SAN DIEGO, May 25, 2021 (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 financial results for the quarter ending March 31, 2021, and provided an overview of recent operational highlights.
“Our operations made tremendous advancements in the first quarter of this year that position us to continue expanding our global footprint and highlight the entire industry’s progress,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are heavily focused on expanding our international business, with our Latin American operations continuing to break sales records and capturing market share in these strategic regions. Pending legislation will enable us to further expand our presence in Mexico, a key opportunity unique to our portfolio. Beyond Latin America, we worked to ensure our European business will continue to meet regulatory standards set in the EU and the UK. Finally, as the world’s view trends in favor of cannabis, consumers are shifting their buying habits to include a wider variety of products, which is why we are excited to now offer CBG and CBN in several markets.”
First Quarter 2021 Financial Highlights
● Generated $8.9 million in net revenue in the first quarter of 2021;
● Net Income for the first quarter of 2021 was $3.7 million;
● GAAP Sales & Marketing expense decreased as a percentage of sales from 46% in 2019 to 38% in 2020;
● Cash position at the end of the period was $4.9 million;
● Decreased total liabilities by 32%.
First Quarter 2021 Operational Highlights
● Subsidiary Kannaway® participated in and announced positive results of the Validcare clinical study. The study used Kannaway®’s hemp-derived cannabidiol (CBD) products as a part of its efforts to meet the Food and Drug Administration (FDA)’s request for data on the use of botanical CBD with regard to potential liver toxicity issues, which seem to occur with the pharmaceutical version of CBD;
● Subsidiary Kannaway® submitted its Novel Foods application for its CBD products to the UK’s Food Standards Agency (FSA) through the European Industrial Hemp Association (EIHA) Novel Foods Consortium;
● Subsidiary Kannaway® launched several new products in the U.S. and Europe, including the Company’s cannabigerol (CBG) tincture in the U.S. and a brand new Green Hemp CBD Oil in Europe;
● Subsidiary Kannaway® received Certified CBD approval from the Banned Substances Control Group (BSCG), a leading third-party certification and testing provider of dietary supplements and natural products, for its broad-spectrum CBD product Pure Gold;
● Subsidiary Kannaway®’s Japanese division had its best sales month ever in Company history in February 2021;
● Subsidiary HempMeds® launched its first-ever products containing CBG and cannabinol (CBN) as part of the Company’s recently updated brand strategy;
● Subsidiary HempMeds® welcomed X Games world-record-holding skateboarder Italo Penarrubia as its newest spokesperson;
● CEO Dr. Stuart Titus was named winner of the 2020 Best Business Leader in the United States by Global Brands Magazine.
“We are proud to have the opportunity to advance the entire CBD industry as one of only a few industry leaders chosen to participate in Validcare’s CBD toxicity study, which as we expected revealed favorable results,” said Medical Marijuana, Inc. COO Blake Schroeder. “Our primary sales generation division Kannaway was able to adjust its peer-networking strategy amidst the pandemic, and we held our largest international virtual event in the company’s history this last quarter. Kannaway’s international growth has been a key driver of our revenue and we expect this to continue as we further target new and emerging markets.”
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, Inc. 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.
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 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 products that are in violation of the United States Controlled Substances Act.
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