SAN DIEGO, CA, Nov. 22, 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 September 30, 2022, and provided an overview of recent operational highlights.
First Quarter 2022 Financial and Operational Highlights
- Generated $4.9 million in net revenue in the third quarter of 2022;
- Gross profit for the period ending September 30, 2022, was $4 million;
- Gross margins for the period were 82 percent; a substantial increase over the same period last year;
- International operations continued to experience growth, including an announcement of partnership expansion in Europe;
- The Company achieved significant milestones in its pharmaceutical initiatives, including a collaboration with a research hospital in Argentina and the submission of its pharmaceutical product dossier in Brazil, all of which garnered substantial media coverage in South America;
“During the third quarter MJNA continued to aggressively pursue our strategic initiatives and made progress with respect to our international operations and with our pharmaceutical efforts in Brazil,” said Medical Marijuana, Inc. CEO Blake Schroeder. “The company was featured in major publications during the third quarter, including on Nasdaq News. I remain extremely bullish on the opportunities before us, both at home and abroad. We continue to see legislators discussing making long-needed changes to our regulatory environment that, should they pass, drastically decrease the obstacles we face in operations and expansion. We will continue to target expansion of our brands as we work to build the world’s first truly global cannabis company.”
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 HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Neuropathix. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company's flagship product Real Scientific Hemp Oil has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.'s corporate video, click here.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
LEGAL DISCLOSURE
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
CONTACT:
Public Relations Contact:
Kyle Porter
CEO
CMW Media
P. 858-221-8001
mjna@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
P. (858) 283-4016
Investors@medicalmarijuanainc.com
