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Kannaway Parent Medical Marijuana Generates $12.2M, PrestoDoctor Boosts Cannabis Sativa

November 17, 2020 12:58 pm
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Kannaway Parent Medical Marijuana Generates $12.2M, PrestoDoctor Boosts Cannabis Sativa

Medical Marijuana Touts Positive Adjusted EBITDA In Q3, Net Revenue Of $12.2 Million

Medical Marijuana Inc. (OTC:MJNA) has generated $12.2 million in net revenue over the third quarter. That's a sequential increase of 11.25%.

The earnings report came on the heels of entering the CBN market through its subsidiary Kannaway.

The San Diego cannabis company also reported a positive adjusted EBITDA of $175,755.

Gross profit for the quarter amounted to $9.1 million, as GAAP Sales and Marketing expenses dropped as a percentage of sales from 51.9% to 49.3%, on a sequential basis.

Kannaway's Japanese division saw its best revenue month ever in August.

In July, HempMeds — also a Medical Marijuana subsidiary — partnered with Gelson's Market to supply Southern California's customers with its CBD topical and beauty products.

In addition, HempMeds named Vince DiMella U.S. director of sales and marketing, while former HempMeds president Todd Morrow was promoted to CFO and CIO in September, alongside the company's co-founder Michelle Sides who now serves as CLO. The company also hired Robert Wells as Vice President of Finance.

"We feel very optimistic about finishing out the year strong, with consumers interested in wellness at an all-time high headed into the holidays," CEO Dr. Stuart Titus stated Tuesday.

Cannabis Sativa's PrestoDoctor Generates Over $1.6M In Revenue In Nine Months

Cannabis Sativa, Inc. (OTCQB:CBDS) disclosed its revenue for the third quarter amounted to $459,786 and roughly $1.7 million for the nine months ended September 30. That's a year-over-year increase of 137%.

PrestoDoctor, the Company's telemedicine platform, attributed with $1,602,599 in revenue for the nine months, as its GK Manufacturing and Packaging subsidiary remained in the start-up phase during the period.

The telemedicine portal serves patients across seven states, including California, Nevada, New York, Oklahoma, Missouri, Pennsylvania, and Illinois.

"We are pleased to report strong numbers during this pandemic," President David Tobias said, adding that “there has been a broadened acceptance of telehealth due to the Coronavirus."

The company also noted its identifying opportunities to expand to Ohio, Virginia, and Massachusetts.

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