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MJNA: Party Is Over

Aug. 13, 2013 10:32 AM ETMJNA6 Comments
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I will be updating some observations about the MJNA Q2 results. There are two source documents:

The company's operating results were very weak - less than $1mm in product sales and an operating loss.

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Interestingly, the company reported that CannaVest (CANV.OB) paid them partially in cash on the $8mm installment payment due 6/30. At one point, it was described as "$750K" but in another as "$726,157.00". Note that CANV recently borrowed about $3mm more from its CEO and from presumably Michael Llamas (Roen Ventures). Given that CANV is "trading" so high above the $6 collar, paying cash makes a lot of sense (why sell a stock at 6 when it is trading at >10).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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