{"id":2366,"date":"2017-11-21T17:45:15","date_gmt":"2017-11-21T17:45:15","guid":{"rendered":"https:\/\/www.medicalmarijuanainc.com\/?p=32511"},"modified":"2017-11-21T17:45:15","modified_gmt":"2017-11-21T17:45:15","slug":"medical-marijuana-inc-reports-third-quarter-2017-financial-results","status":"publish","type":"post","link":"https:\/\/medicalmarijuanainc.com\/2017\/11\/21\/medical-marijuana-inc-reports-third-quarter-2017-financial-results\/","title":{"rendered":"Medical Marijuana, Inc. Reports Third Quarter 2017 Financial Results and Operational Highlights: Shows Record 255% Gross Profit Increase"},"content":{"rendered":"<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1\">\n<p><span class=\"xn-location\">SAN DIEGO<\/span>,\u00a0<span class=\"xn-chron\">Nov. 21, 2017<\/span>\u00a0\/PRNewswire\/ &#8212;\u00a0<a class=\"linkOnClick\" href=\"https:\/\/medicalmarijuanainc.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Medical Marijuana, Inc.<\/a>\u00a0(OTC: MJNA), the first-ever publicly traded cannabis company in\u00a0<span class=\"xn-location\">the United States<\/span>, today announced financial results for the third quarter ending\u00a0<span class=\"xn-chron\">September 30, 2017<\/span>\u00a0and an overview of recent operational highlights.<\/p>\n<\/div>\n<\/div>\n<div class=\"row\"><\/div>\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1\">\n<p>The Company saw a gross revenue increase from\u00a0<span class=\"xn-money\">$2,188,671<\/span>\u00a0in Q3 2016 to\u00a0<span class=\"xn-money\">$7,783,297<\/span>\u00a0in Q3 2017, a year-over-year increase of 255%. Total gross profit increased from\u00a0<span class=\"xn-money\">$1,266,488<\/span>\u00a0in Q3 2016 to\u00a0<span class=\"xn-money\">$5,034,464<\/span>\u00a0in Q3 2017; which is an increase of 297%. Net loss in Q3 2016 of\u00a0<span class=\"xn-money\">($4,286,818)<\/span>\u00a0was decreased by 30% over Q3 2017 to\u00a0<span class=\"xn-money\">($2,959,173)<\/span>. The company reported total assets in the amount of\u00a0<span class=\"xn-money\">$345,388,650<\/span>.<\/p>\n<p>Additionally, the company reported a year-over-year increase in year-to-date gross revenue from\u00a0<span class=\"xn-money\">$5,450,080<\/span>\u00a0in 2016 to\u00a0<span class=\"xn-money\">$17,098,785<\/span>\u00a0in 2017, an increase of 213%. Year-to-date gross profits also increased 258% year over year, from\u00a0<span class=\"xn-money\">$3,254,122<\/span>\u00a0in 2016 to\u00a0<span class=\"xn-money\">$11,675,391<\/span>\u00a0in 2017.<\/p>\n<p>&#8220;We are excited to announce such outstanding leaps in growth and success this quarter,&#8221; said Medical Marijuana, Inc. CEO Dr.\u00a0<span class=\"xn-person\">Stuart Titus<\/span>. &#8220;We believe that with these record-breaking revenue numbers, we have the capacity to make 2018 the most profitable year the company has ever seen.\u00a0We are currently spending on international expansion and research efforts which\u00a0should pay long-term dividends for shareholders.&#8221;<\/p>\n<p><b>THIRD QUARTER OPERATIONAL HIGHLIGHTS<br \/>\n<\/b>Medical Marijuana, Inc. investments and subsidiaries continued international expansion and product development in the third quarter of 2017.<\/p>\n<p><b>1) HempMeds<sup>\u00ae<br \/>\n<\/sup><\/b><a class=\"linkOnClick\" href=\"https:\/\/hempmedspx.