SAN DIEGO, CA, April 19, 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 and year ending Dec. 31, 2020, and provided an overview of recent operational highlights.
"While the entire world felt the impact of 2020, I could not be more proud of how our team remained flexible and executed on our mission of bringing the highest-quality, cannabinoid-based products to global markets," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We were able to finish 2020 on a strong note and go into 2021 with significant positive momentum. It has been encouraging to witness an increased demand for wellness products and sweeping victories on every pro-cannabis legislation proposal in the US. In the first quarter of 2021 alone, new states such as New York, New Jersey, Virginia and New Mexico have entered the cannabis industry and several federal cannabis bills are likely to pass in Congress soon. As an industry pioneer and leader, we remain not only optimistic about our results, but about how we are positioned to capitalize on the future of our industry.”
Year-End 2020 Financial Highlights
- Generated $46.9 million in net revenue in 2020;
- Gross Margins increased from 76% in 2019, to 80% in 2020
- GAAP Sales & Marketing expense decreased as a percentage of sales from 55% in 2019 to 48% in 2020;
- Cash position at the end of 2020 was $5.7 million;
Year-End 2020 Operational Highlights
- Completed clinical study using its Real Scientific Hemp Oil-X™ cannabidiol (CBD) oil and published results in the EC Neurology (ECNE), an internationally peer-reviewed journal that publishes articles related to worldwide research in neuroscience;
- Subsidiary Kannaway® participated in the 2020 Validcare clinical study on CBD liver toxicity;
- Reached a two-year milestone for long-term stability testing on its flagship THC-free CBD oil product Real Scientific Hemp Oil-X™ (RSHO-X™) in a stability study conducted in strict compliance with FDA/ICH guidelines (Q1A-R2);
- Expanded its production and warehouse facility, further vertically integrating the Company’s supply chain, enabling broader product R&D and internal manufacturing;
- Dr. Titus was honored as a Bronze 2020 CEO World Award winner for Top CEO of the Year - The Visionary, a Gold Stevie® Award winner for Executive of the Year - Food & Beverage and a 2020 Golden Bridge Business and Innovation Awards Gold Award - Lifetime Achievement Award winner;
- Pharmaceutical investment company Neuropathix, formerly known as Kannalife, Inc., completed its phase 1 study funded by a grant (1R41DA044898-01) from the National Institutes of Health's (NIH) National Institute on Drug Abuse (NIDA);
- Subsidiary Kannaway® launched in the U.S. cannabinol (CBN) market with the release of two new CBN isolate products in the US and entered the European cannabigerol (CBG) market with the release of its Kannaway® Premium CBG;
- Subsidiary Kannaway® was named the Most Popular Cannabidiol MLM Company in HealthMJ's 2020 list and one of the Top 100 MLM Companies of 2020 by Business for Home;
- Subsidiary Kannaway® expanded into Russia, Kazakhstan and Kyrgyzstan;
- Blake Schroeder honored with a 2020 CEO World Awards Silver Award for Top CEO of the Year - The Maverick, Silver Stevie® Award for Maverick of the Year, Business Intelligence Group’s 2020 BIG Awards for Business Top CEO of the Year Award, and Top CEO of the Year Award from the International Association of Top Professionals;
- Subsidiary Kannaway® launched the first-ever CBD fitness program, Evolve;
- Subsidiary Kannaway® honored with Gold Stevie® Award for Achievement in Web Design, Bronze Stevie® Award for Company of the Year – Health Products & Services – Small and Bronze Stevie® Award for Achievement in International Expansion;
- Subsidiary HempMeds® Mexico opened a new office in Mexico City;
- Subsidiary HempMeds® appointed international cannabis leader Raul Elizalde as CEO.
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 Kannalife, Inc. 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.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.’s shop.
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:
Andrew Hard
Chief Executive Officer
CMW Media
P. 858-264-6600
andrew.hard@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
P. (858) 283-4016
Investors@medicalmarijuanainc.com