Medical Marijuana, Inc. Reports 2020 Second Quarter Financial and Operational Results; Reports Net Income of $9.7 Million

Nachrichtenquelle: globenewswire
25.08.2020, 15:00  |  113   |   |   

SAN DIEGO, CA, Aug. 25, 2020 (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 June 30, 2020, and provided an overview of recent operational highlights.

Second Quarter 2020 Financial and Operational Highlights 

  • Generated $10.9 million in net revenue in second quarter of 2020;
  • GAAP Net Income was $9.7 million, as compared to a loss of $15 million for the same period in 2019;
  • Gross profit for the period ending June 30, 2020, was $8.7 million;
  • Gross Margins improved for the period, from 74.3% in the second quarter of 2019 to 79.7% in the second quarter of 2020;
  • GAAP Sales and Marketing expense decreased as a percentage of sales from 52.6% in the second quarter of 2019 to 51.9% in the same period in 2020;
  • Portfolio investment company Kannalife, Inc. was issued a Notice of Allowance from the United States Patent and Trademark Office (USPTO) on its trademark application for its patented monotherapeutic compound, "Atopidine";
  • Subsidiary Kannaway promoted Chief Marketing Officer Stephen Jones to President;
  • Blake Schroeder, CEO of the Company's subsidiary Kannaway, was honored as the Top CEO of the Year by the International Association of Top Professionals;
  • Subsidiary HempMeds named Caroline Heinz and Raul Elizalde as co-CEOs;
  • Subsidiary Kannaway launched the first-ever cannabidiol (CBD) fitness program, Evolve, in partnership with certified nutrition coach and Kannaway spokesperson Dan Miller;
  • The Company and its subsidiaries received five prestigious Stevie Awards in the 18th Annual American Business Awards, including the Gold Stevie Award winner for Company of the Year - Food & Beverage - Small for Medical Marijuana, Inc.;
  • Investment company AXIM Biotechnologies, Inc. filed a utility patent application relating to a novel biomarker for the detection of cancer in blood serum and urine;
  • Subsidiary HempMeds hired Vince DiMella as its U.S. Director of Sales and Marketing

“As the world navigates the financial and logistical burden of the COVID-19 pandemic,  our portfolio of companies has continued to not only operate, but innovate, adapt and expand,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Our sales organizations have shifted focus to online sales and virtual events that are experiencing tremendous participation. Our international operations continue to experience growth in distribution, while we push for further acceptance of CBD products in Europe and neighboring countries, where we have a significant presence. Our investment companies AXIM Biotechnologies, Inc. and Kannalife, Inc. have made many noteworthy breakthroughs during the second quarter of this year and we are excited to continue to support them in their scientific missions. Our executive leadership team continues to evolve with the additions and promotions of world-class talent at our home office. All in all, I remain extremely optimistic about the future of Medical Marijuana, Inc.’s portfolio of companies and our positioning in the global cannabis industry.”

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