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Wholly owned subsidiary HempMeds US<\/a>, the portfolio&#8217;s predominate consumer brand, continued to grow in 2017 and experienced the following milestones:<\/p>\n<ul type=\"disc\">\n<li>Announced sponsorship at the 6th Annual Run 4 Hope Festival &amp; 5K in\u00a0<span class=\"xn-location\">Carrollton, TX<\/span><\/li>\n<li>Announced sponsorship at Natural Product Expo East 2017 in\u00a0<span class=\"xn-location\">Baltimore, MD<\/span><\/li>\n<li>Achieved its record-breaking revenue month for total online and wholesale orders in October<\/li>\n<li>Launched a new Veteran&#8217;s Discount program on Veteran&#8217;s Day weekend (15% off and free shipping to all veterans)<\/li>\n<\/ul>\n<p><b>2) HempMeds Brazil<sup>\u00ae<br \/>\n<\/sup><\/b><a class=\"linkOnClick\" href=\"https:\/\/hempmeds.com.br\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">93.4%-owned subsidiary HempMeds Brazil<\/a>, which received that country&#8217;s first import permit for cannabis products, achieved the following milestones in the third quarter of 2017:<\/p>\n<ul type=\"disc\">\n<li>The Company&#8217;s hemp cannabidiol (CBD) oil product Real Scientific Hemp Oil\u2122 (RSHO\u2122) was prescribed by doctors in\u00a0<span class=\"xn-location\">Brazil<\/span>\u00a0for the treatment of patients suffering from Amyotrophic Lateral Sclerosis (ALS) and Psoriasis<\/li>\n<li>Garnered extensive media coverage in\u00a0<span class=\"xn-location\">Brazil<\/span>\u00a0about the Company&#8217;s growth and the booming cannabis market across the US and\u00a0<span class=\"xn-location\">Latin America<\/span><\/li>\n<li>Held a successful, sold-out Doctor Symposium in S\u00e3o Paulo,\u00a0<span class=\"xn-location\">Brazil<\/span>\u00a0on\u00a0<span class=\"xn-chron\">August 15<\/span>, dedicated to providing the Brazilian medical community with information about the medical value of cannabidiol (CBD) and how to legally import CBD into the country, prescribe it for patients and present CBD clinical study results<\/li>\n<li>Sponsored the 8th Brazilian Academy of Neurology\/Association of Neurology of the\u00a0<span class=\"xn-location\">State of Rio de Janeiro<\/span>\u00a0(ABN-RJ\/ANERJ) Congress Workshops, which took place from\u00a0<span class=\"xn-chron\">September 28-30<\/span>\u00a0at the Windsor Barra Convention Center in\u00a0<span class=\"xn-location\">Rio De Janeiro, Brazil<\/span><\/li>\n<\/ul>\n<p><b>3) HempMeds Mexico<sup>\u00ae<br \/>\n<\/sup><\/b><a class=\"linkOnClick\" href=\"https:\/\/hempmeds.mx\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Wholly owned subsidiary HempMeds Mexico<\/a>, which accomplished the first-ever import permits for a cannabis product for its\u00a0<a class=\"linkOnClick\" href=\"http:\/\/www.marketwatch.com\/story\/medical-marijuana-incs-hempmedsr-mexico-set-up-to-commercialize-rsho-x-the-first-ever-cbd-product-available-in-mexico-and-other-cannabis-products-2016-04-06\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">RSHO\u2122 and RSHO-X\u2122<\/a>\u00a0products from the federal governments of\u00a0<span class=\"xn-location\">Mexico<\/span>\u00a0and\u00a0<span class=\"xn-location\">Paraguay<\/span>\u00a0in 2016, achieved the following milestones in the third quarter of 2017:<\/p>\n<ul type=\"disc\">\n<li>Received international media attention from outlets such as Forbes, Bloomberg, and Global Press during the\u00a0<span class=\"xn-chron\">July 28<\/span>\u00a0inauguration of HempMeds<sup>\u00ae<\/sup>\u00a0<span class=\"xn-location\">Mexico&#8217;s<\/span>\u00a0first office in\u00a0<span class=\"xn-location\">Monterrey<\/span>, Nuevo Le\u00f3n,\u00a0<span