From the Wires
Medical Marijuana Inc. Reports Third Quarter 2012 Revenue and Income Quarter Over Quarter Increase Of Over 1500 Percent From Same Period Last Year
Nov. 15, 2012 08:45 AM
SAN DIEGO, Nov. 15, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today announced its third quarter earnings. The company earned net income of approximately $1.19 million on gross revenues of $3.00 million for the quarter ended Sept 30, 2012. This represents a gross revenue increase of 1500 plus percent quarter-over-quarter when compared to revenue of $198,813 for the quarter ended Sept 30, 2011.
Operational and development highlights
Operating highlights of the quarter were as follows:
- Completed the integration of Dixie Elixirs & Edibles brand. Developed and launched the Dixie X, Hemp based CBD wellness products. Dixie X is now available for purchase online. The company has completed its wholesale product launch for the specialty cannabis and hemp retail markets in the US.
- Launched Dixie X compassion care club.
- Successfully planted and harvested its hemp crops for the production of its high value hemp CBD oil.
- PhytoSPHERE Systems sold its first batch of commercialized hemp CBD Oil.
- Expanded PhytoSPHERE systems production capabilities to meet 2013 supply demands for its CBD hemp oil.
- Identified and developed additional cultivars to expand portfolio of high value hemp oils for deployment in 2013.
- Completed integration of CanCHEW Bio-Technologies.
- Produced CanCHEW Bio-Technologies first batch of marketable GMP manufactured CBD based over-the-counter (OTC) functional chewing gum.
- CanCHEW Bio-Technologies identified European clinical development path for its patented cannabinoid based functional chewing gum. European clinical trials expected to begin 2013.
- Formed Canipa Holdings, for European product expansion.
- Identified several potential acquisition and investment opportunities in established cannabis and hemp based businesses.
- Signed closing docs for Lotus Capital $2.0 million line of credit.
- Negotiated additional $15.0 million institutional line of credit.
In addition, since the close of the third quarter, Medical Marijuana, Inc. has:
- Produced over 365 million milligrams of hemp CBD oil for MJNA product sales.
- Negotiated the purchase of key international hemp product development, manufacturing, sales and marketing brand with 30 plus consumer products in market today. Expected to close 4 Q 2012.
- PhytoSPHERE Systems has expanded its portfolio of products to include different cbd concentrations in its hemp oil.
Operational Statement
"We are very pleased with our overall quarterly results. It's a testament to the team's hard work, diligence and preparation," said Michelle Sides, Chairman of Medical Marijuana Inc.
Financial Tables
|
Three months ended
Sept. 30, 2011
|
Three months ended
Dec. 31, 2011
|
Three months ended
Mar. 31, 2012
|
Three months ended
Jun. 30, 2012
|
Three months ended
Sept. 30, 2012
|
|
Revenue
|
$198,813
|
$430,140
|
$1,788,445
|
$2,403,624
|
$3,001,902
|
|
Assets
|
$1,443,251
|
$1,948,165
|
$6,356,301
|
$7,908,677
|
$8,131,147
|
|
Debt
|
$14,879
|
$26,785
|
$101,778
|
$156,778
|
$585,437
|
|
Net Income
|
($1,067,473)
|
($62,711)
|
$1,208,136
|
$1,471,596
|
$1,193,937
|
|
|
|
|
|
|
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
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 more information, please visit the company's website at: www.MedicalMarijuanaInc.com.
Corporate Contact:
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
www.medicalmarijuanainc.com
www.facebook.com/mjnainc
Investor Relations Contact:
Stuart T. Smith
SmallCapVoice.Com, Inc.
P. 512-267-2430
F. 512-267-2530
Skype: SmallCapVoice.com
AIM: SmallCapVoice7
SOURCE Medical Marijuana, Inc.
About PR NewswireCopyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
.gif)
Organizations want extraordinary results from their IT units. Today's mantra is faster delivery, better quality, cheaper solutions, and safer environments. Many CIOs are implementing cloud computing enterprise architectures to address these challenges with results varying greatly...
The rise of cloud computing has exposed hard drive-based storage as the new data center bottleneck. Combating this, data center managers have deployed SSDs to gain the performance needed to provide real-time access to data. However, due to budget constraints, many have turned to ...
LogMeIn is announcing a solution for the “Bring Your Own Apps” trend. Importantly, rather than making IT professionals the bad guys trying to stop the trend, the new AppGuru puts IT pros back into the role of strategic advisor in a cloud-centric world.
As business applications m...
SYS-CON Events announced today that OpenStack will exhibit at SYS-CON's 12th International Cloud Expo, which will take place on June 10–13, 2013, at the Javits Center in New York City, New York. OpenStack software controls large pools of compute, storage, and networking resource...
SYS-CON Events announced today that Wowrack will exhibit at SYS-CON's 12th International Cloud Expo, which will take place on June 10–13, 2013, at the Javits Center in New York City, New York.
Wowrack’s core expertise lies in high-availability Private and Public Cloud IaaS Hosti...
