{"id":608,"date":"2021-11-17T19:53:49","date_gmt":"2021-11-17T19:53:49","guid":{"rendered":"https:\/\/medicalmarijuanainc.com\/?p=1013175"},"modified":"2021-11-17T19:53:49","modified_gmt":"2021-11-17T19:53:49","slug":"medical-marijuana-inc-reports-9-2-million-in-net-revenue-in-2021-third-quarter-financial-and-operational-results","status":"publish","type":"post","link":"https:\/\/medicalmarijuanainc.com\/2021\/11\/17\/medical-marijuana-inc-reports-9-2-million-in-net-revenue-in-2021-third-quarter-financial-and-operational-results\/","title":{"rendered":"Medical Marijuana, Inc. Reports $9.2 Million in Net Revenue in 2021 Third Quarter Financial and Operational Results"},"content":{"rendered":"

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\n\t\t\t[et_pb_row admin_label=”row”]
\n\t\t\t\t[et_pb_column type=”4_4″][et_pb_text admin_label=”Text”]SAN DIEGO, CA, Nov. 17, 2021 (GLOBE NEWSWIRE) — via\u00a0NewMediaWire<\/u><\/a>\u00a0—\u00a0Medical Marijuana, Inc.<\/u><\/a>\u00a0(OTC: MJNA) (the \u201cCompany\u201d), the first-ever publicly traded cannabis company in the United States that launched the world\u2019s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today financial results for the quarter ending September 30, 2021, and provided an overview of recent operational highlights.<\/p>\n

Third Quarter 2021 Financial and Operational Highlights<\/strong><\/p>\n

\u25cf\u00a0Generated $9.2 million in net revenue in the third quarter of 2021;<\/p>\n

\u25cf\u00a0Net Ordinary Loss for the third quarter of 2021 was $640k;<\/p>\n

\u25cf\u00a0Gross Profit for the period ending September 30, 2021, was $6.7 million;<\/p>\n

\u25cf\u00a0Cash Balance increased by 47% when compared to Q3 2020;<\/p>\n

\u25cf\u00a0Long-term debt decreased by 54% when compared to Q3 2020;<\/p>\n

\u25cf\u00a0Medical Marijuana, Inc. subsidiary\u00a0HempMeds\u00ae<\/a>\u00a0launched a new line of broad-spectrum CBD gummies;<\/p>\n

\u25cf\u00a0Medical Marijuana, Inc. subsidiary\u00a0Kannaway\u00ae<\/a>\u00a0was approved to join leading Japanese hemp organizations, Hokkaido Industrial Hemp Association and Association for Japan Cannabinoid;<\/p>\n

\u25cf\u00a0Subsidiaries Kannaway\u00ae Japan and\u00a0HempMeds\u00ae Mexico<\/a>\u00a0both achieved their largest revenue months in their respective histories in July 2021;<\/p>\n

\u25cf\u00a0Kannaway\u00ae launched its operations in Hong Kong.<\/p>\n

\u201cAs the cannabis industry continues to thrive globally, we continue to lead as a Company of Firsts, forging new paths into emerging markets and capitalizing on our first-mover advantage in others,\u201d said Medical Marijuana, Inc. CEO Blake Schroeder. \u201cWith our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company and we plan to continue to enter new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.\u201d<\/p>\n

About Medical Marijuana, Inc.<\/strong><\/p>\n

We are a company of firsts\u00ae<\/a>. Medical Marijuana, Inc. (MJNA<\/a>) 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\u00a0Kannaway\u00ae<\/a>\u00a0and\u00a0HempMeds\u00ae<\/a>; 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\u00a0AXIM\u00ae Biotechnologies, Inc<\/a>.<\/a>\u00a0and\u00a0<\/a>Neuropathix<\/a>. Medical Marijuana, Inc. was named a top CBD producer by\u00a0CNBC<\/a>. 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\u00a0Real Scientific Hemp Oil<\/a>\u00a0has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.<\/p>\n

Medical Marijuana, Inc.’s headquarters is in San Diego, California, and additional information is available at\u00a0OTCMarkets.com<\/a>\u00a0or by visiting\u00a0www.medicalmarijuanainc.com<\/a>. To see Medical Marijuana, Inc.’s corporate video,\u00a0click here<\/a>.<\/p>\n

FORWARD-LOOKING DISCLAIMER
\n<\/strong>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.<\/p>\n

FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
\n<\/strong>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.<\/p>\n

LEGAL DISCLOSURE
\n<\/strong>Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.<\/p>\n

CONTACT:
\nPublic Relations Contact:
\n<\/strong>Kathryn Brown
\nPR Account Director
\nCMW Media
\nP.\u00a0858-264-6600
\nkathryn@cmwmedia.com
\n
www.cmwmedia.com<\/a><\/p>\n

