SAN DIEGO, Nov. 22, 2019 /PRNewswire/ -- Medical Marijuana, Inc. ("the Company") (MJNA), 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 its financial results for the quarter ended September 30, 2019, and provided an overview of recent operational highlights.
Third Quarter 2019 Financial and Operating Highlights
- Generated $17.7 million in revenue for the third quarter of 2019;
- Year to date revenue of $58.6 million, a 30% increase over the same period in 2018;
- Generated $271,567 of cash from operations in the quarter ended September 30, 2019, with total cash balance of $5.5 million at quarter-end;
- Year to date gross profit of $44.5 million, nearly a 44% increase over the same period in 2018;
- Cost of Goods Sold for the first nine months decreased as a percentage of sales from 31.4% in 2018 to 24.1% in 2019;
- Subsidiary Kannaway® became a member of the European Industrial Hemp Association;
- Subsidiary HempMeds® launched its new CBD pet product line, Hemp for Pets;
- The Company and its subsidiary Kannaway® were honored with two Stevie® Award International Business Awards®;
- The Company reached a one-year milestone in its high-level CBD hemp oil stability study;
- Subsidiary Kannaway® entered a partnership with Endocanna Health to create and sell endocannabinoid DNA testing products;
- The Company was listed as a Top 5 Company in the Hemp-Based CBD Market by equity research firm Avise Analytics, Ltd.;
- Subsidiary HempMeds Brasil® signed an agreement with major online marketplace Dr. Cannabis.
"Medical Marijuana, Inc. and its subsidiaries are excited to continue operating as one of the hemp-based CBD industry pioneers. We are very confident in the continued growth of the global CBD market and encouraged by regulatory developments including the White House's approval of the U.S. Department of Agriculture's federal hemp production rules," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "In the future, we intend to continue scaling our operations to meet the high demands for products across the globe."
Operating Results – Q3 2019 Compared to Q3 2018
Sales for the third quarter of 2019 exceeded $17.7 million, a decrease of 3% over Q3 2018. The Company executed on a strategic profitability plan that resulted in gross margins increasing from 73.8% in Q3 of 2018 to 75.2% in Q3 of 2019.
Financial Data: Q3 2019 Compared to Q3 2018 Numbers
Q3 2019 – $17,719
Q3 2018 – $18,222
Cost of Goods Sold:
Q3 2019 – $4,398
Q3 2018 – $4,770
Q3 2019 – 75.2%
Q3 2018 – 73.8%
Q3 2019 – ($2,836)
Q3 2018 – ($22,380)
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 internal R&D and scientific team and its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. 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. 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.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
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 FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
Investor Relations Contact:
P. (858) 283-4016