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SAN DIEGO, Aug. 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 June 30, 2021, and provided an overview of recent operational highlights.
Second Quarter 2021 Financial and Operational Highlights
● Generated $9.6 million in net revenue in the second quarter of 2021; up 8% QoQ when compared to Q1 of 2021
● Net Income for the second quarter of 2021 was $7.0 million; an increase of 86% QoQ when compared to Q1 of 2021
● Gross profit for the period ending June 30, 2021, was $5.6 million
● Cash position at the end of the period was $6.6 million; an increase of 34% QoQ when compared to Q1 of 2021
● Both Sales & Marketing and General and Administrative expenses decreased as a percentage of sales when compared to Q2 2020
● Net Cash Provided by Operating Activities was $2.0 million; one of the highest in Company history
● Medical Marijuana, Inc. promoted Company Chief Operating Officer Blake Schroeder to Chief Executive Officer
● The Company and its subsidiaries received two prestigious Stevie® Awards in The 19th Annual American Business Awards®, the U.S.A.’s premier business awards program.
● Medical Marijuana, Inc. subsidiary HempMeds® celebrated new legislation to decriminalize cannabis in Mexico.
“This being my first quarter as CEO of the company, I am happy to see that we continued to grow in terms of revenue, cash position, and bottom line,” said Medical Marijuana, Inc. CEO Blake Schroeder. “We are working to build a global cannabis company that is not only profitable but one that introduces the power of cannabis to new markets worldwide. In this quarter, we’ve seen great momentum in both our Latin American and Asian businesses. These markets continue to represent tremendous untapped value for our Company where we continue to have a first-mover advantage. Our US and European operations have also remained strong and we are looking forward to continuing to progress as we have in recent months, throughout the remainder of the year. While we continue to plan for the future of Medical Marijuana, Inc., we have our eyes on further global expansion, product innovation, and remaining the leaders in cannabis-based wellness products.”
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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