Business
Medical Marijuana, Inc. Reports $4.9 Million in Net Revenue in 2022 Third Quarter Financial and Operational Results
Medical Marijuana, Inc. Reports $4.9 Million in Net Revenue in 2022 Third Quarter Financial and Operational Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n SAN DIEGO, CA, Nov. 22, 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, announced today its financial results for the quarter ending September 30, 2022, and provided an overview of recent operational highlights. First Quarter 2022 Financial and Operational Highlights Generated $4.9 million in net revenue in the third quarter of 2022;Gross profit for the period ending September 30, 2022, was $4 million;Gross margins for the period were 82 percent; a substantial increase over the same period last year;International operations continued to experience growth, including an announcement of partnership expansion in Europe;The Company achieved significant milestones in its pharmaceutical initiatives, including a collaboration with a research hospital in Argentina and the submission of its pharmaceutical product dossier in Brazil, all of which garnered substantial media coverage in South America; “During the third quarter MJNA continued to aggressively pursue our strategic initiatives and made progress with respect to our international operations and with our pharmaceutical efforts in Brazil,” said Medical Marijuana, Inc. CEO Blake Schroeder. “The company was featured in major publications during the third quarter, including on Nasdaq News. I remain extremely bullish on the opportunities before us, both at home and abroad. We continue to see legislators discussing making long-needed changes to our regulatory environment that, should they pass, drastically decrease the obstacles we face in operations and expansion. We will continue to target expansion of our brands as we work to build the world’s first truly global cannabis company.” About Medical Marijuana, Inc. We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clin...