Medical Marijuana Inc (OTCMKTS:MJNA) released results today and the stock has spiked 7% based on the data. MJNA saw a gross revenue increase from $1,535,728 in Q1 2016 to $3,612,739 in Q1 2017, a quarter over quarter increase of 135%. Total gross profit increased from $820,446 in Q1 2016 to $2,545,229 in Q1 2017; which is an increase of 210%.
The increased revenue is resulting from MJNA’s unrealized gains from its holdings in AXIM Biotechnologies. In addition, portfolio company Kannaway showed increased revenue from $305,670 in Q1 2016 to $1,741,553 in Q1 2017, an increase of 469%
Medical Marijuana Inc (OTCMKTS:MJNA), according to company documents, bills itself as an investment holding company that operates in the medical marijuana and industrial hemp markets. Its products range from patented and proprietary based cannabinoid products to seed and stalk or isolated high-value extracts manufactured and formulated for the pharmaceutical, nutraceutical, and cosmeceutical industries.
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“We are pleased to see certain management re-structuring efforts rewarded after the company made changes in 2016,” said MJNA’s Dr. Stuart Titus. “We believe that our revenue and sales velocities have the ability to maintain their current momentum. We have had significant investment portfolio appreciation in terms of unrealized gains in the past year and expect ‘market-average’ performance in the future. We are satisfied with where operations currently sit and believe that in the coming years we will see other investments and company divisions adding nice value for the company and its shareholders.”
Titus added, “Further, we continue to be encouraged by the growing international acceptance of cannabis and the progress our team has made in educating the world on its many therapeutic uses. I am quite excited about international expansion opportunities. We are thankful for our dedicated team and the continued support of our shareholders.”
Here is a complete breakdown of the results.
FIRST QUARTER 2017 FINANCIAL RESULTS
- Gross Revenue: Q1 2016 – $1,535,728Q1 2017 – $3,612,739
- Gross Profit: Q1 2016 – $820,446Q1 2017 – $2,545,229
- Net Income/Loss:Q1 2016 – ($11,096,659)Q1 2017 – ($2,222,818)
- Net Comprehensive Income:Q1 2016 – ($9,708,598)Q1 2017 – $105,632,830
- Total assets: Q1 2016 – $214,115,665Q1 2017 – $494,182,096
MJNA is a first mover in this space. The company’s acquisition of Kannaway fits in nicely with the brand. Kannaway currently hosts weekly online sales meetings and conferences across the United States, offering unique insight and opportunity to sales professionals who are desirous of becoming successful leaders in the sale and marketing of hemp-based botanical products. The company has launched a new hemp oil product and added 11-times growth revenue. MJNA is trying to become a well known brand with these moves.
These two company’s blend well because MJNA provides management support and services to cooperatives, collectives, health and wellness facilities, and medical clinics; and consulting and securities services to businesses and individuals in the legal cannabis industry. Further, it focuses on the treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products.
Medical Marijuana Inc (OTCMKTS:MJNA) is a penny stock in this space that everyone should be watching. In addition to today’s released results and its growing subsidiaries, MJNA is moving along with interesting operations in Mexico, which could be an important market in the cannabis sector in the future. MJNA could bring in more money from Latin America than in North America as a whole. This is a company we will be providing updates on in the near future. For continuing coverage on shares of $MJNA stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!