Cannabis company Medical Marijuana, Inc. MJNA announced Tuesday it has generated $9.6 million in net revenue in the second quarter of 2021, up 8% sequentially.
"We are working to build a global cannabis company that is not only profitable but one that introduces the power of cannabis to new markets worldwide," Blake Schroeder, the company's CEO, said.
In addition, the San Diego-based company recently revealed that July marked the largest revenue in its history.
As the first publicly listed cannabis company, Medical Marijuana, Inc. "changed the world," Schroeder, COO prior to becoming CEO, recently told Benzinga.
Q2 2021 Financial Highlights
- Net Income totaled $7 million, representing an increase of 86% quarter-over-quarter.
- Gross profit totaled $5.6 million.
- Cash position at the end of the period was $6.6 million, up by 34% sequentially.
- Both sales and marketing and general and administrative expenses decreased as a percentage of sales when compared to the same quarter of last year.
- Net cash provided by operating activities was $2 million, one of the highest in the company's history.
Q2 2021 Operational Highlights
- The company and its subsidiaries received two prestigious Stevie Awards at The 19th Annual American Business Awards, the U.S.A.'s premier business awards program.
- In addition, the company's subsidiary HempMeds celebrated new legislation to decriminalize cannabis in Mexico.
"In this quarter, we've seen great momentum in both our Latin American and Asian businesses," Schroeder added. "These markets continue to represent tremendous untapped value for our company where we continue to have a first-mover advantage. Our US and European operations have also remained strong, and we are looking forward to continuing to progress as we have in recent months, throughout the remainder of the year."
Price Action
Medical Marijuana shares traded 2.7397% higher at $0.03 per share at the time of writing Tuesday morning.
Photo: Courtesy of Rick Proctor on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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