class=\"xn-location\">Mexico<\/span><\/li>\n<li>Discussed therapeutic benefits of cannabis at the LX Annual Meeting and National Congress of the Mexican chapter of the International League Against Epilepsy, which took place in\u00a0<span class=\"xn-location\">Tijuana, Mexico<\/span>\u00a0from\u00a0<span class=\"xn-chron\">July 26 to 29<\/span><\/li>\n<li>Featured in a\u00a0<a class=\"linkOnClick\" href=\"http:\/\/www.vanityfair.mx\/actualidad\/cultura-y-sociedad\/articulos\/hempmeds-empresa-que-usa-marihuana-medicinal-abre-oficina-en-mexico\/22350\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Vanity Fair Mexico<\/a>\u00a0article highlighting the Company&#8217;s expanding presence in\u00a0<span class=\"xn-location\">Mexico<\/span>\u00a0and how its products are helping &#8220;improve the quality of life of thousands of patients&#8221; with a variety of medical indications, including epilepsy<\/li>\n<li>Announced that flagship product Real Scientific Hemp Oil-X (RSHO-X\u2122) would be featured at the 32nd International Congress of Epilepsy in\u00a0<span class=\"xn-location\">Barcelona, Spain<\/span>\u00a0which took place from\u00a0<span class=\"xn-chron\">September 2 to 6<\/span><\/li>\n<li>HempMeds Mexico President\u00a0<span class=\"xn-person\">Raul Elizalde<\/span>\u00a0spoke at the World Health Organization&#8217;s 39th Expert Committee on Drug Dependence Conference in\u00a0<span class=\"xn-location\">Geneva, Switzerland<\/span>\u00a0on\u00a0<span class=\"xn-chron\">November 6<\/span><\/li>\n<\/ul>\n<p><b>4) Kannaway<sup>\u00ae<br \/>\n<\/sup><\/b><a class=\"linkOnClick\" href=\"https:\/\/kannaway.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Subsidiary Kannaway<\/a>, a premier hemp lifestyle brand, achieved the following milestones in the third quarter of 2017:<\/p>\n<ul type=\"disc\">\n<li>Announced\u00a0<span class=\"xn-person\">Stephen Jones<\/span>\u00a0as new Chief Marketing Officer<\/li>\n<li>Announced that\u00a0<span class=\"xn-chron\">July 25, 2017<\/span>\u00a0was the largest revenue day in company history<\/li>\n<li>Announced that\u00a0<span class=\"xn-chron\">August 2017<\/span>\u00a0was the largest revenue month in company history<\/li>\n<li>Recognized first brand ambassador in company history to achieve Presidential Director rank<\/li>\n<li>Recognized second and third brand ambassadors in company history to achieve Vice Presidential Director rank<\/li>\n<\/ul>\n<p><b>THIRD QUARTER INVESTMENT HIGHLIGHTS<\/b><\/p>\n<p><b>1) AXIM Biotechnologies<sup>\u00ae<br \/>\n<\/sup><\/b><a class=\"linkOnClick\" href=\"http:\/\/aximbiotech.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">AXIM Biotechnologies<\/a>\u00a0(OTCQB: AXIM) is a cannabinoid research and development clinical stage pharma and biotech company. Medical Marijuana, Inc. owns 22,669,100 shares worth approximately\u00a0<span class=\"xn-money\">$151,882,970<\/span>. The closing share price was\u00a0<span class=\"xn-money\">$6.70<\/span>\u00a0as of\u00a0<span class=\"xn-chron\">September 29, 2017<\/span>, which is an increase of\u00a0<span class=\"xn-money\">$6.47<\/span>\u00a0from\u00a0<span class=\"xn-money\">$0.23<\/span>\u00a0as of\u00a0<span class=\"xn-chron\">September 30, 2016<\/span>. AXIM Biotechnologies achieved the following milestones:<\/p>\n<ul type=\"disc\">\n<li>Entered into a Clinical Study Agreement (CSA) with the\u00a0<span class=\"xn-org\">University of British Columbia<\/span>\u00a0in\u00a0<span class=\"xn-location\">Canada<\/span>\u00a0to begin a clinical trial with its CanChew