Medical Marijuana, Inc. (OTC: MJNA) subsidiary Kannaway® experienced significant growth with 2018 revenue of $46.8 million, an increase of nearly 200 percent over 2017.
MJNA, the first publicly traded cannabis company in the U.S., announced the Kannaway results as well as the company financial results for the quarter and year ending Dec. 31, 2018.
The company continued to show strong growth throughout the year, as 2018 net revenues increased to $59.8 million, an increase of more than 125 percent over 2017. Quarterly revenue for Q4 2018 grew to nearly $17.7 million, an increase of more than 87 percent over Q4 2017.
“It’s predicted that the CBD market could be worth $22 billion by 2022,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We’re excited that, in addition to this great industry progress, we’ve experienced our own tremendous growth in 2018 and the company is positioned well for continued explosive expansion.”
COO Blake Schroeder added, “The company and its subsidiaries have worked very hard to further international access to CBD last year and we’re optimistic that its expansion into Europe and Latin America has positioned the company to accomplish significant revenue milestones in 2019. We hope that this will continue to provide our shareholders with an optimistic forecast for our future success.”