Medical Marijuana Inc: Is this Penny Hemp Stock a Buy?

Medical Marijuana Inc. (OTC: MJNA) is an investment holding company that operates in the industrial hemp and medical cannabis market. The month of July was quite happening for the company but is this penny hemp stock a buy? There were quite a few developments that indicate that the company is positioning itself strategically amid the COVID-19 pandemic. Medical Marijuana Inc. is also expanding to other product offerings through its subsidiaries. Let us take a look at the major events in the pot producer’s timeline during the past month to determine if there is an opportunity developing.

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AXIM announces rapid COVID-19 test

On July 21, the company announced that its investment arm, AXIM Biotechnologies, Inc., has declared a breakthrough in the COVID-19 rapid diagnostic test. This test measures levels of functional neutralizing antibodies that are likely to prevent the SARS-CoV-2 infection.

This 10-minute test can help in judging the effectiveness of the vaccine, once available, in the recipients. It is not only cost-effective but also convenient and quicker than many other available options. AXIM now intends to file an Emergency Use Authorization (EUA) with the U.S. FDA for the approval of this rapid diagnostic test.

Kannalife issued patent in major European markets for KLS-13019

Earlier in July, Medical Marijuana Inc.’s investment company, Kannalife, announced that it was issued patents in 12 major European territories for its drug candidate KLS-13019. This is the investment arm’s leading candidate in treating chemotherapy-induced peripheral neuropathy (CIPN).

This particular disorder doesn’t have any FDA-approved drug, yet. According to Medical Marijuana Inc, CEO Dr. Stuart Titus, “Europe is an ideal market for Kannalife to pursue as the continent made up over 23 percent of the world’s total pharmaceutical sales in 2018 and is expected to continue growing to $226 billion in the upcoming years.”

Medical Marijuana Inc.’s Mexico arm sees record sales in June 2020

In another development on July 6, the hemp stock announced that its subsidiary, HempMeds Mexico had the largest ever sales booking in the company’s history, in the month of June 2020.

The cannabis company has always been upbeat about its marijuana business in Latin America and the record sales of its premium hemp CBD products prove that. HempMeds Mexico CEO, Raul Elizalde, indicated that the cannabis industry is resilient even amid the current global challenges.

Meanwhile, HempMeds also entered into a retail partnership with Gelson’s Market to sell its cannabidiol (CBD) topical and beauty products across Southern California.

Medical Marijuana, Inc. strongly placed to adapt to the uncertain markets

Medical Marijuana Inc.’s results for Q1 fiscal 2020 indicated that the pot producer is in a strong position. Its gross margin rose to 83.8% as compared to 78.2% in the same quarter last year. Medical Marijuana Inc.’s cash balance expanded by 27.7% to $4.6 million during the quarter-end.

The developments in July indicate that the pot company has a strong presence in Latin America and Europe. Now, it wants to expand to markets like Vietnam and Russia. The demand for CBD products is on the rise amid the pandemic too. However, the market is volatile and fast-changing. We believe that the company is well-placed to survive the current market uncertainty and adapt to shifting consumer preferences. In light of this recent news, we believe this stock is a buy for those willing to take a little risk with volatile penny hemp stocks.

Medical Marijuana Inc: Is this Penny Hemp Stock a Buy?

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Medical Marijuana Inc: Is this Penny Hemp Stock a Buy?