Plus<sup>\u00ae<\/sup>\u00a0cannabidiol (CBD) chewing gum product to treat drug-induced psychosis in adult patients<\/li>\n<li>Entered into a Services Agreement with an\u00a0<span class=\"xn-location\">Israel<\/span>-based contract research organization (CRO) to begin a clinical proof of concept study (POC) with its cannabidiol (CBD) and gabapentin chewing gum product to treat restless leg syndrome (RLS) in patients<\/li>\n<\/ul>\n<p><b>2) Kannalife Sciences<br \/>\n<\/b><a class=\"linkOnClick\" href=\"https:\/\/www.kannalife.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Kannalife Sciences Inc<\/a>. is an early-stage biotechnology company involved with the pharmaceutical development of new therapeutic compounds based on cannabinoids. Medical Marijuana, Inc. owns 16.7% of the Common Stock and Preferred Stock of Kannalife. In 2012 and 2014 the Company obtained two licenses from the National Institutes of Health (NIH) for the use of U.S. Patent 6,630,507 (the &#8220;507 Patent&#8221;) titled &#8220;Cannabinoids as Antioxidants and Neuroprotectants.&#8221; These licenses cover two disease indications, the first of which from 2012 is for an exclusive license to use cannabinoid therapeutics to treat Hepatic Encephalopathy (HE); and the second from 2014 is for a non-exclusive license to treat traumatic head injury, known as Chronic Traumatic Encephalopathy (CTE).<\/p>\n<p>Kannalife advancements for late second quarter \/ third quarter 2017 include:<\/p>\n<ul type=\"disc\">\n<li>Presented scientific data on the mechanism of action of KLS-13019 vs. CBD at the 27th Annual ICRS Symposium on Cannabinoids held in\u00a0<span class=\"xn-location\">Montreal, Canada<\/span>\u00a0from\u00a0<span class=\"xn-chron\">June 22-27<\/span><\/li>\n<li>Announced former Kansas City Chiefs player\u00a0<span class=\"xn-person\">Nick Lowery<\/span>\u00a0as their new corporate spokesperson<\/li>\n<li>Was featured on FOX Business&#8217; Varney &amp; Co. in a story about Chronic Traumatic Encephalopathy (CTE)<\/li>\n<li>Hosted a media tour discussing CTE in\u00a0<span class=\"xn-location\">New York<\/span>\u00a0with spokesman\u00a0<span class=\"xn-person\">Nick Lowery<\/span><\/li>\n<\/ul>\n<p><b>INDUSTRY HIGHLIGHTS<br \/>\n<\/b>Legal cannabis is arguably the fastest growing industry worldwide.<\/p>\n<ul type=\"disc\">\n<li>In\u00a0<span class=\"xn-location\">the United States<\/span>, 44 states, the\u00a0<span class=\"xn-location\">District of Columbia<\/span>,\u00a0<span class=\"xn-location\">Puerto Rico<\/span>, and\u00a0<span class=\"xn-location\">Guam<\/span>\u00a0have passed cannabis laws to some degree<\/li>\n<li>Adult cannabis use is legal in 8 states including the\u00a0<span class=\"xn-location\">District of Columbia<\/span><\/li>\n<li>Medical cannabis use is legal in 29 states including the\u00a0<span class=\"xn-location\">District of Columbia<\/span><\/li>\n<li>CBD-only cannabis use is legal in 16 states<\/li>\n<li>North American sales are projected to hit\u00a0<span class=\"xn-money\">$1 billion<\/span>\u00a0by 2020, according to\u00a0<a class=\"linkOnClick\" href=\"https:\/\/www.forbes.com\/sites\/debraborchardt\/2017\/08\/23\/hemp-cannabis-product-sales-projected-to-hit-a-billion-dollars-in-3-years\/#55115e08474c\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Forbes<\/a><\/li>\n<li>Adult cannabis use is legal in many Latin American countries including\u00a0<span class=\"xn-location\">Paraguay<\/span>,\u00a0<span class=\"xn-location\">Uruguay<\/span>,\u00a0<span