Business
Medical Marijuana, Inc. Reports Net Income of $3.7 Million in 2021 First Quarter Financial and Operational Results
Medical Marijuana, Inc. Reports Net Income of $3.7 Million in 2021 First Quarter Financial and Operational Results.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n SAN DIEGO, May 25, 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 March 31, 2021, and provided an overview of recent operational highlights. “Our operations made tremendous advancements in the first quarter of this year that position us to continue expanding our global footprint and highlight the entire industry’s progress,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are heavily focused on expanding our international business, with our Latin American operations continuing to break sales records and capturing market share in these strategic regions. Pending legislation will enable us to further expand our presence in Mexico, a key opportunity unique to our portfolio. Beyond Latin America, we worked to ensure our European business will continue to meet regulatory standards set in the EU and the UK. Finally, as the world’s view trends in favor of cannabis, consumers are shifting their buying habits to include a wider variety of products, which is why we are excited to now offer CBG and CBN in several markets.” First Quarter 2021 Financial Highlights ● Generated $8.9 million in net revenue in the first quarter of 2021; ● Net Income for the first quarter of 2021 was $3.7 million; ● GAAP Sales & Marketing expense decreased as a percentage of sales from 46% in 2019 to 38% in 2020; ● Cash position at the end of the period was $4.9 million; ● Decreased total liabilities by 32%. First Quarter 2021 Operational Highlights ● Subsidiary Kannaway® participated in and announced positive results of the Validcare clinical study. The study used Kannaway®’s hemp-derived cannabidiol (CBD) products as a part of its efforts to meet the Food and Drug Administration (FDA)’s request for data on the use of botanical CBD with regard to potential liver toxicity issues, which seem to occur with the pharmaceutical version of CBD; ● Subsidiary Kannaway® submitted its Novel Foods application for its...