SAN DIEGO, May 23, 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® and HempMeds® have booked their largest-ever sales revenue quarter in their history in Q1 2018, as well as reached major milestones in its business operations.
Medical Marijuana, Inc. Q1 2018 revenues exceeded $10.5 million, an increase of more than 190% over Q1 2017.
Total gross profits for Q1 2018 increased more than 30% as compared to Q1 2017.
Wholly-owned subsidiary Kannaway® saw the most growth from Q1 2017 to Q1 2018, with Q1 2018 revenues increasing more than 325% to $7.5 million.
The company experienced many accomplishments in Q1 including launching its newest subsidiary Phyto Animal Health, which produces and distributes cannabidiol (CBD) and hemp products for companion animals; achieving registration of its Real Scientific Hemp Oil-X™ (RSHO-X™) and RSHO™-Blue Label products as medicines by Paraguay's national health regulation organization (Dirección Nacional de Vigilancia Sanitaria); and being named a "Top Three Hemp Producer of 2018."
"In Q1 2018, we had the best revenue quarter in the history of our Company," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We're excited that, with the help of our investors, spokespeople and customers, we've experienced tremendous growth and the company is positioned well for continued explosive expansion."
Medical Marijuana, Inc. also garnered positive news coverage in several national and international publications including TMZ Entertainment, Reuters, FOXNews.com, CBS' The Doctors, The Washington Post, The Street, POPSUGAR, Epicurious and more.
"This achievement showcases that Medical Marijuana, Inc. and its subsidiaries are flourishing in the fast-growing cannabis industry and will continue to be leaders in the CBD and hemp product markets," said Medical Marijuana, Inc. COO Blake Schroeder. "Kannaway is one example of how the company's operations are growing internationally and helping the company increase its consumer base rapidly."
FIRST QUARTER 2018 HIGHLIGHTS
During the first 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:
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:
FIRST QUARTER 2018 FINANCIAL RESULTS
Gross Revenue ($ in millions):
Q1 2017 - $3.6
Q1 2018 - $10.5
Q1 2017 - $2.5
Q1 2018 - $3.3
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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