Medical Marijuana Inc Successfully Launches Product Sales With Over 3200 Distributors in The Hemp Network

The first domino in the MJNA play has fallen … softly. “The Hemp Network”, although originally planned to launch in early August, has completed the soft launch and is now offering the first line of “Nature’s Ancient Wisdom” products to customers. It is rather encouraging they were able to attract 3200 potential distributors from all around the United States for this launch. Not a bad start for a new division of MJNA’s business.

What I’m really waiting for though is the upcoming Prop 19 vote in California on November 2, 2010. I’m not so sure the vote will pass this time around but as long as the rejection rate is better than it was in 1973 (66%-33%) I think there could be an interesting future ahead for this company.

On a purely technical side, the MJNA chart is once again sitting near the 50 day moving average. Thursday’s trading session saw unusually high volume just as the stock moved below the 50 day moving average. To me this signals the start of another move. As the vote nears, the news will begin call more attention to the ballot and MJNA may get some movement. One to keep an eye on for sure. Wouldn’t be surprised to see a climb to the 200 day moving average of .15