SAN DIEGO, June 5, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTCPINK:MJNA), the first-ever publicly traded cannabis company in the United States, today announced financial results for the first quarter ending March 31, 2017, and an overview of recent operational highlights. The Company saw a gross revenue increase from $1,535,728 in Q1 2016 to $3,612,739 in Q1 2017, a quarter over quarter increase of 135%. Total gross profit increased from $820,446 in Q1 2016 to $2,545,229 in Q1 2017; which is an increase of 210%. Total assets increased by 130% from $214,115,665 in Q1 2016 to $494,182,096 in Q1 2017. Net loss in Q1 2016 of ($11,096,659) was decreased by 79% over Q1 2017 to ($2,222,818). Net comprehensive income increased by 1188% quarter over quarter from ($9,708,598) in Q1 2016 to $105,632,830 in Q1 2017.
The increase in the net comprehensive income is mostly derived from the Company's unrealized gains from its holdings in AXIM Biotechnologies. Portfolio company Kannaway showed increased revenue from $305,670 in Q1 2016 to $1,741,553 in Q1 2017, an increase of 469%.
"We are pleased to see certain management re-structuring efforts rewarded after the company made changes in 2016," said Medical Marijuana, Inc. Dr. Stuart Titus. "We believe that our revenue and sales velocities have the ability to maintain their current momentum. We have had significant investment portfolio appreciation in terms of unrealized gains in the past year and expect 'market-average' performance in the future. We are satisfied with where operations currently sit and believe that in the coming years we will see other investments and company divisions adding nice value for the company and its shareholders."
Titus added, "Further, we continue to be encouraged by the growing international acceptance of cannabis and the progress our team has made in educating the world on its many therapeutic uses. I am quite excited about international expansion opportunities. We are thankful for our dedicated team and the continued support of our shareholders."
Medical Marijuana, Inc. investments and subsidiaries continued international expansion and product development in the first quarter of 2017.
Wholly-owned subsidiary HempMeds US, the portfolio's predominate consumer brand, continued to experience growth in 2017 and experienced the following milestones:
2) HempMeds Brazil®
93.4%-owned subsidiary HempMeds Brazil, which received the country's first import permit for cannabis products, achieved the following milestones in the first 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 first quarter of 2017:
Subsidiary Kannaway, a premier hemp lifestyle brand, recently experienced 11-times revenue growth in a year-over-year comparison, and achieved the following milestones in the first quarter of 2017:
1) AXIM Biotechnologies®
AXIM Biotechnologies (OTCQB: AXIM) is a cannabinoid research and development biotech company. Medical Marijuana, Inc. owns 22,669,100 shares worth approximately $308,704,704. The closing share price was $13.44 as of March 31, 2017, which is an increase of $13.04 from $0.40 as of March 31,2016. 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, which Medical Marijuana, Inc. owns 16.7% of. Kannalife has garnered a licensing agreement with the United States National Institutes of Health (NIH) for two indications: (1) Hepatic Encephalopathy (HE) and secondly for traumatic head injury, known as (2) Chronic Traumatic Encephalopathy (CTE).
Legal cannabis is arguably the fastest growing industry worldwide.
Q1 2016 – $1,535,728
Q1 2017 – $3,612,739
Q1 2016 – $820,446
Q1 2017 – $2,545,229
Q1 2016 – ($11,096,659)
Q1 2017 – ($2,222,818)
Net Comprehensive Income:
Q1 2016 – ($9,708,598)
Q1 2017 – $105,632,830
Q1 2016 – $214,115,665
Q1 2017 – $494,182,096
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.
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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, uncertainties.
The statements in this press release have not been evaluated by the Food and Drug Administration (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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