Medical Marijuana Reports $34.1M In 2021 Revenue, Strengthens International Presence

Author: Jelena Martinovic | April 01, 2022 10:09am

Medical Marijuana, Inc. (OTC:MJNA) has announced its financial results for the year ending December 31, 2021, and provided an overview of recent operational highlights.

Q3 2021 Financial & Operational Highlights

• Generated $34.1 million in net revenue for fiscal year 2021.
• Gross profit fiscal year 2021, was $26.9 million representing a gross profit margin of 78%.
• Total cash balance at year end was $5.4 million.
• Medical Marijuana, Inc. experienced substantial growth in its international business segments including the establishment of operations in South Africa and Hong Kong, and celebrated sales growth records in its Japanese, Brazilian and Mexican businesses.
• Added key executive team members with deep experience in high-growth, international companies;
• Increased its advocacy of expanded access to cannabis-based products through participation in industry organizations and supportive stances on regulatory changes in favor of cannabis legalization around the world.

“2021 was a pivotal year for Medical Marijuana, Inc – a year focused on our mission to establish new markets internationally and to bring access to safe and effective cannabis-based products to millions worldwide,” Blake Schroeder, the company’s CEO, said. “I’m proud of the progress we made in achieving that mission. Medical Marijuana, Inc. is leading the way in becoming the first global cannabis company. We will continue to utilize our first mover advantage in these markets while optimizing and growing our existing operations.”

Price Action

Medical Marijuana’s shares traded 7.4074% higher at $0.0261 per share at the time of writing.

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Photo: Courtesy of Chris Briggs on Unsplash

Posted In: MJNA