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SAN DIEGO, CA, Nov. 17, 2021 (GLOBE NEWSWIRE) — via\u00a0NewMediaWire\u00a0—\u00a0Medical Marijuana, Inc.\u00a0(OTC: MJNA) (the \u201cCompany\u201d), the first-ever publicly traded cannabis company in the United States that launched the world\u2019s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today financial results for the quarter ending September 30, 2021, and provided an overview of recent operational […]<\/p>\n","protected":false},"author":1,"featured_media":609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"SAN DIEGO, CA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- via\u00a0NewMediaWire<\/u><\/a>\u00a0--\u00a0Medical Marijuana, Inc.<\/u><\/a>\u00a0(OTC: MJNA) (the \u201cCompany\u201d), the first-ever publicly traded cannabis company in the United States that launched the world\u2019s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today financial results for the quarter ending September 30, 2021, and provided an overview of recent operational highlights.\r\n\r\nThird Quarter 2021 Financial and Operational Highlights<\/strong>\r\n

\u25cf\u00a0Generated $9.2 million in net revenue in the third quarter of 2021;<\/p>\r\n

\u25cf\u00a0Net Ordinary Loss for the third quarter of 2021 was $640k;<\/p>\r\n

\u25cf\u00a0Gross Profit for the period ending September 30, 2021, was $6.7 million;<\/p>\r\n

\u25cf\u00a0Cash Balance increased by 47% when compared to Q3 2020;<\/p>\r\n

\u25cf\u00a0Long-term debt decreased by 54% when compared to Q3 2020;<\/p>\r\n

\u25cf\u00a0Medical Marijuana, Inc. subsidiary\u00a0HempMeds\u00ae<\/a>\u00a0launched a new line of broad-spectrum CBD gummies;<\/p>\r\n

\u25cf\u00a0Medical Marijuana, Inc. subsidiary\u00a0Kannaway\u00ae<\/a>\u00a0was approved to join leading Japanese hemp organizations, Hokkaido Industrial Hemp Association and Association for Japan Cannabinoid;<\/p>\r\n

\u25cf\u00a0Subsidiaries Kannaway\u00ae Japan and\u00a0HempMeds\u00ae Mexico<\/a>\u00a0both achieved their largest revenue months in their respective histories in July 2021;<\/p>\r\n

\u25cf\u00a0Kannaway\u00ae launched its operations in Hong Kong.<\/p>\r\n

\u201cAs the cannabis industry continues to thrive globally, we continue to lead as a Company of Firsts, forging new paths into emerging markets and capitalizing on our first-mover advantage in others,\u201d said Medical Marijuana, Inc. CEO Blake Schroeder. \u201cWith our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company and we plan to continue to enter new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.\u201d<\/p>\r\n

About Medical Marijuana, Inc.<\/strong><\/p>\r\n

We are a company of firsts\u00ae<\/a>. Medical Marijuana, Inc. (MJNA<\/a>) 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\u00a0Kannaway\u00ae<\/a>\u00a0and\u00a0HempMeds\u00ae<\/a>; 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\u00a0AXIM\u00ae Biotechnologies, Inc<\/a>.<\/a>\u00a0and\u00a0<\/a>Neuropathix<\/a>. Medical Marijuana, Inc. was named a top CBD producer by\u00a0CNBC<\/a>. 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\u00a0Real Scientific Hemp Oil<\/a>\u00a0has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.<\/p>\r\n

Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at\u00a0OTCMarkets.com<\/a>\u00a0or by visiting\u00a0www.medicalmarijuanainc.com<\/a>. To see Medical Marijuana, Inc.'s corporate video,\u00a0click here<\/a>.<\/p>\r\n

FORWARD-LOOKING DISCLAIMER\r\n<\/strong>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.<\/p>\r\n

FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE\r\n<\/strong>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.<\/p>\r\n

LEGAL DISCLOSURE\r\n<\/strong>Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.<\/p>\r\n

CONTACT:\r\nPublic Relations Contact:\r\n<\/strong>Kathryn Brown\r\nPR Account Director\r\nCMW Media\r\nP.\u00a0858-264-6600\r\nkathryn@cmwmedia.com\r\nwww.cmwmedia.com<\/a><\/p>","_et_gb_content_width":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases"],"yoast_head":"\nMedical Marijuana, Inc. Reports $9.2 Million in Net Revenue in 2021 Third Quarter Financial and Operational Results - Medical Marijuana, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/medicalmarijuanainc.com\/2021\/11\/17\/medical-marijuana-inc-reports-9-2-million-in-net-revenue-in-2021-third-quarter-financial-and-operational-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Medical Marijuana, Inc. 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