SAN DIEGO, Nov. 21, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabiscompany in the United States, today announced financial results for the third quarter ending September 30, 2017 and an overview of recent operational highlights.
The Company saw
Additionally, the company reported a year-over-year increase in year-to-date gross revenue from $5,450,080 in 2016 to $17,098,785 in 2017, an increase of 213%. Year-to-date gross profits also increased 258% year over year, from $3,254,122 in 2016 to $11,675,391 in 2017.
"We are excited to announce such outstanding leaps in growth and success this quarter," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We believe that with these record-breaking revenue numbers, we have the capacity to make 2018 the most profitable year the company has ever seen. We are currently spending on international expansion and research efforts which should pay long-term dividends for shareholders."
THIRD QUARTER OPERATIONAL HIGHLIGHTS Medical Marijuana, Inc. investments and subsidiaries continued international expansion and product development in the third quarter of 2017.
1) HempMeds® Wholly owned subsidiary HempMeds US, the portfolio's predominate consumer brand, continued to grow in 2017 and experienced the following milestones:
2) HempMeds Brazil® 93.4%-owned subsidiary HempMeds Brazil, which received that country's first import permit for cannabis products, achieved the following milestones in the third quarter of 2017:
3) HempMeds Mexico® Wholly owned subsidiary HempMeds Mexico, which accomplished the first-ever import permits for a cannabis product for its RSHO™ and RSHO-X™ products from the federal governments of Mexico and Paraguay in 2016, achieved the following milestones in the third quarter of 2017:
4) Kannaway® Subsidiary Kannaway, a premier hemp lifestyle brand, achieved the following milestones in the third quarter of 2017:
THIRD QUARTER INVESTMENT HIGHLIGHTS
1) AXIM Biotechnologies® AXIM Biotechnologies (OTCQB: AXIM) is a cannabinoid research and development clinical stage pharma and biotech company. Medical Marijuana, Inc. owns 22,669,100 shares worth approximately $151,882,970. The closing share price was $6.70 as of September 29, 2017, which is an increase of $6.47 from $0.23 as of September 30, 2016. AXIM Biotechnologies achieved the following milestones:
2) Kannalife Sciences Kannalife Sciences Inc. is an early-stage biotechnology company involved with the pharmaceutical development of new therapeutic compounds based on cannabinoids. Medical Marijuana, Inc. owns 16.7% of the Common Stock and Preferred Stock of Kannalife. In 2012 and 2014 the Company obtained two licenses from the National Institutes of Health (NIH) for the use of U.S. Patent 6,630,507 (the "507 Patent") titled "Cannabinoids as Antioxidants and Neuroprotectants." These licenses cover two disease indications, the first of which from 2012 is for an exclusive license to use cannabinoid therapeutics to treat Hepatic Encephalopathy (HE); and the second from 2014 is for a non-exclusive license to treat traumatic head injury, known as Chronic Traumatic Encephalopathy (CTE).
Kannalife advancements for late second quarter / third quarter 2017 include:
INDUSTRY HIGHLIGHTS Legal cannabis is arguably the fastest growing industry worldwide.
THIRD QUARTER 2017 FINANCIAL RESULTS
Gross Revenue: Q3 2016 – $2,188,671 Q3 2017 – $7,783,297
Gross Profit: Q3 2016 – $1,266,488 Q3 2017 – $5,034,464
Net Income/Loss: Q3 2016 – ($4,286,818) Q3 2017 – ($2,959,173)
Total Assets: Q3 2016 – $206,953,319Q3 2017 – $345,388,650
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, and develop environmentally friendly and 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 are also encouraged to visit the Medical Marijuana, Inc. Shop for discounted products.
FORWARD-LOOKING DISCLAIMER AND DISCLOSURES. 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 and uncertainties. The statements in this press release have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease. The Company does not sell or distribute any products that are in violation of the United States Controlled Substances Act. The Company does sell and distribute hemp-based products.
CONTACT: Public Relations Contact: Andrew Hard Chief Executive Officer CMW Media P. 888-829-0070 email@example.com www.cmwmedia.com
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SOURCE Medical Marijuana, Inc.
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