SAN DIEGO, CA, April 01, 2022 (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, today announced its financial results for the year ending December 31, 2021, and provided an overview of recent operational highlights.
Third Quarter 2021 Financial and Operational Highlights
- Generated $34.1 million in net revenue for fiscal year 2021;
- Gross profit fiscal year 2021, was $26.9 million representing a gross profit margin of 78%;
- Total cash balance at year end was $5.4 million;
- Medical Marijuana, Inc. experienced substantial growth in its international business segments including the establishment of operations in South Africa and Hong Kong, and celebrated sales growth records in its Japanese, Brazilian and Mexican businesses;
- Added key executive team members with deep experience in high-growth, international companies;
- Increased its advocacy of expanded access to cannabis-based products through participation in industry organizations and supportive stances on regulatory changes in favor of cannabis legalization around the world.
“2021 was a pivotal year for Medical Marijuana, Inc – a year focused on our mission to establish new markets internationally and to bring access to safe and effective cannabis-based products to millions worldwide,” said Medical Marijuana, Inc. CEO Blake Schroeder. “I’m proud of the progress we made in achieving that mission. Medical Marijuana, Inc. is leading the way in becoming the first global cannabis company. We will continue to utilize our first mover advantage in these markets while optimizing and growing our existing operations. In 2021, we improved our operating margins by continuing to develop our own manufacturing capacity where we now produce the vast majority of our own products in-house. We plan to further optimize those operations which inevitably will help our bottom line. On the pharmaceutical side, our major investment companies AXIM Biotechnologies (OTC: AXIM) and Neuropathix (OTC: NPTX) furthered their groundbreaking research and experienced their own set of milestones. AXIM acquired FDA-cleared diagnostic tools that will allow AXIM to pave the way for a bright future in the Dry Eye Disease category. Neuropathix received a grant from the NIH HEAL program, further validating the science it is conducting.
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 Neuropathix. Medical Marijuana, Inc. was named a top CBD producer by CNBC in 2019. 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.
Medical Marijuana, Inc.’s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.’s corporate video, click here.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
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