Medical Marijuana, Inc., the first publicly traded company in the U.S., announced its third quarter financial and operational highlights. The company generated $12.2 million in net revenue—an 11.25 percent increase compared to the previous quarter.
“Our international expansion is forging ahead with full force and we will continue to further establish our company’s products as the best available to consumers throughout the world,” says Medical Marijuana, Inc. Chief Operating Officer Blake Schroeder.
Gross profit for the quarter reached $9.1 million, with a positive adjusted EBITDA of $175,755. Medical Marijuana’s Japanese division of the company’s subsidiary Kannaway had its best revenue month in history in August 2020.
“It’s encouraging to see our costs, specifically in the area of sales and marketing, decrease while our sales increased in this quarter when compared to the previous one, and a positive adjusted EBITDA,” says Medical Marijuana, Inc. Chief Executive Officer Dr. Stuart Titus. “We feel very optimistic about finishing out the year strong, with consumers interested in wellness at an all-time high headed into the holidays. Additionally, we are very optimistic about the overall landscape with so many states entering the cannabis industry through recently passed legislation, signaling that the stigma for the entire plant, including hemp, is diminishing.”