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Company: Medical Marijuana Inc. (Pink Sheets: MJNA) |
Last:
Price: 0.0439
Change (%): + 0.0094 (27.25)
Volume: 9,792,930 |
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Medical Marijuana, Inc. Reports Second Quarter 2012 Revenue and Income Quarter Over Quarter Increase Of Over 1200 Percent From Same Period Last Year
SAN DIEGO, Aug. 15, 2012 /PRNewswire/ - Medical Marijuana, Inc. (OTC: MJNA), one of the medical marijuana (MMJ) industry's premier cannabis and hemp industry innovators, today announced its second quarter earnings. The company earned net income of approximately 1.47 MM dollars on gross revenues of 2.40 MM dollars for the quarter ended June 30, 2012. This represents a gross revenue increase of 1200 plus percent quarter-over-quarter when compared to revenue of 196,748 dollars for the quarter ended June 30, 2011. Operating expenses and cost of goods sold totaled approximately 930,000 dollars for the quarter.
Operating highlights of the quarter were as follows:
- Completed the acquisition of Dixie Elixirs & Edibles brand, intellectual property, proprietary formulas and extraction processes. In conjunction it formed Red Dice Holdings, as was announced in late April, to develop manufacturing and distribution partnerships for Dixie in every state and country that has legalized medical cannabis. Finalized national and international product development for Q 3 online and retail sales launch.
- Begun hemp-based extraction product development beyond the medical marijuana industry, crossing into the nationally legal category of health and wellness with such products as sleep aids, topical and pain management. A market launch of the new products is expected by the end of the second quarter.
- Brought PhytoSPHERE systems on-line and will begin to market the benefits of its seed-to-sale product growth and cultivation technology worldwide.
- Completed Hemp Oil CBD production at facility "1". Commercialized and expanded production to meet next 12-24 month demand.
- Completed the acquisition of CanCHEW Bio-Technologies, secured regional GMP manufacturing partner, as well as produced first U.S. based sample production.
- Submitted company’s portfolio of products to European Health Authorities for Over-The-Counter (OTC) approvals.
- Started clinical development five of the fifty five products.
In addition, since the close of the second quarter, Medical Marijuana, Inc. has:
- Finalized U.S. and International CBD product launch plan.
- Produced over 35-million doses worth of CBD Oil for MJNA product sales.
- Formally started the negotiations and final terms for the acquisition of a chain of retail health and wellness facilities in the U.S. with revenues in excess of 8.0 MM dollars annually.
- Sold its first batch of commercialized CBD Oil.
- Contracted for the production of 300KG of CBD oil for 7.5 MM dollars.
- Sourced Arizona, California, European Dixie Brand and CanCHEW distribution partners.
- Signed closing docs for Lotus Capital 2.0 MM dollar line of credit.
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