Medical Marijuana, Inc., the publicly traded parent company of direct selling company Kannaway, announced its first quarter financial results for 2021. The company reported $8.9 million in net revenue and $3.7 million in net income for the quarter, as well as a cash position of $4.9 million.
“Our operations made tremendous advancements in the first quarter of this year that position us to continue expanding our global footprint and highlight the entire industry’s progress,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are heavily focused on expanding our international business, with our Latin American operations continuing to break sales records and capturing market share in these strategic regions. Pending legislation will enable us to further expand our presence in Mexico, a key opportunity unique to our portfolio. Beyond Latin America, we worked to ensure our European business will continue to meet regulatory standards set in the EU and the UK. Finally, as the world’s view trends in favor of cannabis, consumers are shifting their buying habits to include a wider variety of products, which is why we are excited to now offer CBG and CBN in several markets.”
Kannaway’s operational highlights for the quarter include:
- The launch of several new products in the U.S. and Europe, including cannabigerol (CBG) tincture in the U.S. and Green Hemp CBD Oil in Europe
- Receiving Certified CBD approval from the Banned Substances Control Group (BSCG) for its broad-spectrum CBD product Pure Gold
- Record sales in February 2021 for the company’s Japanese division
- Participation in and positive results from the Validcare clinical study, which used Kannaway’s hemp-derived CBD products as part of its efforts to meet the FDA’s request for data on potential liver toxicity issues in the use of botanical CBD, which reportedly occur in the pharmaceutical version of CBD
- The submission of its Novel Foods application for its CBD products to the UK’s Food Standards Agency through the European Industrial Hemp Association Novel Foods Consortium