Medical Marijuana higher on Q3 update

|By:, SA News Editor

Shares of Medical Marijuana (MJNA +21.5%) are up sharply (from $0.09 to $0.11/share) as the company provides a Q3 update.

MJNA says it earned "approximately $7.9M" in net income for the quarter ended September 30.

The company also says one of its "corporate portfolio companies [has] acquired the marketing contracts for the highly anticipated Cibdex, Cibaderm, and HempVĀP product lines, adding additional revenue potential for MJNA."

During the period the company's PhytoSPHERE business "received its $10M quarterly payment from CannaVest" — 200K in cash and $9.8M in stock.