Cannabis
Bithumb to Strengthen Its Cooperation with a Blockchain Firm to Dominate the Security Tokens Market
Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, announced today its financial results for the quarter ending March 31, 2019, and provided an overview of recent operational highlights.
First Quarter 2019 Financial Highlights
- Record sales revenue of $20,227,918 in the first quarter of 2019, a 92% increase over the same quarter in 2018;
- Cost of Goods Sold decreased as a percentage of sales from 31% in Q1 of 2018 to 22% in Q1 of 2019, resulting in gross profit margins increasing 13% as compared to Q1 2018;
- Sales & Marketing expenses decreased from 58% of sales in Q1 2018 to 51% of sales revenue in Q1 of 2019;
- General & Administrative expenses decreased from 23% of sales in Q1 2018 to 20% of sales revenue in Q1 of 2019;
- Net Ordinary Income for the period was $1,524,347, the company’s best result for Net Ordinary Income to date.
The Company showcased strong growth throughout the quarter, as Q1 2019 sales revenue exceeded $20.2 million, an increase of more than 92% over Q1 2018. The company executed on a strategic profitability and sales growth plan which resulted in gross margins increasing from 69% in Q1 of 2018 to 78% in Q1 of 2019 as well as decreased Sales & Marketing and General & Administrative Expenses as they relate to percentage of sales revenue.
Additionally, Medical Marijuana, Inc.’s wholly-owned subsidiary Kannaway® experienced significant growth in sales revenue, showing an increase of approximately 130% as compared to the same period last year.
“The first quarter of 2019 proved to be the largest sales revenue quarter in the history of our Company,” said Dr. Stuart Titus, Chief Executive Officer of Medical Marijuana, Inc. “We are pleased to see this level of growth our company has experienced as the world continues to open up to the benefits of hemp-derived CBD.”
“I could not be more excited to share these results with our valued shareholders,” said Blake Schroeder, Chief Operating Officer of the Company. “Even more thrilling is the fact that we are able to show not only significant growth but profitability. This was a major focus for us when we started the year and implemented a strategic expansion plan with lofty targets. We are not only reaching these targets but surpassing them.”
Gross Revenue:
Q1 2018 – $10.5 million
Q1 2019 – $20.2 million
Cost of Goods Sold
Q1 2018 —$3.3 million, which represents 31% of sales
Q1 2019 – 4.4 million, which represents 22% of sales
Gross Profit:
Q1 2018 – $3.3 million
Q1 2019 – $15.8 million
Gross Margin:
Q1 2018 – 68.84%
Q1 2019 – 78.22%
Sales & Marketing Expense
Q1 2018 – $6.1 million, which represents 58% of sales
Q1 2019 – $10.3 million, which represents 51% of sales
General & Administrative Expense
Q1 2018 – $2.4 million, which represents 23% of sales
Q1 2019 – $3.9 million, which represents 20% of sales
Net Ordinary Income/(Loss):
Q1 2018 – ($1.3 million)
Q1 2019 – $1.5 million
Net Income/(Loss):
Q1 2018 – ($134.5 million)
Q1 2019 – $9.5 million
First Quarter 2019 Operational Highlights
The Company achieved many accomplishments in Q1 2019, including becoming the first company to have its cannabidiol (CBD) products listed in the Prescribers’ Digital Reference®. In addition, the Company and its subsidiaries HempMeds®, Kannaway® and Dixie Botanicals have become some of the first companies to receive a Certification Seal from the U.S. Hemp Authority, by launching our most potent CBD product in the history of the Company – Real Scientific Hemp Oil (RSHO) Maximum Strength. Finally, we signed an agreement with national distributor Mr. Checkout to be part of its distribution network of over 35,000 retailers.
Medical Marijuana, Inc. also garnered positive news coverage in several national and international publications including Yahoo Finance, International Business Times, CNBC, Medium, PBS NewsHour, Forbes, Entrepreneur, Bloomberg, Boston Globe, Benzinga, ABC News and the San Diego Union-Tribune.
SOURCE Medical Marijuana, Inc.
Cannabis
Sannabis, Inc. (OTC: USPS) Announces First Shipment of Cannabis Essential Oil from Colombia to U.S. to Fill First Order, as the DEA Re-Classifies Marijuana from Schedule I to Schedule III
Cannabis
Technological Advancements in Breathalyzers Drive Market Growth and Enhance Road Safety
Cannabis
Bay Area Social Equity Operator Launches the Purple Raina Balm Wand 1:1, an Inclusive Multipurpose Cannabis Topical
-
Cannabis2 weeks ago
Sannabis, Inc. (OTC: USPS) Unveils Innovative NO LICK! Terpene Spray for Cannabis Products to Enhance CBD and THC to Achieve the Entourage Effect
-
Cannabis2 weeks ago
Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand
-
Innocan1 week ago
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
-
Curaleaf1 week ago
Curaleaf Completes Acquisition of Northern Green Canada
-
Cannabis1 week ago
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
-
SCHWAZZE3 days ago
Schwazze Sets First Quarter 2024 Conference Call for May 15, 2024 at 5:00 p.m. ET
-
Cannabis2 days ago
Technological Advancements in Breathalyzers Drive Market Growth and Enhance Road Safety
-
Humboldt2 days ago
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace