SAN DIEGO, Calif., Aug. 18, 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, announced its results financial statements for the quarter ending June 30, 2022, and provided an overview of recent operational highlights.
Second Quarter 2022 Financial and Operational Highlights
● Generated $7.8 million in net revenue in the second quarter of 2022;
● Gross profit for the period ending June 30, 2022 was $6 million;
● Gross margins for the period amounted to 76%; a substantial increase over the same period last year;
● International operations continued to grow with new revenue milestones
● The Company focused on its pharmaceutical initiatives which resulted in milestones such as safety studies on its CBD products as well as the development of its pharmaceutical division in Brazil.
“We continue to lead the industry as a pioneer in the space by focusing our business on expanding the international market,” said Medical Marijuana, Inc. CEO Blake Schroeder. “We have a first-mover advantage in almost every market the company operates in with the potential for continued international expansion in the future. Beyond the international expansion efforts, we continued our efforts in the second quarter in the pharmaceutical field because we believe that this segment will hold enormous future value for our company. In Brazil, we believe we will have products on pharmacy shelves by the end of this year or early 2023. Additionally, researchers from our investment company, Neuropathix, are using grants received from the National Institutes of Health to continue their clinical research on its proprietary compound. aimed at treating neuropathic pain and inflammation.
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. was named one of the top CBD producers 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 developing international markets. The company’s flagship product Genuine Scientific Hemp Oil has been used in several successful clinical studies in Mexico and Brazil to understand its safety and effectiveness.
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 the Medical Marijuana, Inc. 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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