Medical Marijuana, Inc. Announces Q3 2018 as the Largest Revenue Quarter in Company History
SAN DIEGO, Nov. 27, 2018
SAN DIEGO, Nov. 27, 2018 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, today announced that the company and its subsidiaries Kannaway®, HempMeds®, HempMeds® Mexico, HempMeds® Brasil, Dixie Botanicals and Phyto Animal Health have booked their largest-ever sales revenue quarter in the company's history in Q3 2018, as well as reached major milestones in their business operations.
Medical Marijuana, Inc.'s Q3 2018 revenue exceeded $16.8 million dollars, an increase of more than 116% over Q3 2017. Revenue for the nine-month period ending September 30, 2018 exceeded $42.1 million dollars, an increase of 146% over the prior year nine-month period.
Gross profit for Q3 2018 increased nearly 140% over Q3 2017. Gross profit for the nine-months ending September 30, 2018 increased nearly 140% over the prior year nine-month period. The company reported net ordinary income in excess of $600 thousandin Q3 2018.
The company experienced many accomplishments in Q3 2018, including the release of a new cannabidiol (CBD) hemp oil gel capsule product distributed through its subsidiary Dixie Botanicals®, subsidiary Kannaway® hosted a six-city European Tour to network with the company's global executive team and the company announced Todd Morrow as the new President of subsidiary HempMeds®. The company also signed an agreement with Canadian extraction and formulation company Salvation Botanicals, Ltd. to bring Medical Marijuana, Inc.'s products to Canada.
"In Q3, we saw incredible international expansion and released numerous exciting new products," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "As we continue our momentum in Q4, we will aim to increase shareholder value through further development of our subsidiaries and their product lines."
Medical Marijuana, Inc. and its subsidiaries also garnered positive news coverage in several national and international publications including The Today Show, The Wall Street Journal, Entrepreneur, Forbes, Consumer Reports, Fox 5 San Diego, Benzinga, The Street, Westword, Direct Selling News, Leafly, Merry Jane, Cheddar, PotNetwork, CNN Money and more.
"Our seamless expansion into both Europe and Canada showcase the many ways we have been able to increase our footprint as one of the integral leaders in the cannabis industry," said Medical Marijuana, Inc. COO Blake Schroeder. "As markets continue to open up worldwide, we will leverage our strong international presence to increase company revenue and corner new markets."
THIRD QUARTER 2018 HIGHLIGHTS
During the third quarter of 2018, Medical Marijuana, Inc. and its subsidiaries achieved the following milestones and significant events:
Medical Marijuana, Inc.'s wholly owned subsidiary HempMeds® is the portfolio's predominate consumer brand and saw massive expansion and continued growth for its line of CBD hemp oil products, including the following:
- The company announced Todd Morrow, an executive with more than 19 years of experience in product development, merchandising and marketing, as its new President.
- The company exhibited its line of CBD products at the Cannabis World Congress and Business Expo in Los Angeles and garnered significant media coverage with company spokesperson and UFC fighter Liz Carmouche.
- The company released its a new topical hemp CBD product, HempMeds® 50 mg Active Relief Roll-On.
- The company sponsored the seventh and last-ever annual Run 4 Hope Festival and 5K in Coppell, Texas, which honors Harper Elle Howard, the little girl with CDKL5 epilepsy who helped bring medical marijuana to Latin America.
- HempMeds® Mexico saw its largest revenue month to date in August and garnered international news coverage in Forbes.
announced a new full-spectrum 5,000 mg CBD hemp oil liquid and hosted an event for doctors in Brazil to learn more about CBD and its benefits.
Medical Marijuana, Inc.'s wholly owned subsidiary Kannaway® is the company's premier lifestyle marketing brand and is the fastest-growing company in the direct-selling cannabis space with an exponential growth outlook for the future. The company experienced significant milestones including the following:
- The company announced in August it has set new records for monthly sales bookings for nine consecutive months.
- The company went on a six-city European tour to connect with industry leaders and to celebrate its successful European launch.
- The company announced the release of its new Hempy's® responsibly sourced Hemp Leggings.
- The company brought on professional athletes Goose Gossage and Derek Kennard as spokespeople.
THIRD QUARTER 2018 FINANCIAL RESULTS
Gross Revenue ($ in millions):
Q3 2017 – $7.7
Q3 2018 – $16.8
Q3 2017 – $5.1
Q3 2018 – $12.1
About Medical Marijuana, Inc.
We are a company of firsts®. Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.'s portfolio and investment companies, visit 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.
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 FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
SOURCE Medical Marijuana, Inc.