical Marijuana Inc. (OTCMKTS:MJNA) bounce back from all-time lows continues to gather pace on improving fundamentals. Investor’s sentiments are slowly edging higher on the confirmation that the company has commenced manufacturing operations under an Industrial Hemp processor license.
Reports that the company has opened a new production and warehouse facility to expedite international expansion efforts continues to bolster the stock’s market sentiments. In addition, the company’s subsidiary has entered into a strategic partnership with Endocanna Health for the production and sale of Endocannabinoid DNA test product.
A spike in trading volumes affirms renewed investor interest in response to improving fundamentals. After coming under immense bearish pressure since the start of the year, the $0.05 is the immediate resistance level standing in the way of the stock bottoming out from all-time lows. A rally-followed bay close above the critical resistance level could help fuel further rallies from current lows.
Improved Operational Efficiency
Medical Marijuana is on its way to becoming a key player in the hemp industry as it commences manufacturing operations under the industrial hemp processor license. With the license, the company can now store, handle, and convert industrial hemp into any marketable form.
“Operating under this license is a big step for our Company and a great sign for the future of our domestic operations. The 2018 Farm Bill has allowed us to grow our processing and manufacturing capabilities as well as drive the global supply chain of high-quality hemp,” said CEO Dr. Stuart Titus.
The issuance of the license could not have come at a better time as the company has expanded into a new larger, production and warehouse facility. The facility, which is cGMP compliant, should allow the company to meet the growing demand for CBD oil products from both retailers and consumers. According to the chief executive officer the 16000 sq. Ft. warehouse should allow Medical Marijuana to strengthen its customer base and meet the needs of the burgeoning market.
In addition, Medical Marijuana is in the process of expanding its operations into Europe, Asia as well as Latin America. The expansion drive seeks to take advantage of the improved production capacity.