SAN DIEGO, CA, November 17, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first publicly traded cannabis company in the United States to launch the world’s first cannabis-derived products, brands and supply chain, today announced financial results for the quarter. ended September 30, 2021, and provided an overview of recent operational highlights.
The most prominent financial and operational results for the third quarter of 2021
● Achieving $9.2 million in net revenue in the third quarter of 2021;
● The normal net loss for the third quarter of 2021 was $640,000;
● Gross profit for the period ended September 30, 2021 amounted to $6.7 million.
● Increased cash balance by 47% compared to the third quarter of 2020;
● Long-term debt decreased by 54% compared to the third quarter of 2020;
● Medical Marijuana, Inc. Affiliate HempMeds® launched a new line of broad-spectrum CBD gums;
● Medical Marijuana, Inc. Affiliate Kannawi® approved to join the leading Japanese cannabis organizations, the Hokkaido Industrial Hemp Association and the Association for Japan Cannabinoid;
● Subsidiaries Kannaway® Japan and HempMeds® Mexico Both achieved their biggest revenue in their respective history in July 2021;
● Kannaway® launched its operations in Hong Kong.
The CEO of Medical Marijuana, Inc. said: Blake Schroeder: “As the cannabis industry continues to thrive globally, we continue to lead as a front-runner, forging new paths in emerging markets and leveraging our first mover advantage in other markets.” “With our international expansion in Hong Kong, we are well on our way to becoming the number one truly global cannabis company and plan to continue entering new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in the third quarter, and we expect this trend to continue, as well as more of growth in our US operations.”
About Medical Marijuana, Inc.
We are Firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company comprising three distinct business units in the non-psychoactive cannabis space: a global group of cannabis-based food brands led by Kannawi® And HempMeds®; A leader in sourcing high-quality, legal, non-psychoactive cannabis products derived from industrial hemp; and the sector of cannabis-based clinical research and development of botanical medicines led by pharmaceutical investment firms and partners including AXIM® Biotechnologies, Inc. And Neuropathics. Medical Marijuana, Inc. As the best CBD product ever CNBC. Medical Marijuana, Inc. Also the first company to obtain historic import permits for CBD products from the governments of Brazil, Mexico, Argentina and Paraguay and is a pioneer in developing international markets. The company’s main product Real scientific hemp oil It has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc. is headquartered in. In San Diego, California, additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To watch a video of Medical Marijuana, Inc. , 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 law created by those sections. This material contains statements about expected future events and/or financial results of a forward-looking nature and subject to risks and uncertainties. These forward-looking statements by definition include risks, uncertainties and other factors, which could cause Medical Marijuana, Inc.’s actual results, performance or achievements to differ. materially from the data contained herein.
Disclosure by the Food and Drug Administration (FDA)
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. Selling or distributing any products that violate the Controlled Substances Act in the United States.