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.
Get more information, facts and figures about Kannaway, click here for the Kannaway overview.
Disclaimer: While we have used our reasonable efforts to ensure the accuracy of the data used in this website, data should be read as indicative of magnitude rather than exact figures. Business For Home BV has made every attempt to ensure the accuracy and reliability of the information provided on this website.
However, the information is provided “as is” without warranty of any kind. Business For Home BV does not accept any responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained on this website. No warranties, promises and/or representations of any kind, expressed or implied, are given as to the nature, standard, accuracy or otherwise of the information provided in this website nor to the suitability or otherwise of the information to your particular circumstances.