Business
Medical Marijuana, Inc. Reports Increased Revenue and Net Income QoQ in 2021 Second Quarter Financial and Operational Results
Medical Marijuana, Inc. Reports Increased Revenue and Net Income QoQ in 2021 Second Quarter Financial and Operational Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n SAN DIEGO, Aug. 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 June 30, 2021, and provided an overview of recent operational highlights. Second Quarter 2021 Financial and Operational Highlights ● Generated $9.6 million in net revenue in the second quarter of 2021; up 8% QoQ when compared to Q1 of 2021 ● Net Income for the second quarter of 2021 was $7.0 million; an increase of 86% QoQ when compared to Q1 of 2021 ● Gross profit for the period ending June 30, 2021, was $5.6 million ● Cash position at the end of the period was $6.6 million; an increase of 34% QoQ when compared to Q1 of 2021 ● Both Sales & Marketing and General and Administrative expenses decreased as a percentage of sales when compared to Q2 2020 ● Net Cash Provided by Operating Activities was $2.0 million; one of the highest in Company history ● Medical Marijuana, Inc. promoted Company Chief Operating Officer Blake Schroeder to Chief Executive Officer ● The Company and its subsidiaries received two prestigious Stevie® Awards in The 19th Annual American Business Awards®, the U.S.A.’s premier business awards program. ● Medical Marijuana, Inc. subsidiary HempMeds® celebrated new legislation to decriminalize cannabis in Mexico. “This being my first quarter as CEO of the company, I am happy to see that we continued to grow in terms of revenue, cash position, and bottom line,” said Medical Marijuana, Inc. CEO Blake Schroeder. “We are working to build a global cannabis company that is not only profitable but one that introduces the power of cannabis to new markets worldwide. In this quarter, we’ve seen great momentum in both our Latin American and Asian businesses. These markets continue to represent tremendous untapped value for our Company where we continue to have a first-mover advantage. Our US and European operations have also remained strong and we are looking forward to continuing to progress as we have in recent months, thro...