Medical Marijuana, Inc, the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today its financial results for the quarter ending March 31, 2022, and provided an overview of recent operational highlights. First Quarter 2022 Financial and Operational Highlights Generated $7.8 million in net revenue in the first quarter of 2022, a 24% increase when compared to the previous quarter; Net Cash Provided by Operating Activities was $.6 million, a substantial increase from the previous quarter; Gross profit for the period ending March 31, 2022, was $5.7 million with gross margins of 73%; Cash at the end of the period ending March 31, 2022, was $5 million; Medical Marijuana, Inc. international operations continued to experience revenue milestones with record-breaking revenues being reported in Japan and South Africa; The Company opened facilities in Warsaw and Hong Kong and held a product launch event in Prague; As a part of its strategic financial plan to reduce debt, the Company announced the satisfaction of two promissory notes equaling over $10 million.
Medical Marijuana, Inc., 05/19/2022 11:00:00