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.
“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.
|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|
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.
Investor Relations Contact:
Stuart T. Smith
SOURCE Medical Marijuana, Inc.