Medical Marijuana, Inc. Reports $9.2 Million in Net Revenue in 2021 Third Quarter Financial and Operational Results
SAN DIEGO, CA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today financial results for the quarter ending September 30, 2021, and provided an overview of recent operational highlights.
Third Quarter 2021 Financial and Operational Highlights
● Generated $9.2 million in net revenue in the third quarter of 2021;
● Net Ordinary Loss for the third quarter of 2021 was $640k;
● Gross Profit for the period ending September 30, 2021, was $6.7 million;
● Cash Balance increased by 47% when compared to Q3 2020;
● Long-term debt decreased by 54% when compared to Q3 2020;
● Medical Marijuana, Inc. subsidiary HempMeds® launched a new line of broad-spectrum CBD gummies;
● Medical Marijuana, Inc. subsidiary Kannaway® was approved to join leading Japanese hemp organizations, Hokkaido Industrial Hemp Association and Association for Japan Cannabinoid;
● Subsidiaries Kannaway® Japan and HempMeds® Mexico both achieved their largest revenue months in their respective histories in July 2021;
● Kannaway® launched its operations in Hong Kong.
“As the cannabis industry continues to thrive globally, we continue to lead as a Company of Firsts, forging new paths into emerging markets and capitalizing on our first-mover advantage in others,” said Medical Marijuana, Inc. CEO Blake Schroeder. “With our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company and we plan to continue to enter new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.”
About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Neuropathix. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company's flagship product Real Scientific Hemp Oil has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.'s corporate video, click here.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
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