SAN DIEGO, CA, May 19, 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 March 31, 2022, and provided an overview of recent operational highlights.
First Quarter 2022 Financial and Operational Highlights
- Generated $7.8 million in net revenue in the first quarter of 2022, a 24% increase when compared to the previous quarter;
- Net Cash Provided by Operating Activities was $.6 million, a substantial increase from the previous quarter;
- Gross profit for the period ending March 31, 2022, was $5.7 million with gross margins of 73%;
- Cash at the end of the period ending March 31, 2022, was $5 million;
- Medical Marijuana, Inc. international operations continued to experience revenue milestones with record-breaking revenues being reported in Japan and South Africa;
- The Company opened facilities in Warsaw and Hong Kong and held a product launch event in Prague;
- As a part of its strategic financial plan to reduce debt, the Company announced the satisfaction of two promissory notes equaling over $10 million.
“Our international expansion has seen significant advancement this year already and we will continue to establish first mover advantage in countries around the world. Our established markets such as Brazil and Japan continue to see explosive growth and we are leading the way in both education and medicinal research in Latin America. Our investment companies, AXIM Biotech (OTC: AXIM) and Neuropathix (OTC:NPTX), also made important progress in their research with milestones such as commercialization of breakthrough Dry Eye diagnostic tools and positive clinical data respectively. The opportunity for our family of companies has never been greater and I remain extremely optimistic about our positioning through 2022 and beyond,” said Medical Marijuana, Inc. CEO Blake Schroeder.
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:
Kathryn Brown
PR Account Director
CMW Media
P. 858-221-8001
kathryn@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
P. (858) 283-4016
Investors@medicalmarijuanainc.com
