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Medical Marijuana, Inc. Reports Third Quarter 2017 Financial Results and Operational Highlights: Shows Record 255% Gross Profit Increase
Medical Marijuana, Inc. Reports Third Quarter 2017 Financial Results and Operational Highlights: Shows Record 255% Gross Profit Increase.
About this update from Axim Biotechnologies, Inc.
[{"type":"text","content":"\n\n\n\nMedical Marijuana, Inc. Reports Third Quarter 2017 Financial Results and Operational Highlights: Shows Record 255% Gross Profit Increase\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMedical Marijuana, Inc. Reports Third Quarter 2017 Financial Results and Operational Highlights: Shows Record 255% Gross Profit Increase\nPR Newswire\nSAN DIEGO, Nov. 21, 2017\n\n\n\nSAN DIEGO, Nov. 21, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, today announced financial results for the third quarter ending September 30, 2017 and an overview of recent operational highlights. \n\nThe Company saw a gross revenue increase from $2,188,671 in Q3 2016 to $7,783,297 in Q3 2017, a year-over-year increase of 255%. Total gross profit increased from $1,266,488 in Q3 2016 to $5,034,464 in Q3 2017; which is an increase of 297%. Net loss in Q3 2016 of ($4,286,818) was decreased by 30% over Q3 2017 to ($2,959,173). The company reported total assets in the amount of $345,388,650.\n\nAdditionally, the company reported a year-over-year increase in year-to-date gross revenue from $5,450,080 in 2016 to $17,098,785 in 2017, an increase of 213%. Year-to-date gross profits also increased 258% year over year, from $3,254,122 in 2016 to $11,675,391 in 2017.\n\n\"We are excited to announce such outstanding leaps in growth and success this quarter,\" said Medical Marijuana, Inc. CEO Dr. Stuart Titus. \"We believe that with these record-breaking revenue numbers, we have the capacity to make 2018 the most profitable year the company has ever seen. We are currently spending on international expansion and research efforts which should pay long-term dividends for shareholders.\" \n\nTHIRD QUARTER OPERATIONAL HIGHLIGHTS Medical Marijuana, Inc. investments and subsidiaries continued international expansion and product development in the third quarter of 2017.\n\n1) HempMeds® Wholly owned subsidiary HempMeds US, the portfolio's predominate consumer brand, continued to grow in 2017 and experienced the following milesto...