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Marijuana Company of America, Inc. (OTCPK:MCOA) released financial results for the first quarter ended March 31, 2022, revealing revenue of $561,321 compared to $34,930 in Q1 2021.
Q1 2022 Financial Highlights:
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Revenue increase of $526,391 or 1,507% is primarily attributed to the company's new acquisition cDistro which distributes CBD and hemp products throughout the USA.
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For the three months ended March 31, 2022, and 2021, MCOA's gross profit was $51,059 and $9,750, respectively.
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The company's total assets increased to $8.1 million as of the first quarter ended March 31, 2022.
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The company's net loss for the Q1 ended March 31, 2022, decreased to $3,29 million from $3.66 million for the same period ended March 31, 2021.
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The company was able to lower cash used in operating activities to $678,108 for the quarter ended March 31, 2022, compared to $962,359 used for the first quarter of 2021.
MCOA's CEO, Jesus Quintero, stated, "This first quarter demonstrates that we are off to an exciting start of 2022. This represents our second consecutive quarter with record revenue growth. Our growth is expected to continue to accelerate into the next quarter as we continue to grow our business. We also remain active in strategic acquisitions that fall into diversified cannabis categories and continue to pursue deals to build scale in our existing markets while continuing to look at opportunities that continue to grow our national footprint in the U.S., as well as in emerging markets such as Brazil and Uruguay."
MCOA continues the process of working with VBF Brands Inc. to close the asset purchase agreement. VBF Brands, Inc. is a multi-licensed cannabis cultivation and distribution operation in Salinas, California. The facility provides superior efficiency and sustainable cultivation techniques that allow growers to access locally grown, high-quality clones to grow cannabis crops faster, ensuring greater yields.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.