Medical Marijuana, Inc. Issues Letter to Shareholders
SAN DIEGO, June 27, 2019 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA) (the "Company"), the first-ever publicly traded cannabis company in the United States that launched the world's first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that it has issued a letter to its shareholders, providing commentary on the Company's recent financial and operational results and upcoming objectives.
Highlights of the Letter Include:
- Overview of the Company's "One Plant | Three Initiatives" approach to capitalize on the growing industrial hemp and CBD industries by being a global house of brands, leader in research and development of cannabinoid-based therapeutics, and worldwide supplier of high-quality CBD raw materials.
- Commentary on the Company's financial progress and recent financial results, which included record gross sales, increased gross profit, decreases in operating expenses as a percentage of sales, and a non-GAAP financial analysis including adjusted EBITDA for the most recent quarter.
- Guidance on the Company's financial performance for the remainder of the year as it relates to a strategic growth plan implemented at the beginning of the year where the company is on track to reach annual adjusted EBITDA of between $4.8 million and $5.1 million.
- Improvements to its business and financial strategy to provide investors with greater transparency and communications paired with an analysis of key indicators of the Company's overall financial health.
- Details of successful testimony before the FDA by CEO Dr. Stuart Titus, after the agency accepted him to testify, and becoming the first and only company to have its CBD products listed in the Prescribers' Digital Reference.
- Expansion of the Company's research and development division, hiring Dr. Levan Darjania as head of the division, and tackling stability studies to ensure its products will withstand the challenges of foreign countries and climate extremes.
The Company's Chief Executive Officer, Dr. Stuart Titus, commented: "As an industry leader we recognize the need to stay ahead of trends and have the foresight to project the CBD industry of 2025, then plan accordingly. We have developed a business strategy that has and will continue to change the course of our trajectory for the positive. We experienced tremendous growth in 2018 and have posted solid results so far in 2019, which we expect to continue."
To read the Letter to Shareholders in full, please visit: https://investors.medicalmarijuanainc.com/medical-marijuana-shareholder-letter.
About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its internal R&D and scientific team and its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s corporate video, click here.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
LEGAL DISCLOSURE
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
CONTACT:
Public Relations Contact:
Andrew Hard
Chief Executive Officer
CMW Media
P. 858-264-6600
[email protected]
www.cmwmedia.com
Investor Relations Contact:
P. (858) 283-4016
[email protected]
SOURCE Medical Marijuana, Inc.
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