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 introduced the world’s first-ever cannabis-derived nutraceutical items, brand names and supply chain, revealed today monetary outcomes for the quarter ending March 31, 2020, and offered an overview of current operational highlights.
Very First Quarter 2020 Financial and Operational Highlights
- Generated $133 million in net revenue in first quarter of 2020;
- GAAP Net normal loss was $67,000;
- Gross profit for the period ending March 31, 2020, was $112 million;
- Gross Margins increased from 78.2%in the very first quarter of 2019 to 83.8%in the first quarter of 2020
- GAAP Sales & Marketing expense decreased as a portion of sales from 51.1%in the very first quarter of 2019 to 45.5%in exact same period in 2020;
- Cash position at the end of the very first quarter of 2020 was $ 4.6 million, an increase of 27.7%over the very same period 2019;
- Investment company AXIM ® Biotechnologies, Inc. obtained leading oncology research and advancement business, Sapphire Biotech, Inc.;
- Subsidiary HempMeds ® Mexico opened a new office in Mexico City to support its growing group;
- Subsidiary Kannaway ® was named one of the most Popular Cannabidiol (CBD) MLM Company by HealthMJ and Organisation for Home;
- Subsidiary Kannaway ® expanded international operations into Russia, Kazakhstan and Kyrgyzstan and became the very first business to legally import CBD products into Russia;
- Subsidiary HempMeds ® Brasil appointed Dr. Rubens Wajnsztejn as its Chief Medical Officer to head the Business’s existing medical trials in Brazil;
- Subsidiary Kannaway ® invited distinguished wellness specialist and Certified Nutrition Coach Daniel Miller to its group;
- The Company released results from its clinical study carried out in Mexico utilizing its Real Scientific Hemp Oil-X ™ CBD in the EC Neurology (ECNE), a globally peer-reviewed journal that publishes articles associated with around the world research study in neuroscience;
- Portfolio investment firm Kannalife, Inc. completed its phase 1 research study funded by a grant from the National Institutes of Health’s (NIH) National Institute on Drug Abuse (NIDA);
- The Company selected Squar Milner LLC as its new independent auditor;
- The Business commemorated over $ 2 million in CBD product contributions to non-profit organization ECHO Connection
” The focus of our organization over the past year has actually been on financial duty and success and these financials show the outcome of some of these efforts taking result,” stated Medical Cannabis, Inc. CEO Dr. Stuart Titus
” I am incredibly proud of the many functional accomplishments of the Company throughout the very first quarter of 2020,” stated Medical Cannabis, Inc. COO Blake Schroeder “We were able to announce the Business’s growth into brand-new markets such as Russia and Vietnam Our pharmaceutical investment companies revealed clinical studies in addition to acquisitions that even more place the portfolio of business as international leaders in the cannabis sector.”
Financial Data: First Quarter 2020 Compared to Fourth Quarter 2019
( in thousands)
Q1 2020– $13,351
Q4 2019– $16,928
Expense of Item Sold:
Q1 2020– $ 2,163
Q4 2019– $ 3,704
Q1 2020– 83.8%
Q4 2019– 78.1%
Net Ordinary Income/( Loss):
Q1 2020– ($67)
Q4 2019– $ 2,817
Medical Cannabis, Inc. was likewise the first business to receive historical import permits for CBD items from the federal governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of global markets. The business’s flagship product Genuine Scientific Hemp Oil has been used in a number of effective clinical research studies throughout Mexico and Brazil to understand its security and effectiveness.
Medical Cannabis, Inc.’s head office remains in San Diego, California, and additional information is offered at OTCMarkets.com or by visiting www.medicalmarijuanainc.com To see Medical Marijuana, Inc.’s business video, click on this link
Investors and customers are also encouraged to buy CBD oil and other items at Medical Marijuana, Inc.’s store.
This press release may consist of particular positive statements and information, as specified within the significance of Area 27 A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those areas.
FDA (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration. This product is not intended to detect, treat, treat, or prevent any illness.
Medical Marijuana, Inc. does not sell or disperse any products that are in violation of the United States Controlled Substances Act.
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P. (858) 283-4016
SOURCE Medical Cannabis, Inc.