class=\"xn-location\">Mexico<\/span>\u00a0and\u00a0<span class=\"xn-location\">Brazil<\/span>\u00a0with a government-issued permit<\/li>\n<\/ul>\n<p><b>THIRD QUARTER 2017 FINANCIAL RESULTS<\/b><\/p>\n<p><b>Gross Revenue:<br \/>\n<\/b>Q3 2016 \u2013\u00a0<span class=\"xn-money\">$2,188,671<\/span><br \/>\nQ3 2017 \u2013\u00a0<span class=\"xn-money\">$7,783,297<\/span><\/p>\n<p><b>Gross Profit:<br \/>\n<\/b>Q3 2016 \u2013\u00a0<span class=\"xn-money\">$1,266,488<\/span><br \/>\nQ3 2017 \u2013\u00a0<span class=\"xn-money\">$5,034,464<\/span><\/p>\n<p><b>Net Income\/Loss:<br \/>\n<\/b>Q3 2016 \u2013\u00a0<span class=\"xn-money\">($4,286,818)<\/span><br \/>\nQ3 2017 \u2013\u00a0<span class=\"xn-money\">($2,959,173)<\/span><\/p>\n<p><b>Total Assets:<br \/>\n<\/b>Q3 2016 \u2013\u00a0<span class=\"xn-money\">$206,953,319<\/span><br \/>\nQ3 2017 \u2013\u00a0<span class=\"xn-money\">$345,388,650<\/span><\/p>\n<p><b>About Medical Marijuana, Inc.<br \/>\n<\/b><a class=\"linkOnClick\" href=\"https:\/\/medicalmarijuanainc.com\/company-of-firsts\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">We are a company of firsts<sup>\u00ae<\/sup>.<\/a>\u00a0Our 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, and develop environmentally friendly and economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.&#8217;s portfolio and investment companies, visit\u00a0<a class=\"linkOnClick\" href=\"https:\/\/medicalmarijuanainc.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">www.medicalmarijuanainc.com<\/a>.<\/p>\n<p>To see Medical Marijuana, Inc.&#8217;s corporate video,\u00a0<a class=\"linkOnClick\" href=\"https:\/\/www.youtube.com\/watch?v=5aTfxIqZsTE\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">click here<\/a>.<\/p>\n<p>Shareholders are also encouraged to visit the\u00a0<a class=\"linkOnClick\" href=\"https:\/\/medicalmarijuanainc.com\/store\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">Medical Marijuana, Inc. Shop<\/a>\u00a0for discounted products.<\/p>\n<p><b><i>FORWARD-LOOKING DISCLAIMER AND DISCLOSURES.\u00a0<\/i><\/b><i>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 and uncertainties. The statements in this press release\u00a0<\/i><i>have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease. The Company does not sell or distribute any products that are in violation of the United States Controlled Substances Act. The Company does sell and distribute hemp-based products.<\/i><\/p>\n<p><b><u>CONTACT:<br \/>\n<\/u><\/b><b>Public Relations Contact:<br \/>\n<\/b><span class=\"xn-person\">Andrew Hard<\/span><br \/>\nChief Executive Officer<br \/>\nCMW Media<br \/>\nP. 888-829-0070<br \/>\n<a class=\"linkOnClick\" href=\"mailto:andrew.hard@cmwmedia.com\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">andrew.hard@cmwmedia.com<\/a><br \/>\n<a class=\"linkOnClick\" href=\"http:\/\/www.cmwmedia.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-include=\"300560020\">www.cmwmedia.com<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Medical Marijuana, Inc.\u00a0(OTC: MJNA), the first-ever publicly traded cannabis company in\u00a0the United States, today announced financial results for the third quarter ending\u00a0September 30, 2017\u00a0and an overview of recent operational highlights.<\/p>\n","protected":false},"author":1,"featured_media":1978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-2366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Medical Marijuana, Inc. 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