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Medical Marijuana, Inc. Reports $20.7 Million in Revenue in Q2 2019, Up 30% Year-Over-Year in Financial Results
Medical Marijuana, Inc. Reports $20.7 Million in Revenue in Q2 2019, Up 30% Year-Over-Year in Financial Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n\n\n\nMedical Marijuana, Inc. Reports $20.7 Million in Revenue in Q2 2019, Up 30% Year-Over-Year in 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 $20.7 Million in Revenue in Q2 2019, Up 30% Year-Over-Year in Financial Results\nPR Newswire\nSAN DIEGO, Aug. 15, 2019\n\n\n\nSAN DIEGO, Aug. 15, 2019 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA) (the \"Company\"), 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 ending June 30, 2019, and provided an overview of recent operational highlights.\nSecond Quarter 2019 Financial and Operating Highlights\nRecord revenue of $20.7 million in the second quarter of 2019, a 30.8% increase over the same quarter in 2018; 13 of 14 quarters of sequential revenue growth; Generated $1.4 million of cash from operations, with total cash balance increasing to $5.4 million at quarter end; Gross Profit of $15.4 million in the second quarter of 2019, a 61% increase over the same quarter in 2018; Adjusted EBITDA of $1.5 million in the second quarter of 2019, an increase of 129% over the same quarter in 2018; Cost of Goods Sold decreased as a percentage of sales from 39% in Q2 of 2018 to 26% in Q2 of 2019, resulting in gross profit margins increasing 74% as compared to 60% in Q2 2018; General & Administrative expenses decreased from 21% of sales in Q2 2018 to 16% of sales revenue in Q2 of 2019; Net Ordinary Income for the period was $877,964; compared to a LOSS of $2 million in the same period last year; The Company's CEO Dr. Stuart Titus was chosen as one of 65 speakers to present oral comments at the U.S. Food & Drug Administration (FDA)'s public hearing discussing products containing cannabis-derived compounds; Subsidiary Kannaway® was recognized by Direct Selling News as one of the top revenue-generating direct selling companies on the 2019 DSN Global 100 list; Subsidi...