SAN DIEGO, Aug. 21, 2018 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, today announced that the company and its subsidiaries Kannaway®, HempMeds®, HempMeds® Mexico and HempMeds® Brasil have booked their largest-ever sales revenue quarter in their history in Q2 2018, as well as reached major milestones in their business operations.
Medical Marijuana, Inc. (MJNA) Q2 2018 revenues exceeded $14.8 million, an increase of more than 40% over Q2 2017.
Total gross profits for Q2 2018 increased more than 100% compared to Q2 2017, including the impact of a one-time adjustment for excess or discontinued inventory of $2.2 million.
The company experienced many accomplishments in Q2 including launching its very first cannabidiol (CBD) vape cartridge through subsidiary Dixie Botanicals®, experiencing three consecutive record-breaking sales months and announcing a partnership with Peak Health to distribute the first-ever, and only, hops (Kriya brand Humulus)-derived CBD extract, ImmunAg™.
"In Q2 we saw significant media coverage and operational successes," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "As we move into Q3, we will aim to continuously make our mark in the cannabis space with our portfolio of high-quality cannabis products, all while increasing shareholder value."
Medical Marijuana, Inc. and its subsidiaries also garnered positive news coverage in several national and international publications including Dateline NBC, The History Channel, BuzzFeed, Forbes, The Street, TMZ, Benzinga, Leafly, Chicago Tribune, Shape Magazine, Medium, Bustle, Vice and more.
"Our wide range of accomplishments and milestones during Q2 speak to the Company's integral role as a leader in the legal medical cannabis industry," said Medical Marijuana, Inc. Chief Operating Officer Blake Schroeder. "The Company and its portfolio of subsidiaries will continue to diversify and adapt to the ever-changing market, and we are looking forward to greatly expanding operations during Q3."
SECOND QUARTER 2018 HIGHLIGHTS
During the second quarter of 2018, Medical Marijuana, Inc. and its subsidiaries achieved the following milestones and significant events:
Medical Marijuana, Inc.'s wholly owned subsidiary HempMeds® is the portfolio's predominate consumer brand and saw massive expansion and continued growth for its line of CBD hemp oil products, including the following:
- The company received the first-ever import authorization for its THC-free product Real Scientific Hemp Oil-X™ (RSHO-X™) CBD hemp oil product in Argentina.
- The company began distribution of its Real Scientific Hemp Oil™ (RSHO™) products in Bermuda, offering them in some of the island's largest pharmacy chains.
- The company was a gold sponsor of the three-day 2018 World Medical Cannabis Conference & Expo, a conference dedicated to serving the growing national medical cannabis market.
- HempMeds® Mexico garnered international news coverage on leading business news website Forbes, which included a quote from Raul Elizalde, President of HempMeds® Latin America.
- HempMeds® Brasil announced that Norberto Fischer, professor and world-renowned speaker, has joined as a spokesperson for the company. The company also hosted two events for doctors in Brazil to learn more about CBD and its benefits.
Medical Marijuana, Inc.'s wholly owned subsidiary Kannaway® is the Company's premier lifestyle marketing brand and is the fastest-growing company in the direct-selling cannabis space with an exponential growth outlook for the future. The company experienced significant milestones including the following:
- Kannaway® hosted its largest-ever U.S. national event, the Empower National Convention in Las Vegas and its largest European event in Prague.
- The company brought on several professional athletes such as Christian Okoye and Amy Van Dyken.
- The company released a THC-free CBD hemp oil for pets called Dante's Pure Hemp Oil.
SECOND QUARTER 2018 FINANCIAL RESULTS
Gross Revenue ($ in millions):
Q2 2017 – $6.1M
Q2 2018 – $14.8
Q2 2017 – $4.1
Q2 2018 – $8.6
About Medical Marijuana, Inc.
We are a company of firsts®. Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s corporate video, click here.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
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 FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
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SOURCE Medical Marijuana, Inc.