The MaryJane Group, Inc. (OTCQB:MJMJ) announced today its financial
results for the three month period ended July 31, 2014. The Company's
revenue of $112,939 and costs of goods sold of $87,097 resulted in a
gross profit of $25,843. The gross profit was impacted by sales of glass
pipes by its MaryJane Glassworks subsidiary and newspaper ads by its
Mile High Life subsidiary, both of which were operating at a negative
gross profit. Gross profit was further impacted by the Company honoring
discounted room rates priced by the prior operator of Adagio Bud and
Breakfast.
Joel C. Schneider, President and Chief Executive Officer of The MaryJane
Group stated, "Despite our relatively low margins, we are pleased with
our operating results for the quarter ended July 31, 2014. Our revenue
increased month over month during the quarter and that trend is
continuing into the second quarter. More importantly, our gross profit
continues to increase as a result of the termination of unprofitable
business offerings coupled with the increase in revenue at our Adagio
Bud and Breakfast."
About The MaryJane Group, Inc.
The MaryJane Group, Inc. is the preeminent hospitality group in the
marijuana industry. It currently provides Colorado-based businesses with
marketing, advertising, and entertainment services geared toward the
recreational marijuana user. The MaryJane Group, Inc. operates through
its ten wholly owned subsidiaries; namely, Capital Growth Corporation,
Mary Jane Entertainment, Mary Jane Tours, MaryJane Glassworks, Bud and
Breakfast, Mile High Life, Dab City Radio, MaryJane Hospitality,
MaryJane Events and MaryJane Design.
Corporate offices are located at 910 16th Street, Denver, CO 80202. For
more information, please visit the Company’s websites at www.themaryjanegrp.com
or www.adagiobb.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy securities of The MaryJane Group, Inc.
Certain statements in this release and other written or oral statements
made by or on behalf of the Company are "forward-looking statements"
within the meaning of the federal securities laws. Statements
regarding future acquisitions and business development, the upcoming
name change approval and new trading symbol, and the business
opportunity in the recreational marijuana industry in the future are
forward-looking statements within the meaning of these laws. The
forward-looking statements are subject to a number of risks and
uncertainties including market acceptance of the Company’s services and
the Company’s continued access to capital and other risks and
uncertainties. The actual results the Company achieves may differ
materially from any forward-looking statements due to such risks and
uncertainties. These statements are based on our current
expectations and speak only as of the date of such statements. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of future events, new
information or otherwise.
Copyright Business Wire 2014