Medical Marijuana, Inc., parent company of direct selling company Kannaway, released its 2020 year-end financial report. Gross margins for the company increased from 76% in 2019 to 80% in 2020 and net revenue for 2020 reached $46.9 million. Cash on hand at the end of 2020 was $5.7 million.
The company also released year-end 2020 operational highlights, which included the completion of a clinical study using its Real Scientific Hemp Oil-XTM CBD oil, Kannaway’s participation in the 2020 Validcare clinical study on CBD liver toxicity, the expansion of its production and warehouse facility, and a two-year milestone for long-term stability testing of its flagship THC-free CBD oil product Real Scientific Hemp Oil-XTM.
“While the entire world felt the impact of 2020, I could not be more proud of how our team remained flexible and executed on our mission of bringing the highest-quality, cannabinoid-based products to global markets,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We were able to finish 2020 on a strong note and go into 2021 with significant positive momentum. It has been encouraging to witness an increased demand for wellness products and sweeping victories on every pro-cannabis legislation proposal in the US. In the first quarter of 2021 alone, new states such as New York, New Jersey, Virginia and New Mexico have entered the cannabis industry and several federal cannabis bills are likely to pass in Congress soon. As an industry pioneer and leader, we remain not only optimistic about our results, but about how we are positioned to capitalize on the future of our industry.”