Medical Marijuana, Inc. (OTC: MJNA) announced its financial results for the third financial quarter of 2021, including a net revenue of $9.2 million. The company, self-described as “a company of firsts,” develops cannabinoid-based nutraceuticals and was named a top CBD producer by CNBC.
For the third financial quarter ending on September 30, 2021, the company reported:
$640k Net Ordinary Loss
$6.7 million in Gross Profit
47% Cash Balance increase from Q3 2020
54% long-term debt decrease from Q3 2020
Medical Marijuana, Inc. was also the first company to receive importing rights for CBD from Mexico, Brazil, Paraguay and Argentina. The company’s subsidiaries HempMeds and Kannaway both achieved their highest revenue months in July 2021 for their Mexico and Japan branches, respectively.
“With our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company and we plan to continue to enter new markets around the world,” says Medical Marijuana, Inc. CEO Blake Schroeder. “Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.”
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