Boston, MA 03/25/2014 (wallstreetpr) – Modern Mobility Aids, Inc. (OTCMKTS:MDRM) was the star of the day during trading Monday. The stock defied the bad news for the companies jostling to take advantage of marijuana licensing in Canada. While its peers ended the previous session mostly in the red, Modern Mobility was up significantly.
Shares of the company closed at $0.150, up 36.36 percent, on day that shares shifted hands between $0.12 and $0.16. The Monday sessions was characterized with more than normal volume of shares changing hands at 5.79 million shares against daily average volume of $1.97 million shares.
The stock avoided the trouble that befell its peers due to its attractive prospects in the U.S.
Changing course and staying course
Modern Mobility Aids, Inc. (OTCMKTS:MDRM) has evolved very much as a company. First incorporated in 2007 as Glider Inc, the company had plans to sell and distribute mobility products for challenged individuals. The company changed name in April 2010 to Modern Mobility Aids but stayed its business course of selling and distributing mobility aids. But once again in February this year, the company decided to abandon the business of selling and distributing mobility aids to focus on healthcare industry and life sciences, with growing interest in production of medical cannabis.
As at present, the company’s mandate is to put its resources in acquiring biopharmaceutical and alternative medicine companies. And marijuana has of late been very central in the company’s business plan owing to the rapid interest in medical marijuana. Investors have also increasingly been willing to invest more in companies venturing in medical cannabis business and Modern Mobility Aids, Inc. (OTCMKTS:MDRM) has been a particular beneficiary of this excitement.
Challenging legal environment in Canada
Medical marijuana companies have been jumping to take advantage of the new licensing plans for medical marijuana in Canada, Modern Mobility Aids, Inc. (OTCMKTS:MDRM) being one of them. But there have been legal issues with the new licensing plans and Health Canada recommended that hemp growers in the country destroy their crop, at least for now. And a federal judge cemented the case. On that note, medical marijuana stocks nosedived during Monday session.
