Shares of Medical Marijuana Inc. (PINK: MJNA), a leading hemp industry innovator, are soaring in trading today.
At last check, MJNA shares were trading 26.32% higher at $0.0360 on above average volume of 5.83 million. The stock touched an intra-day high of $0.04 in trading today.
MJNA shares are soaring in trading today after the company announced on Tuesday that it finalized a corporate contract to produce and delivery its Hemp Stalk Cannabidiol (CBD) Oil to a leading agricultural raw ingredients production company. The agreement calls for the production and delivery of 300 kilograms of CBD Essential Oil. The contract, valued at $7.5 million, is MJNA and its subsidiaryâ€™s largest to date.
Under the terms of the contract, PhytoSHPHERE Systems, Medical Marijuanaâ€™s subsidiary, will receive 10% non-refundable deposit, which has already been paid, along with three monthly non-refundable 5% production milestone payments, the first of which will be paid this month.
Michael Llamas, President of Medical Marijuana, said that today MJNA has taken a huge leap forward that has been literally years in the making and the large contract shows that the companyâ€™s efforts in developing its business strategies have yielded a major milestone accomplishment for MJNA and its base of loyal shareholders.
Shares of Fannie Mae (OTC: FNMA), a government-sponsored enterprise (GSE) chartered by the U.S. Congress to provide liquidity and stability in the secondary mortgage market, are climbing in trading today.
At last check, FNMA shares were trading 6.55% higher at $0.309 on above average volume of 20.93 million. The stock gained 29.73% in the last three trading sessions.
FNMA shares are gaining after the company reported its second-quarter financial results. For the second quarter ended June 30, 2012, FNMA reported earnings of $2.2 billion, or $0.37 per share, compared to a net loss of $5.2 billion, or $0.90 per share reported for the same period in the previous year. Fannie Mae also announced that it paid a dividend of $2.9 billion to the Treasury Department and has not asked for any additional aid.
Fannie Mae has now reported gains in both quarters of 2012. In the first quarter, the company had posted earnings of $2.7 billion and paid a dividend of $2.8 billion to the Treasury Department.