SAN DIEGO, Nov. 21, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company 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 a gross revenue increase from $2,188,671 in Q3 2016 to $7,783,297 in Q3 2017, a year-over-year increase of 255%. Total gross profit increased from $1,266,488 in Q3 2016 to $5,034,464 in Q3 2017; which is an increase of 297%. Net loss in Q3 2016 of ($4,286,818) was decreased by 30% over Q3 2017 to ($2,959,173). The company reported total assets in the amount of $345,388,650.
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.
Wholly owned subsidiary HempMeds US, the portfolio's predominate consumer brand, continued to grow in 2017 and experienced the following milestones:
- Announced sponsorship at the 6th Annual Run 4 Hope Festival & 5K in Carrollton, TX
- Announced sponsorship at Natural Product Expo East 2017 in Baltimore, MD
- Achieved its record-breaking revenue month for total online and wholesale orders in October
- Launched a new Veteran's Discount program on Veteran's Day weekend (15% off and free shipping to all veterans)
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:
- The Company's hemp cannabidiol (CBD) oil product Real Scientific Hemp Oil™ (RSHO™) was prescribed by doctors in Brazil for the treatment of patients suffering from Amyotrophic Lateral Sclerosis (ALS) and Psoriasis
- Garnered extensive media coverage in Brazil about the Company's growth and the booming cannabis market across the US and Latin America
- Held a successful, sold-out Doctor Symposium in São Paulo, Brazil on August 15, dedicated to providing the Brazilian medical community with information about the medical value of cannabidiol (CBD) and how to legally import CBD into the country, prescribe it for patients and present CBD clinical study results
- Sponsored the 8th Brazilian Academy of Neurology/Association of Neurology of the State of Rio de Janeiro (ABN-RJ/ANERJ) Congress Workshops, which took place from September 28-30 at the Windsor Barra Convention Center in Rio De Janeiro, Brazil
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:
- Received international media attention from outlets such as Forbes, Bloomberg, and Global Press during the July 28 inauguration of HempMeds® Mexico's first office in Monterrey, Nuevo León, Mexico
- Discussed therapeutic benefits of cannabis at the LX Annual Meeting and National Congress of the Mexican chapter of the International League Against Epilepsy, which took place in Tijuana, Mexico from July 26 to 29
- Featured in a Vanity Fair Mexico article highlighting the Company's expanding presence in Mexico and how its products are helping "improve the quality of life of thousands of patients" with a variety of medical indications, including epilepsy
- Announced that flagship product Real Scientific Hemp Oil-X (RSHO-X™) would be featured at the 32nd International Congress of Epilepsy in Barcelona, Spain which took place from September 2 to 6
- HempMeds Mexico President Raul Elizalde spoke at the World Health Organization's 39th Expert Committee on Drug Dependence Conference in Geneva, Switzerland on November 6
Subsidiary Kannaway, a premier hemp lifestyle brand, achieved the following milestones in the third quarter of 2017:
- Announced Stephen Jones as new Chief Marketing Officer
- Announced that July 25, 2017 was the largest revenue day in company history
- Announced that August 2017 was the largest revenue month in company history
- Recognized first brand ambassador in company history to achieve Presidential Director rank
- Recognized second and third brand ambassadors in company history to achieve Vice Presidential Director rank
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:
- Entered into a Clinical Study Agreement (CSA) with the University of British Columbia in Canada to begin a clinical trial with its CanChew Plus® cannabidiol (CBD) chewing gum product to treat drug-induced psychosis in adult patients
- Entered into a Services Agreement with an Israel-based contract research organization (CRO) to begin a clinical proof of concept study (POC) with its cannabidiol (CBD) and gabapentin chewing gum product to treat restless leg syndrome (RLS) in patients
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:
- Presented scientific data on the mechanism of action of KLS-13019 vs. CBD at the 27th Annual ICRS Symposium on Cannabinoids held in Montreal, Canada from June 22-27
- Announced former Kansas City Chiefs player Nick Lowery as their new corporate spokesperson
- Was featured on FOX Business' Varney & Co. in a story about Chronic Traumatic Encephalopathy (CTE)
- Hosted a media tour discussing CTE in New York with spokesman Nick Lowery
Legal cannabis is arguably the fastest growing industry worldwide.
- In the United States, 44 states, the District of Columbia, Puerto Rico, and Guam have passed cannabis laws to some degree
- Adult cannabis use is legal in 8 states including the District of Columbia
- Medical cannabis use is legal in 29 states including the District of Columbia
- CBD-only cannabis use is legal in 16 states
- North American sales are projected to hit $1 billion by 2020, according to Forbes
- Adult cannabis use is legal in many Latin American countries including Paraguay, Uruguay, Mexico and Brazil with a government-issued permit
THIRD QUARTER 2017 FINANCIAL RESULTS
Q3 2016 – $2,188,671
Q3 2017 – $7,783,297
Q3 2016 – $1,266,488
Q3 2017 – $5,034,464
Q3 2016 – ($4,286,818)
Q3 2017 – ($2,959,173)
Q3 2016 – $206,953,319
Q3 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.
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SOURCE Medical Marijuana, Inc.