Medical Marijuana, Inc., the parent company of direct selling companies Kannaway and HempMeds, released the financial results from the second quarter of 2021. The company’s net income and net revenue increased 8% and 86% respectively year-over-year. Net revenue totaled $9.6 million for the quarter while net income reached $7 million. Gross profit for the quarter was $5.6 million.
Cash and cash equivalents equaled $6.6 million at the end of the quarter and net cash provided by operating activities was $2 million—one of the highest net cash totals in company history.
Other significant moments in the reporting period include the decriminalization of cannabis in Mexico and the promotion of Blake Schroeder to CEO.
“This being my first quarter as CEO of the company, I am happy to see that we continued to grow in terms of revenue, cash position, and bottom line,” said Medical Marijuana, Inc. CEO Blake Schroeder. “We are working to build a global cannabis company that is not only profitable but one that introduces the power of cannabis to new markets worldwide. In this quarter, we’ve seen great momentum in both our Latin American and Asian businesses. These markets continue to represent tremendous untapped value for our Company where we continue to have a first-mover advantage. Our US and European operations have also remained strong and we are looking forward to continuing to progress as we have in recent months, throughout the remainder of the year. While we continue to plan for the future of Medical Marijuana, Inc., we have our eyes on further global expansion, product innovation, and remaining the leaders in cannabis-based wellness products.”