Is Medical Marijuana (OTCBB: MJNA) Oversold?
It's Snowing! Let's buy some Cannabis Stocks
The snow started falling around 8:30 this morning, and it hasn’t stopped since.
The weatherman says to expect up to 20 inches. We may get more. But it’s OK. The wifi is working, the coffee is plentiful, and I’ve got at least two months worth of wood left for the wood stove.
A few of my teacher friends are thoroughly enjoying their day off, sitting in front of the television and maintaining a steady high while enjoying a little peace and quiet. But I don’t have that option today. Although I find the visions of falling snow outside my window to be quite relaxing, there’s money to be made, and I don’t have time get distracted by the white stuff.
Medical Marijuana, Inc. (OTCBB: MJNA)
Despite a somewhat slow day in the markets, it was nice to see Medical Marijuana, Inc. (OTCBB: MJNA) pick up a little steam today.
MJNA got trounced a few weeks ago after Sean Spicer told reporters that the DOJ may consider getting more aggressive in terms of going after recreational cannabis operations in the U.S.
A lot of cannabis stocks got smacked around that day, but MJNA took a beating it didn’t deserve, as the the company really only operates primarily in the medical cannabis and hemp segments. So any move against recreational cannabis would unlikely harm MJNA. But you know how it is. One negative comment on cannabis and the whole fleet sinks.
In any event, while I don’t see MJNA as one of the stronger cannabis stocks in the sector, I do find it undervalued at current levels. As far as I’m concerned, it’s worth at least $0.14 a share.
Last Friday it hit $0.10. Today it closed at $0.1108.
We’ll see how it performs throughout the rest of the week.
Here’s how the rest of our cannabis stocks did today …
- Aphria, Inc. (TSX-V: APH) - Up 0.15%
- Emblem Corp. (TSX-V: EMC) - Down 3.89%
- Emerald Health (TSX-V: EMH) - Flat
- Innovative Industrial Properties (NYSE: IIPR) - Up 1.27%
- OrganiGram (TSX-V: OGI) - 3.39%
- Canopy Growth Corporation (TSX: WEED) - Down 0.54%
Here's what we’re buying …
- Innovative Industrial Properties (NYSE: IIPR) – Buying below $16.00
- Emerald Health (TSX-V: EMH) – Buying below $1.45
And here's what we're watching ...