Business
Medical Marijuana, Inc. Reports $34.1 Million in Revenue in 2021 Annual Financial and Operational Results Filing
Medical Marijuana, Inc. Reports $34.1 Million in Revenue in 2021 Annual Financial and Operational Results Filing.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n SAN DIEGO, CA, April 01, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – 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, today announced its financial results for the year ending December 31, 2021, and provided an overview of recent operational highlights. Third Quarter 2021 Financial and Operational Highlights Generated $34.1 million in net revenue for fiscal year 2021;Gross profit fiscal year 2021, was $26.9 million representing a gross profit margin of 78%;Total cash balance at year end was $5.4 million;Medical Marijuana, Inc. experienced substantial growth in its international business segments including the establishment of operations in South Africa and Hong Kong, and celebrated sales growth records in its Japanese, Brazilian and Mexican businesses;Added key executive team members with deep experience in high-growth, international companies;Increased its advocacy of expanded access to cannabis-based products through participation in industry organizations and supportive stances on regulatory changes in favor of cannabis legalization around the world. “2021 was a pivotal year for Medical Marijuana, Inc – a year focused on our mission to establish new markets internationally and to bring access to safe and effective cannabis-based products to millions worldwide,” said Medical Marijuana, Inc. CEO Blake Schroeder. “I’m proud of the progress we made in achieving that mission. Medical Marijuana, Inc. is leading the way in becoming the first global cannabis company. We will continue to utilize our first mover advantage in these markets while optimizing and growing our existing operations. In 2021, we improved our operating margins by continuing to develop our own manufacturing capacity where we now produce the vast majority of our own products in-house. We plan to further optimize those operations which inevitably will help our bottom line. On the pharmaceutical side, our major investment companies AXIM Biotechnologies (OTC: AXIM) and Neuropathix (OTC: NPTX) furthered their groundbreaking research and experienced their own set of milestones.  AXIM acquired FDA-cleared diagnostic tools that will all...