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Marijuana Company of America Reports hempSMART™ Product Sales and Financial Highlights for Q3 2020
Marijuana Company of America Reports hempSMART™ Product Sales and Financial Highlights for Q3 2020.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\n ESCONDIDO, Calif., Nov. 19, 2020 (GLOBE NEWSWIRE) -- MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to announce today its hempSMART™ product sales and other financial highlights for the third quarter and nine months ending September 30, 2020. Total revenues of hempSMART™ products were $53,195 for the third quarter ended September 30, 2020 as compared to $229,371 for the third quarter ended September 30, 2019. This is despite setbacks in sales due to the COVID pandemic and changes to the Company’s marketing focus. The Company anticipates increases during the remainder of the year due to international expansion, additional financing the Company expects to receive in Q4 for product and marketing, and an expanded marketing model.Operating expense for the three months ended September 30, 2020 decreased to $607,237 as compared to $763,151 for the three months ended September 30, 2019, representing a substantial 20.4% reduction in operating expenses. This resulted in an improvement to operating loss to $591,212 for the third quarter ended September 30, 2020 as compared to $624,623 for the third quarter ended September 30, 2019, representing a 5.3% improvement.Net loss decreased materially to $1,872,271 for the three months ended September 30, 2020 compared to $6,226,622 for the three months ended September 30, 2019, representing a decrease of $4,354,351. This is a direct result of management drastically reducing expenses, increasing efficiency and changing management earlier this year.Total year to date revenues of hempSMART™ products were $217,972 for the nine months ended September 30, 2020 as compared to $552,761 for the nine months ended September 30, 2019, representing a 60.6% decrease year-over-year.International revenues represented 43.4% and 39.0% of total revenues for the nine months ended September 30, 2020 and 2019, respectively.Operating expense for nine months ended September 30, 2020 decreased to $1,966,013 as compared to $3,231,298 for the same period in 2019, representing a 39.2% reduction in operating expenses. This resulted in an improvement to operating loss to $1,858,604 for the nine months ended September 30, 2020 as compared to $2,838,396 for the same period in 2019, representin...