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 chains, today announced their 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 over the prior quarter;
Net cash from operating activities was $0.6 million, a substantial increase from the prior 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.’s international operations continued to experience revenue milestones with record revenues recorded in Japan and South Africa;
The company opened facilities in Warsaw and Hong Kong and held a product launch event in Prague;
As part of its strategic financial plan to reduce debt, the Company announced the satisfaction of two promissory notes worth over $10 million.
“Our international expansion has already seen significant progress this year and we will continue to establish first-mover advantage in countries around the world. Our established markets such as Brazil and Japan continue to experience explosive growth and we are opening up the path in medical education and research in Latin America Our investment companies, AXIM Biotech (OTC: AXIM) and Neuropathix (OTC: NPTX), have also made significant progress in their research with milestones such as the commercialization of breakthrough diagnostic tools for dry eye disease 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 non-psychoactive cannabinoid business units: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in providing the highest quality non-psychoactive legal cannabis products derived from industrial hemp; and a clinical research and development sector for cannabinoid-based botanical drugs led by its pharmaceutical investment companies and partners, including AXIM® Biotechnologies, Inc. and Neuropathix. Medical Marijuana, Inc. has been named one of CNBC’s Top CBD Producers. 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 developing international markets. The company’s flagship product, Real Scientific Hemp Oil, has been used in several successful clinical studies in Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc. is headquartered in San Diego, CA, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To view Medical Marijuana, Inc.’s corporate video, click here.
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 these articles. This document contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. These 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 differ materially 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.
Medical Marijuana, Inc. does not sell or distribute any product that violates the United States Controlled Substances Act.
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