SAN DIEGO, April 18, 2019 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, today announced financial results for the quarter and year ending Dec. 31, 2018, and provided an overview of recent operational highlights.
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% over 2017. Quarterly revenue for Q4 2018 grew to nearly $17.7 million, an increase of more than 87% over Q4 2017.
Additionally, Medical Marijuana, Inc. subsidiary Kannaway® experienced significant growth with 2018 revenue of $46.8 million, an increase of nearly 200% over 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."
"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," said Medical Marijuana, Inc. COO Blake Schroeder. "We hope that this will continue to provide our shareholders with an optimistic forecast for our future success."
FOURTH QUARTER AND YEAR-END 2018 FINANCIAL RESULTS
Annual Revenue: For the year ending Dec. 31, 2018, Medical Marijuana, Inc. reported revenue of $59.8 million from sales of the Company's products, as compared to revenue of $25.6 million for the year that ended Dec. 31, 2017.
Quarterly Revenue: Revenue increased each and every quarter in 2018.
Q1 Revenue: $10.5 million
Q2 Revenue: $14.8 million
Q3 Revenue: $16.8 million
Q4 Revenue: $17.7 million
In 2018, Medical Marijuana, Inc. had a number of significant accomplishments, including:
- Registered its cannabidiol (CBD) products in Paraguay as official medicines.
- Announced that it was named a Top 3 Hemp Producer of 2018.
- Its flagship product Real Scientific Hemp Oil™ was featured on Emmy® Award-Winning daytime talk show The Doctors.
- Garnered import permits from Argentina's National Administration of Medicines, Food and Medical Technology (ANMAT) for the first-ever Tetrahydrocannabinol (THC)-free CBD product in Argentina.
- Launched Phyto Animal Health.
Medical Marijuana, Inc. subsidiary Kannaway® was the first direct sales company to offer phyto-cannabinoid botanical products to consumers. A family-oriented company, Kannaway® encourages its brand ambassadors to create their own successful distribution businesses that will positively benefit the wellbeing of the people around them.
In 2018, Kannaway® had a number of significant accomplishments including:
- Held its largest-ever event in Prague, the European Grand Opening, to launch its newest international operations.
- Recognized its first Brand Ambassadors to achieve Crown Ambassador Elite rank.
- Announced a partnership with several athletes including Christian Okoye, Goose Gossage and Amy Van Dyken.
- Unveiled the Kannaway® Connect App to help Brand Ambassadors communicate with each other and grow their businesses.
HempMeds® is one of Medical Marijuana Inc.'s subsidiaries that manufactures and distributes CBD products online directly to consumers. The company manufactures health and beauty CBD products in liquid, topical and sublingual delivery methods. The company also sells a cannabis skincare line, edibles and CBD for companion animals.
In 2018, HempMeds® had a number of significant accomplishments, including:
- Established a partnership with UFC fighter Liz Carmouche.
- Launched a new topical product, HempMeds® Active Relief Roll-On in both 10 mg and 50 mg concentrations.
- Hired Todd Morrow as the subsidiary's President.
- Had its new Active Relief Roll-On product and Real Scientific Hemp Oil Gold Liquid featured in Men's Health Magazine.
Phyto Animal Health is Medical Marijuana Inc.'s subsidiary that manufactures and distributes CBD products for a variety of companion animals such as dogs, cats and horses. As a company that cares about the health and wellbeing of all animals, it also cares about the earth. Using the least amount of water and other resources to create its products, the company aims to leave the smallest footprint possible while helping provide cats, dogs and horses with the nutrients they need to have outstanding mental and physical health.
In 2018, Phyto Animal Health had a number of significant accomplishments including:
- Launched in the U.S. and began selling online and in select retail locations.
- Announced its Expert Veterinary Advisory Board.
- Named Ian Quinn as Chief Executive Officer.
- Signed an agreement with national distributor Mr. Checkout to distribute its line of CBD hemp oil pet products to thousands of members of the Independent Pet Retailer Association.
HempMeds® Mexico is Medical Marijuana, Inc.'s distribution branch in the country, focusing on providing non-psychoactive CBD products to the people of Mexico. HempMeds® Mexico was the first company to have a cannabis product approved for import into Mexico.
In 2018, HempMeds® Mexico had a number of significant accomplishments including:
- The Mexican Federal Commission for Protection Against Sanitary Risks (COFEPRIS) granted the company with the first five new permits to sell its CBD products in Mexico without prescription.
- Became the first company to sell a registered topical CBD product in Mexico.
- Announced the promotion of HempMeds® Mexico President Raul Elizalde to HempMeds® President, Latin America.
- Sponsored several medical and consumer cannabis events in Mexico and throughout Latin America to spread education on the use of cannabidiol.
Another Latin American subsidiary of Medical Marijuana, Inc., HempMeds® Brasil, is the distribution partner in Brazil. Medical Marijuana, Inc.'s flagship product, Real Scientific Hemp Oil™(RSHO™) was the first cannabis product to be approved for import by Brazil's federal government and used as a prescription for approved medical indications within Brazil.
In 2018, HempMeds® Brasil had a number of significant accomplishments including:
- Opened a new office in São Paulo featuring a doctor's office, a clinic, an office space for the HempMeds® Brasil staff, a classroom for educational seminars, and a lounge area to promote institutional events.
- Provided product to the Lutheran University of Brazil for a research study using CBD for a number of specific conditions.
- Added Norberto Fischer as Director of Institutional Affairs.
- Hosted the Third Meeting of Former Residents of Neurology at John Paul II Children's Hospital in Belo Horizonte, Minas Gerais, Brazil.
About Medical Marijuana, Inc.
We are a company of firsts®. Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.'s portfolio and investment companies, visit 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.
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.
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.
SOURCE Medical Marijuana, Inc.