Medical Marijuana, Inc. Reports 2020 Third Quarter Financial and Operational Results; Reports Positive Adjusted EBITDA and Net Income of $12.2 Million

Nachrichtenquelle: globenewswire
17.11.2020, 15:00  |  177   |   |   

SAN DIEGO, Nov. 17, 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 September 30, 2020, and provided an overview of recent operational highlights.

Third Quarter 2020 Financial and Operational Highlights

  • Generated $12.2 million in net revenue in the third quarter of 2020, an 11.25% increase when compared to the previous quarter in 2020;
  • Positive adjusted EBITDA of $175,755
  • Gross profit for the period ending September 30, 2020, was $9.1 million;
  • GAAP Sales and Marketing expense decreased as a percentage of sales from 51.9% in the second quarter of 2020 to 49.3% in the third quarter of 2020;
  • New Ordinary Loss decreased by $.41 million when compared to second quarter of 2020
  • The Company’s subsidiary HempMeds launched a retail partnership with Gelson’s Market to sell the Company’s cannabidiol (CBD) topical and beauty products throughout Southern California;
  • The Company’s investment company Kannalife, Inc. (“Kannalife”) (OTCQB: KLFE), now known as Neuropathix, Inc. (OTCQB: NPTX), was granted patents in 16 European territories and Canada;
  • Promoted Todd Morrow to Chief Financial and Information Officer and the Company’s co-founder Michelle Sides, Esq. as the Company’s Chief Legal Officer;
  • Hired financial executive Robert A. Wells as Vice President of Finance;
  • The Company’s subsidiary Kannaway began recruiting CBD users to participate in the ValidCare CBD safety study;
  • Expanded its production and warehouse facility to keep up with demand, further vertically integrating the Company’s supply chain, enabling broader product R&D and internal manufacturing;
  • The Japanese division of the Company’s subsidiary Kannaway had its best revenue month ever in Company history in August 2020;
  • The Company’s CEO Dr. Stuart Titus was honored with a Gold Stevie Award for Executive of the Year – Food & Beverage, HempMeds was awarded a Gold Stevie Award for Consumer Products – Food & Beverage, Kannaway CEO Blake Schroeder was honored with a Silver Stevie Award for Maverick of the Year and Kannaway earned a Bronze Stevie Award for Achievement in International Expansion;
  • In the 2020 World CEO Awards, the Company’s CEO Dr. Stuart Titus was named a Bronze Award winner for Top CEO of the Year – The Visionary and Blake Schroeder, CEO of the Company’s subsidiary Kannaway, was honored with a Silver Award for Top CEO of the Year;
  • Became the first company to reach a two-year milestone in high-level CBD hemp oil stability study through long-term stability testing on its flagship THC-free CBD oil product Real Scientific Hemp Oil-X (RSHO-X).

“It’s encouraging to see our costs, specifically in the area of sales and marketing, decrease while our sales increased in this quarter when compared to the previous one, and a positive adjusted EBITDA,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We feel very optimistic about finishing out the year strong, with consumers interested in wellness at an all-time high headed into the holidays. Additionally, we are very optimistic about the overall landscape with so many states entering the cannabis industry through recently passed legislation, signaling that the stigma for the entire plant, including hemp, is diminishing.”

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Medical Marijuana, Inc. Reports 2020 Third Quarter Financial and Operational Results; Reports Positive Adjusted EBITDA and Net Income of $12.2 Million SAN DIEGO, Nov. 17, 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 …

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