Leading CBD Provider Reports 255% Revenue Growth — CFN Media
SEATTLE, WA–(Marketwired – Nov 27, 2017) – CFN Media Group, the leading creative agency and digital media network dedicated to legal cannabis, announces the publication of an article discussing why Medical Marijuana Inc. (OTC PINK: MJNA) represents a compelling opportunity in the cannabis space with strong growth during the third quarter and diversified operations across many geographies and subsets of the industry.
The cannabis industry is one of the most attractive areas of the market following the legalization of medical and recreational marijuana throughout a large part of North America. In the U.S., 44 states and three territories have passed cannabis laws to some degree and recreational cannabis has been legalized in eight states including the District of Columbia. Analysts expect North American cannabidiol (CBD) sales will surpass $1 billion by 2020.
Strong Growth in Revenue & Profitability
Medical Marijuana Inc. reported third quarter gross revenue that increased 255% to $7,783,297. While the company didn’t break down its revenue, management cited investments in subsidiaries and continued international expansion and product development as key drivers of the growth. HempMeds®, in particular, has continued to see strong demand from international markets like Mexico and Brazil where its products can be imported for medical use.
On the bottom line, the company’s gross profit increased 297% to $5,034,464, suggesting some margin expansion during the quarter. Management reported that its net loss narrowed by 30% to $2,959,173 as it moves closer to a breakeven point on a net income basis. When accounting for notes receivable, inventories, and other factors, the company reported just over $1 million in net cash used in operations, which may be a more accurate portrayal of profitability.
“We are excited to announce such outstanding leaps in growth and success this quarter,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus in a press release. “We believe that with these record-breaking revenue numbers, we have the capacity to make 2018 the most profitable year the company has ever seen. We are currently spending on international expansion and research efforts which should pay long-term dividends for shareholders.”
Strong Investment Performance
Medical Marijuana Inc.’s investment portfolio continues to produce strong results. Last quarter, the company reported nearly $80 million in net cash provided by investment activities. Total assets reached $345,388,650 during the quarter, compared to just $13,170,561 in total liabilities, which translates to total equity of $334,136,047. The company’s portfolio consists of AXIM Biotechnologies and Kannalife Sciences.
The company’s flagship investment is its roughly $150 million stake in AXIM Biotechnologies Inc. (OTCQB: AXIM). Over the past quarter, AXIM Biotech entered into a clinical study agreement with the University of British Columbia in Canada to begin clinical trials with its CanChew Plus® CBD chewing gum to treat drug-induced psychosis in adults. It also entered into a services agreement with an Israeli CRO to begin a proof of concept study of its CBD chewing gum in patients with restless leg syndrome.
The company’s 16.7% stake in Kannalife Sciences also continues to demonstrate strong potential. With two licenses from the National Health Institute for use of its patent on cannabinoids as antioxidants and neuroprotectants, the company has focused on treating hepatic encephalopathy and chronic traumatic encephalopathy. Recently, Kannalife presented scientific data from its clinical trials at the Annual ICRS Symposium on Cannabinoids.
Medical Marijuana Inc. (OTC PINK: MJNA) offers investors exposure to the rapidly growing cannabis industry through a combination of CBD-based products and clinical research. With a market capitalization of about $310 million, the company trades at less than its shareholders’ equity with strong triple-digit top- and bottom-line growth rates.
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About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
About Medical Marijuana Inc.
Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.’s portfolio and investment companies, visit http://www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.’s video statement, click here.
Shareholders are also encouraged to visit the Medical Marijuana, Inc. Shop for discounted products.
Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC, which owns CFN Media and CannabisFN.com, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: http://www.cannabisfn.com/legal-disclaimer/.