SAN DIEGO, July 1, 2020 /PRNewswire/ -- 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 March 31, 2020, and provided an overview of recent operational highlights.
First Quarter 2020 Financial and Operational Highlights
"The focus of our organization over the past year has been on fiscal responsibility and profitability and these financials show the result of some of these efforts taking effect," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "Our results demonstrate that despite uncertain economic conditions and unpredictable variations in consumer spending, we are able to adapt quickly and maintain core business operations. We are steadfast in our commitment to drive shareholder value through a solid fiscal strategy. Our margins remain stronger than ever, our spending on the corporate side as percentage of sales continues to decrease, and our cash position is solid when compared to previous periods. From an operational standpoint, we accomplished many important milestones in terms of international expansion and scientific research through our investments in Kannalife, Inc. and AXIM Biotechnologies. I believe shareholders will see that we are well positioned to capitalize on the diverse opportunities that the cannabinoid-based product market represents."
"I am extremely proud of the many operational accomplishments of the Company during the first quarter of 2020," said Medical Marijuana, Inc. COO Blake Schroeder. "We were able to announce the Company's expansion into new markets such as Russia and Vietnam. Our pharmaceutical investment companies announced clinical studies as well as acquisitions that further position the portfolio of companies as global leaders in the cannabis sector."
Financial Data: First Quarter 2020 Compared to Fourth Quarter 2019
(in thousands)
Gross Revenue:
Q1 2020 ? $13,351
Q4 2019 ? $16,928
Cost of Goods Sold:
Q1 2020 ? $2,163
Q4 2019 ? $3,704
Gross Margin:
Q1 2020 ? 83.8%
Q4 2019 ? 78.1%
Net Ordinary Income/(Loss):
Q1 2020 ? ($67)
Q4 2019 ? $2,817
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 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. 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.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
FORWARD-LOOKING DISCLAIMER
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.
LEGAL DISCLOSURE
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
CONTACT:
Public Relations Contact:
Andrew Hard
Chief Executive Officer
CMW Media
P. 858-264-6600
Investor Relations Contact:
P. (858) 283-4016
SOURCE Medical Marijuana, Inc.
These press releases may also interest you
|