Medical Marijuana, Inc. Reports 2020 Second Quarter Financial and Operational Results; Reports Net Income of $9.7 Million - Seite 2

"Like most, we experienced unprecedented challenges in the second quarter of 2020; however, I could not be prouder of how our team continued to execute throughout the pandemic and regulatory hurdles," said Medical Marijuana, Inc. COO Blake Schroeder. "As a Company of firsts, we knew it would never be easy to introduce wellness products on a global scale but we continue to do just that. Our direct selling organization Kannaway continues to be the primary driver of revenue for our portfolio of companies, specifically in its international operations. Additionally, we have introduced first-of-its-kind wellness and sports programs with renowned experts that elevate our company and products over any of our perceived competitors. We will continue to forge ahead in our mission of bringing the highest quality, most innovative cannabinoid-based products to consumers around the world with a standard of trust and transparency.”

Financial Data: Second Quarter 2020 as Compared to First Quarter 2020
(in thousands)

Gross Revenue:
Q2 2020 – $10,986
Q1 2020 – $13,351

Cost of Goods Sold:
Q2 2020 – $2,234
Q1 2020 – $2,163

Gross Margin:
Q2 2020 – 79.7%
Q1 2020 – 83.8%

Net Income/(Loss):
Q2 2020 – $9,699
Q1 2020 – ($90,782)

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 Kannalife, 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.