Medical Marijuana, Inc., the parent company of direct selling organization Kannaway, announced a gross profit of $6.7 million and net revenue of $9.2 million for the third quarter of 2021. Cash balance increased 47% and long-term debt decreased by 54% compared to the third quarter of 2020.
The company’s subsidiaries Kannaway Japan and HempMeds Mexico both achieved their largest revenue months in their respective histories during July 2021.
“As the cannabis industry continues to thrive globally, we continue to lead as a company of firsts, forging new paths into emerging markets and capitalizing on our first-mover advantage in others,” said Medical Marijuana, Inc. CEO Blake Schroeder. “With our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company and we plan to continue to enter new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.”