Kannaway, the publicly listed parent company of Medical Marijuana, Inc., has released its first-quarter financial statistics for 2021.
The firm reported $8.9 million in net sales, $3.7 million in net profits, and a $4.9 million cash position for the quarter. Dr. Stuart Titus, CEO of Medical Marijuana, Inc., said, “Our operations achieved remarkable improvements in the very first quarter of this year that position us to extend our worldwide presence and showcase the overall industry’s accomplishments.”
“We are trying to put a lot of effort into growing our international business, with our Latin American operations breaking sales records and gaining market share. We will definitely be able to significantly extend our footprint in Mexico thanks to pending legislation, which is a crucial potential unique to our portfolio.
Beyond Latin America, we sought to ensure that our European operations adhered to EU and UK regulatory norms.
Finally, as the world’s perception of cannabis shifts in favor of it, customers’ purchasing patterns evolve to encompass a more extensive range of goods.
The following are some of Kannaway’s operating highlights during the quarter:
• Various new products have been released in the United States and Europe, including cannabigerol (CBG) tincture in the United States and Green Hemp CBD Oil in Europe.
• Banned Substances Control Group (BSCG) Certified CBD clearance for its broad-spectrum CBD product Pure Gold
• Record sales for the company’s Japanese business in February 2021
• Validcare clinical trial, which employed Kannaway’s hemp-derived CBD products as part of its attempts to address the FDA’s request for evidence on potential liver toxicity concerns in the use of botanical CBD, which purportedly exist in the pharmaceutical form of CBD, resulted in good results.
• The European Industrial Hemp Association Novel Foods Consortium submitted a Novel Foods proposal for its CBD products to the UK’s Food Standards Agency.