Medical Marijuana, Inc. MJNA released its financial results for the quarter ending September 30, 2022, revealing net revenue of $4.9 million, an unfavorable decrease of 37% compared to $7.8 million in the previous quarter.
Q3 2022 Financial and Operational Highlights
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Gross profit was $4 million;
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Gross margins for the period were 82%;
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International operations continued to experience growth, including an announcement of partnership expansion in Europe;
“During the third quarter MJNA continued to aggressively pursue our strategic initiatives and made progress with respect to our international operations and with our pharmaceutical efforts in Brazil,” stated Medical Marijuana, Inc. CEO Blake Schroeder. “
The company was featured in major publications during the third quarter, including on Nasdaq News. I remain extremely bullish on the opportunities before us, both at home and abroad. We continue to see legislators discussing making long-needed changes to our regulatory environment that, should they pass, drastically decrease the obstacles we face in operations and expansion. We will continue to target expansion of our brands as we work to build the world’s first truly global cannabis company,” concluded Schroeder.
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Photo by Giorgio Trovato on Unsplash
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