Medical Marijuana Inc's Stock Down On Q3 Results And Slight Revenue Decline

Medical Marijuana, Inc. MJNA reported financial results Wednesday for the quarter ending September 30, 2021.

Q3 2021 Financial Highlights

  • Generated $9.2 million in net revenue, down from $9.6 million in net revenue in the second quarter.
  • The net ordinary loss was $640 000.
  • Gross profit for the period ending was $6.7 million.
  • Cash balance increased by 47% when compared to the same quarter of last year.
  • Long-term debt decreased by 54% versus the corresponding period of 2020.

Q3 2021 Operational Highlights

  • The company’s subsidiary HempMeds launched a new line of broad-spectrum CBD gummies.
  • The company’s subsidiary Kannaway got the green light to join leading Japanese hemp organizations, Hokkaido Industrial Hemp Association and Association for Japan Cannabinoid.
  • Both Kannaway Japan and HempMeds Mexico achieved their largest revenue months in their respective histories in July 2021.
  • Kannaway launched its operations in Hong Kong.

“As the cannabis industry continues to thrive globally, we continue to lead as a Company of Firsts, forging new paths into emerging markets and capitalizing on our first-mover advantage in others,” Blake Schroeder, the company’s CEO said. “With our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company, and we plan to continue to enter new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.”

More recent news from Medical Marijuana:

Cannabis Movers & Shakers: TXOG, Auxly, Medical Marijuana, MJ Holdings, Veritas Fine Cannabis

Medical Marijuana Shares Jump As Its Subsidiary Kannaway Launches CBD Products In Hong Kong

Medical Marijuana Inc. Shares Slightly Up On Announcing Increase In Q2 2021 Revenue And Net Income

EXCLUSIVE: Medical Marijuana CEO On Being A Company Of Firsts

MJNA Price Action

Medical Marijuana’s shares traded 9.25% lower at $0.0255 per share at the time of writing Wednesday morning.

Photo: Courtesy of Medical Marijuana, Inc.

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