Medical Marijuana Inc (OTCMKTS:MJNA) is running up the charts in recent days since reversing off $0.0441 lows earlier this month.
On March 22 MJNA announced record sales revenue of $20,227,918 in the first quarter of 2019, a 92% increase over the same quarter in 2018; The Company showcased strong growth throughout the quarter, as Q1 2019 sales revenue exceeded $20.2 million, an increase of more than 92% over Q1 2018. The company executed on a strategic profitability and sales growth plan which resulted in gross margins increasing from 69% in Q1 of 2018 to 78% in Q1 of 2019 as well as decreased Sales & Marketing and General & Administrative Expenses as they relate to percentage of sales revenue.
Additionally, Medical Marijuana, Inc.’s wholly-owned subsidiary Kannaway® experienced significant growth in sales revenue, showing an increase of approximately 130% as compared to the same period last year.
Medical Marijuana Inc (OTCMKTS: MJNA) 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®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its internal R&D and scientific team and its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. The Company’s flagship product Real Scientific Hemp Oil™(RSHO™) is one of the top three cannabis brands in the U.S., according to Forbes, and the Company was also named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. Medical Marijuana, Inc.’s headquarters is in San Diego, California.
MJNA is a major producer of cannabidiol (CBD) products in the U.S., Europe, Latin America and, as the company announced just last month, is expanding to Canada. Its distribution subsidiaries Kannaway®, HempMeds®, Dixie Botanicals, and Phyto Animal Health provide customers with a variety of oral, topical and edible CBD products that are Triple Lab Tested™ to ensure the highest standard of quality and consistency.
According to MJNA CEO Dr. Stuart Titus “Our company is growing larger and faster than we could have ever imagined. We’re happy to not only see our company entering new markets and revenue increasing exponentially every month, but it’s also been rewarding to see how we’ve become a major contributor to the expanding global support of cannabis.”
MJNA portfolio includes HempMeds, Kannalife, Kannaway, wellnessManaged Services, Phyto Animal Health, MPS International, HempMeds Brazil, HempMeds Mexico.
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MJNA owns 22.67 million shares of AXIM or about 43% of the Company. AXIM trades on the OTCBB at $2.20 per share and MJNA investment is worth $50 million at current market value.
Axim Biotechnologies, Inc. is an innovative biotechnology company working on the treatment of pain, spasticity, anxiety and other medical disorders with the application of cannabinoids based products as well as focusing on research, development and production of pharmaceutical, nutriceutical, oral health and cosmetic products as well as procurement of genetically and nano-controlled active ingredients. Axim intends to broaden its current operations to include pharmaceutical products, manufacturing facilities, genetically controlled botanical products, extraction and purification of biomaterials technologies.
On the recent quarter CEO Dr. Stuart Titus stated:
“The first quarter of 2019 proved to be the largest sales revenue quarter in the history of our Company. We are pleased to see this level of growth our company has experienced as the world continues to open up to the benefits of hemp-derived CBD.”
“I could not be more excited to share these results with our valued shareholders,” said Blake Schroeder, Chief Operating Officer of the Company. “Even more thrilling is the fact that we are able to show not only significant growth but profitability. This was a major focus for us when we started the year and implemented a strategic expansion plan with lofty targets. We are not only reaching these targets but surpassing them.”
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Currently trading at a $229 million market valuation MJNA has $3.6 million in the treasury and just did $20,227,918 in the first quarter of 2019, a 92% increase over the same quarter in 2018; according to their last unaudited filing. These are huge numbers for the OTCBB. MJNA also holds $50 million in AXIM stock at current market values. At the same times MJNA carries significant debt on the books and note holders continue to be a serious drag on the share price. MJNA also has been pink for a long, long time and has yet to get their filings in order or up list to the OTCBB. This continues to be a big problem for the Company. But MJNA is one pot stock to watch when the sector heats up; they are masters at selling the sizzle on the pot sector as well as getting themselves featured by mainstream media including Dateline NBC, The History Channel, BuzzFeed, Forbes, The Street, TMZ, Benzinga, Leafly, Chicago Tribune, Shape Magazine, Medium, Bustle, Vice and more. There is huge demand for MJNA and the stock regularly tops $500k in dollar volume per day, once dilution stops MJNA could once again make an explosive move like it has done so many times before. We will be updating on MJNA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MJNA.
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Disclosure: we hold no position in MJNA either long or short and we have not been compensated for this article.