Business
Medical Marijuana, Inc. Reports $9.2 Million in Net Revenue in 2021 Third Quarter Financial and Operational Results
Medical Marijuana, Inc. Reports $9.2 Million in Net Revenue in 2021 Third Quarter Financial and Operational Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n SAN DIEGO, CA, Nov. 17, 2021 (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 financial results for the quarter ending September 30, 2021, and provided an overview of recent operational highlights.  Third Quarter 2021 Financial and Operational Highlights  ● Generated $9.2 million in net revenue in the third quarter of 2021; ● Net Ordinary Loss for the third quarter of 2021 was $640k; ● Gross Profit for the period ending September 30, 2021, was $6.7 million; ● Cash Balance increased by 47% when compared to Q3 2020; ● Long-term debt decreased by 54% when compared to Q3 2020; ● Medical Marijuana, Inc. subsidiary HempMeds® launched a new line of broad-spectrum CBD gummies; ● Medical Marijuana, Inc. subsidiary Kannaway® was approved to join leading Japanese hemp organizations, Hokkaido Industrial Hemp Association and Association for Japan Cannabinoid; ● Subsidiaries Kannaway® Japan and HempMeds® Mexico both achieved their largest revenue months in their respective histories in July 2021; ● Kannaway® launched its operations in Hong Kong. “As the cannabis industry continues to thrive globally, we continue to lead as a Company of Firsts, forging new paths into emerging markets and capitalizing on our first-mover advantage in others,” said Medical Marijuana, Inc. CEO Blake Schroeder. “With our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company and we plan to continue to enter new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.” 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 K...