It may pay to note that Medical Marijuana Inc (OTCMKTS:MJNA) just announced that its investment company Kannalife, Inc. has appointed biotechnology and pharmaceutical industry veteran Terrence O. Tormey to the company’s Board of Advisors. “Kannalife continues to prove itself as a leader in cannabinoid research and its reputation to add well-respected biotech and pharmaceutical leaders like Terrence Tormey to its team amplifies its efforts,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus.
According to the release, Mr. Tormey brings over four decades of experience in the life sciences industry and has held numerous C-Level management positions, board seats, and has led successful sales and marketing campaigns with well-known companies including Wyeth, OMAX Health, Prevention Pharmaceuticals, and McNeil CPC (Johnson & Johnson). Most recently he was the CEO of Kibow Biotech, a company involved in the development of novel renal care treatment for chronic kidney disease.
Medical Marijuana Inc (OTCMKTS:MJNA) casts itself as an investment holding company that operates in the medical marijuana and industrial hemp markets. Its products range from patented and proprietary based cannabinoid products to seed and stalk or isolated high-value extracts manufactured and formulated for the pharmaceutical, nutraceutical, and cosmeceutical industries.
MJNA’s subsidiary, Kannaway, LLC, is a network sales and marketing company specializing in the sales and marketing of hemp-based botanical products. Kannaway currently hosts weekly online sales meetings and conferences across the United States, offering unique insight and opportunity to sales professionals who are desirous of becoming successful leaders in the sale and marketing of hemp-based botanical products
MJNA licenses its proprietary testing, genetics, labeling and packaging, tracking, production, and standardization methods for the medicinal cannabinoid industry. It engages in the research and development of cannabinoid-based pharmaceuticals; and marketing and distribution of cannabidiol hemp oil-based products.
In addition, MJNA provides management support and services to cooperatives, collectives, health and wellness facilities, and medical clinics; and consulting and securities services to businesses and individuals in the legal cannabis industry. Further, it focuses on the treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products, sportswear and more.”
According to company materials, “Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value.”
As noted above, MJNA just announced that its investment company Kannalife, Inc. has appointed biotechnology and pharmaceutical industry veteran Terrence O. Tormey to the company’s Board of Advisors.
We’ve witnessed 61% piled on for shareholders of the company during the trailing month. In addition, the stock has benefitted from a jump in recent trading volume to the tune of a bit over 220% beyond what we have been seeing over the larger time frame.
“It’s an honor to have Terry join our advisory board because his experience, vision and knowledge in the life sciences industry will help us start to design our commercialization and distribution plan for Atopidine™,” said Dean Petkanas, CEO of Kannalife.
At this time, carrying a capital value in the market of $85M, MJNA has a significant war chest ($6.2M) of cash on the books, which stands against about $11M in total current liabilities. One should also note that debt has been growing over recent quarters. MJNA is pulling in trailing 12-month revenues of $75.6M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -4.2%. We will update the story again soon as further details emerge.