Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the world’s first publicly traded cannabis company that launched the world’s first cannabis-derived nutraceutical products, brands, and supply chain, today announced financial results for the quarter ending June 30, 2021, as well as an overview of recent operational highlights.
Financial and operational highlights for the second quarter of 2021
In the second quarter of 2021, the company generated $9.6 million in net sales, up 8% from the first quarter.
• When compared to the first quarter of 2021, net income for the second quarter of 2021 was $7.0 million, an increase of 86 percent QoQ.
• For the fiscal year ended June 30, 2021, gross profit was $5.6 million.
• When compared to Q1 of 2021, the cash position after the quarter was $6.6 million, up 34 percent QoQ.
• When compared to Q2 2020, both Revenue & Marketing and General and Administrative expenditures fell as a proportion of sales.
• The $2.0 million in Net Cash Provided by Operating Activities was one of the greatest in the Company’s history.
• Blake Schroeder, the company’s Chief Operating Officer, has been elevated to Chief Executive Officer at Medical Marijuana, Inc.
• In The 19th Annual American Business Awards®, the United States of America’s top business awards program, the Company, and its subsidiaries earned two coveted Stevie® Awards.
• HempMeds®, a subsidiary of Medical Marijuana, Inc., hailed new law in Mexico that decriminalizes cannabis.
“I am pleased to see that we continued to expand in terms of sales, cash position, and bottom line in my first quarter as CEO of the company,” says the CEO.
CEO of Medical Marijuana, Inc. Blake Schroeder stated.
“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.”
About Medical Marijuana, Inc.
We’re a firm with a lot 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 cannabinoid-based clinical research and botanical drug development division.