Business
Medical Marijuana, Inc. Reports $7.8 Million in Net Revenue in 2022 Second Quarter Financial and Operational Results
Medical Marijuana, Inc. Reports $7.8 Million in Net Revenue in 2022 Second Quarter Financial and Operational Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n SAN DIEGO, CA, Aug. 18, 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 its financial results for the quarter ending June 30, 2022, and provided an overview of recent operational highlights. Second Quarter 2022 Financial and Operational Highlights ●     Generated $7.8 million in net revenue in the second quarter of 2022;●     Gross profit for the period ending June 30, 2022, was $6 million;●     Gross margins for the period were 76%; a substantial increase over the same period last year;●     International operations continued to experience growth with new revenue milestones ●     The Company focused on its pharmaceutical initiatives resulting in milestones such as safety studies on its CBD products as well as furthering its pharmaceutical division in Brazil. “We continue to lead the industry as a pioneer in the space by focusing our business on international market expansion,” said Medical Marijuana, Inc. CEO Blake Schroeder. “We have first mover advantage in nearly every market where the company operates with potential for continued international expansion well into the future. Beyond international expansion efforts, we continued our efforts in the second quarter in the pharmaceutical space as we believe this segment to hold tremendous future upside value for our company. In Brazil, we believe we will have products on pharmacy shelves by late this year or early 2023. Additionally, researchers at our investment company, Neuropathix, are utilizing grant money received from the National Institutes of Health to further their clinical research on its proprietary compound aimed at treating neuropathic pain and inflammation.” 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&#...