Diverse portfolio of investments makes incredible strides in bringing access to cannabinoids to people worldwide.
Medical Marijuana, Inc. released its Q3 financial numbers this week, revealing remarkable success across its portfolio. Our companies delivered cannabinoids to more people than ever, took steps to enter ground-breaking clinical trials, educated millions of people on the many benefits of cannabis, and shattered sales records with our award-winning CBD oil products.
Throughout Q3, Medical Marijuana, Inc. broke monthly and daily sales records, bringing our CBD oil products to more customers than ever before.
Medical Marijuana, Inc. gross revenue soared from $2,188,671 in Q3 2016 to $7,783,297 in Q3 2017, a quarter over quarter increase of 255%. Total gross profit rose from $1,266,488 in Q3 2016 to $5,034,464 in Q3 2017, an increase of 297%.
“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.”
Medical Marijuana, Inc. had its largest revenue sales month ever in July – a feat it repeated in August. Additionally, wholly-owned subsidiaries Kannaway® and HempMeds® Mexico experienced their largest months of revenue in their respective histories in August.
MJNA Total Assets Now Approaching $350M
Medical Marijuana, Inc.’s total assets are valued at just under $350 million. This value includes all Medical Marijuana, Inc. investments, including our distribution companies like HempMeds® and Kannaway®, international divisions in Mexico and Brazil, and our investments in biotechnology companies like AXIM® Biotechnology and Kannalife™ Sciences.
Expanded Warehouse & Increased MJNA Staff
Medical Marijuana, Inc. also expanded our operational space and increased the staff necessary to keep pace with our growing business.
We began the process of adding to our office and warehouse space in San Diego and opened a new local office for HempMeds® Mexico in Monterrey. We also brought in four new members of our executive team, including Chief Marketing Officer Stephen Jones.
Influence and Presence at Key Events
The Medical Marijuana, Inc. family of companies was also very active this year, attending, sponsoring, and hosting important medical and cannabis focused events around the world, spreading our message of the benefits of cannabinoids for the human body.
Medical Marijuana, Inc. sponsored and exhibited at the Aug. 18-20 ExpoWeed Conference, the largest annual cannabis conference held in Mexico. We exhibited our award winning line of CBD oil products and discussed the role that our RSHO-X™ THC-free CBD oil has played in Mexico’s evolving medical cannabis laws.
Distribution division HempMeds® traveled to Baltimore September 14-16 to sponsor and participate in the Natural Products Expo East. The premier natural ingredients exposition, an important B2B event held each year, allows HempMeds® to expand its wholesale and bulk business.
HempMeds® additionally sponsored the Run4Hope in Carrollton, Texas, for the 5th time. The event is held to raise funding for medical research into neurological conditions and to honor the memory of Harper Howard, namesake of Hope4Harper.
International portfolio company HempMeds® Brasil also worked to raise awareness for the role cannabinoids can play in the treatment of neurological conditions. HempMeds® Brasil sponsored the the 8th Brazilian Academy of Neurology/Association of Neurology of the State of Rio de Janeiro (ABN-RJ/ANERJ) Congress Workshops held September 28-30 in Rio De Janeiro.
Local division HempMeds® Mexico similarly worked to increase the understanding of medical cannabis among health officials. First, HempMeds® Mexico participated in the LX Annual Meeting and National Congress of the Mexican Chapter of the International League Against Epilepsy, which took place in Tijuana, Mexico, July 26-29. Later in the 3rd quarter, HempMeds® Mexico participated in the 32nd International Congress of Epilepsy in Barcelona, Spain, September 2-6.
Medical Marijuana, Inc. also held key events of our own. Portfolio company Kannaway held its regional Red Carpet events for brand ambassadors in New York, Phoenix, and Orange County, California to promote its line of CBD hemp oil products and the Kannaway direct selling system.
Further south, HempMeds® Brasil hosted a sold-out doctor symposium in Sao Paulo, Brazil, dedicated to providing the Brazilian medical community with information about the medical value of cannabidiol (CBD), how to legally import CBD into the country and prescribe it for patients and present CBD clinical study results.
Access to MJNA CBD Oil Products Internationally
Medical Marijuana, Inc. did more than just raise awareness for cannabinoids this past quarter. Our portfolio of companies also took steps to expand access to cannabinoids to people around the world.
For the first time ever, the government in Mexico purchased CBD oil products from HempMeds® Mexico for its citizens. Having governments subsidize the healthcare costs generated by CBD oil is a historic step towards normalization of cannabinoids as a treatment option.
Meanwhile in Brazil, new prescriptions for ALS and Psoriasis were written for patients in the country. Other conditions already approved in Brazil include epilepsy, Parkinson’s disease, chronic pain and cancer.
Kannaway continued its international expansion efforts last quarter, ending Q3 with a two-week tour of the European Union to generate excitement for its upcoming official launch in Europe and build a foundation of brand ambassadors in the region.
Medical Marijuana, Inc. and our portfolio of companies have our eyes set on opening other emerging cannabinoid markets around the world.
Clinical Drug Development
Medical cannabis companies around the world are now working with cannabinoids, the active compounds in cannabis, in hopes of unlocking their potential to treat an extensive list of conditions.
Two of Medical Marijuana, Inc.’s investments, AXIM® Biotechnologies and Kannalife™ Sciences are exploring ways to create new cannabinoid-based pharmaceutical drugs for a range of medical indications.
AXIM® Biotechnologies has entered new clinical development programs for Restless Leg Syndrome and Drug Related Psychosis. These two conditions join 14 others currently being investigated as potential routes for new drug development.
Kannalife™ Sciences, another Medical Marijuana, Inc. biotechnology investment, continued its work to develop cannabis-based drugs for the treatment and prevention of chronic traumatic encephalopathy (CTE). Company spokesperson and former NFL player Nick Lowery was part of a media blitz to promote cannabis as a solution to the NFL’s CTE epidemic.
The activities of Medical Marijuana, Inc. and our portfolio of companies and investments were covered nationally and internationally on nearly a dozen news outlets, including the following:
MJNA Celebrates Industry Rife with Opportunities
Medical Marijuana, Inc. and our portfolio of companies are pleased with the progress made in Q3, as well as with our role in being the first company to bring legal CBD oil to market. The cannabinoid market continues to grow both in the U.S. and around the world and we’re excited about the opportunities that await us in this amazing industry.
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