Business
Medical Marijuana, Inc. Reports $17.7 Million in Revenue in Q3 2019 Financial Results
Medical Marijuana, Inc. Reports $17.7 Million in Revenue in Q3 2019 Financial Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n\n\n\nMedical Marijuana, Inc. Reports $17.7 Million in Revenue in Q3 2019 Financial Results\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 $17.7 Million in Revenue in Q3 2019 Financial Results\nPR Newswire\nSAN DIEGO, Nov. 22, 2019\n\n\n\nSAN DIEGO, Nov. 22, 2019 /PRNewswire/ -- Medical Marijuana, Inc. (\"the Company\") (OTC: MJNA), 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 its financial results for the quarter ended September 30, 2019, and provided an overview of recent operational highlights.\nThird Quarter 2019 Financial and Operating Highlights\nGenerated $17.7 million in revenue for the third quarter of 2019; Year to date revenue of $58.6 million, a 30% increase over the same period in 2018; Generated $271,567 of cash from operations in the quarter ended September 30, 2019, with total cash balance of $5.5 million at quarter-end; Year to date gross profit of $44.5 million, nearly a 44% increase over the same period in 2018; Cost of Goods Sold for the first nine months decreased as a percentage of sales from 31.4% in 2018 to 24.1% in 2019; Subsidiary Kannaway® became a member of the European Industrial Hemp Association; Subsidiary HempMeds® launched its new CBD pet product line, Hemp for Pets; The Company and its subsidiary Kannaway® were honored with two Stevie® Award International Business Awards®; The Company reached a one-year milestone in its high-level CBD hemp oil stability study; Subsidiary Kannaway® entered a partnership with Endocanna Health to create and sell endocannabinoid DNA testing products; The Company was listed as a Top 5 Company in the Hemp-Based CBD Market by equity research firm Avise Analytics, Ltd.; Subsidiary HempMeds Brasil® signed an agreement with major online marketplace Dr. Cannabis.\"Medical Marijuana, Inc. and its subsidiaries are excited to continue operating as one of the hemp-based CBD industry pioneers. We are very ...