Business
Medical Marijuana, Inc. Reports $7.8 Million in Net Revenue in 2022 First Quarter Financial and Operational Results
Medical Marijuana, Inc. Reports $7.8 Million in Net Revenue in 2022 First Quarter Financial and Operational Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n SAN DIEGO, CA, May 19, 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 March 31, 2022, and provided an overview of recent operational highlights. First Quarter 2022 Financial and Operational Highlights Generated $7.8 million in net revenue in the first quarter of 2022, a 24% increase when compared to the previous quarter; Net Cash Provided by Operating Activities was $.6 million, a substantial increase from the previous quarter; Gross profit for the period ending March 31, 2022, was $5.7 million with gross margins of 73%; Cash at the end of the period ending March 31, 2022, was $5 million; Medical Marijuana, Inc. international operations continued to experience revenue milestones with record-breaking revenues being reported in Japan and South Africa; The Company opened facilities in Warsaw and Hong Kong and held a product launch event in Prague; As a part of its strategic financial plan to reduce debt, the Company announced the satisfaction of two promissory notes equaling over $10 million. “Our international expansion has seen significant advancement this year already and we will continue to establish first mover advantage in countries around the world. Our established markets such as Brazil and Japan continue to see explosive growth and we are leading the way in both education and medicinal research in Latin America. Our investment companies, AXIM Biotech (OTC: AXIM) and Neuropathix (OTC:NPTX), also made important progress in their research with milestones such as commercialization of breakthrough Dry Eye diagnostic tools and positive clinical data respectively. The opportunity for our family of companies has never been greater and I remain extremely optimistic about our positioning through 2022 and beyond,” said Medical Marijuana, Inc. CEO Blake Schroeder. 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 bra...