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Medical Marijuana, Inc. (OTCPK:MJNA) released financial results for the quarter ending June 30, revealing net revenue of $7.8 million, a decrease of 18.75% compared to 9.6 million in Q2 2021.
Q2 2022 Financial and Operational Highlights
Gross profit for the period ending June 30, 2022, was $6 million.
Gross margins for the period were 76%.
“We continue to lead the industry as a pioneer in the space by focusing our business on international market expansion,” stated Medical Marijuana, Inc. CEO Blake Schroeder. “We have first mover advantage in nearly every market where the company operates with potential for continued international expansion well into the future. Beyond international expansion efforts, we continued our efforts in the second quarter in the pharmaceutical space as we believe this segment to hold tremendous future upside value for our company. In Brazil, we believe we will have products on pharmacy shelves by late this year or early 2023. Additionally, researchers at our investment company, Neuropathix, are utilizing grant money received from the National Institutes of Health to further their clinical research on its proprietary compound aimed at treating neuropathic pain and inflammation.”
About Medical Marijuana
Medical Marijuana, Inc. is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway and HempMeds. Medical Marijuana, Inc.'s headquarters is in San Diego, California.
Photo by Mackenzie Marco on Unsplash
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