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Medical Marijuana, Inc. Reported $9.6 Million In Net Revenue In The Second Quarter

The financial statistics for the second quarter of 2021 were announced by Medical Marijuana, Inc., the parent company of direct selling firms Kannaway and HempMeds. Year over year, the company’s net income and net sales rose by 8% and 86 percent, respectively. For the quarter, net sales were $9.6 million, while net income was $7 million. The quarter’s gross profit was $5.6 million.

After the quarter, cash and cash equivalents were $6.6 million, with net cash supplied by operating operations being $2 million, one of the largest net cash totals in company history.

The legalizing of cannabis in Mexico and the elevation of Blake Schroeder to CEO were also important events during the reporting period.

“In my first quarter as CEO of Medical Marijuana, Inc., I am pleased to see that we continued to expand in terms of sales, cash position, and bottom line,” stated Blake Schroeder, CEO of Medical Marijuana, Inc. “We’re striving to create a global cannabis firm that’s not only lucrative but also brings cannabis’ power to new markets throughout the world. Both our Latin American and Asian businesses have witnessed significant growth this quarter. These markets continue to have great untapped potential for our Company, and we continue to enjoy the first-mover advantage in them. Our US and European operations have also remained robust, and we anticipate continuing to make success in the months ahead, as we have in previous months. While we continue to prepare for the future of Medical Marijuana, Inc., we are focused on expanding globally, developing new products, and maintaining our position as the industry leader in cannabis-based wellness products.”

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