Medical Marijuana, Inc. announced net revenue of $10.9 million for the second quarter ending June 30, 2020, down for $13.3 million in Q1 2020.
“As the world navigates the financial and logistical burden of the COVID-19 pandemic, our portfolio of companies has continued to not only operate, but innovate, adapt and expand,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Our sales organizations have shifted focus to online sales and virtual events that are experiencing tremendous participation. Our international operations continue to experience growth in distribution, while we push for further acceptance of CBD products in Europe and neighboring countries, where we have a significant presence. All in all, I remain extremely optimistic about the future of Medical Marijuana, Inc.’s portfolio of companies and our positioning in the global cannabis industry.”
During the quarter the company’s subsidiary Kannaway® promoted Stephen Jones from chief marketing officer to president, and CEO Blake Schroeder was honored as the Top CEO of the Year by the International Association of Top Professionals.
“Our direct selling organization Kannaway continues to be the primary driver of revenue for our portfolio of companies, specifically in its international operations,” said Schroeder. “We will continue to forge ahead in our mission of bringing the highest quality, most innovative cannabinoid-based products to consumers around the world with a standard of trust and transparency.”