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Medical Marijuana, Inc. (MJNA) announced record revenue for its subsidiary HempMeds® in June 2021, achieving an 84% increase compared to May and a 12% increase year-over-year. This marks HempMeds®' best revenue month in the company's history. The growth is attributed to expanding operations in Argentina and a new distribution agreement in Mexico for CBD products. HempMeds® continues to set milestones in Latin America, highlighting its ambition to become a global leader in the cannabis sector.
Medical Marijuana, Inc. (MJNA) announced a significant ruling by Mexico’s Supreme Court that declared laws criminalizing recreational cannabis unconstitutional. This decision is expected to benefit the cannabis industry, allowing easier access for Mexican citizens to obtain cannabis-derived products. HempMeds®, a subsidiary of MJNA, expressed optimism about future business growth opportunities in Mexico, highlighting the importance of continued legal reforms. The ruling marks a progressive step towards establishing a regulated cannabis market in Mexico, which could enhance MJNA's operations.
Medical Marijuana, Inc. (OTC: MJNA) announced the appointment of Raoni Barcelos, a five-time Brazilian national wrestling champion and UFC fighter, as a spokesperson for its subsidiary, HempMeds®. Barcelos, an advocate for CBD products, emphasizes the benefits of these products for recovery and wellness among athletes. HempMeds® aims to leverage Barcelos' influence to reach a broader audience. Barcelos' notable achievements in MMA include 16 wins, with 8 by knockout. Fans can see him fight on June 26, 2021, during UFC Fight Night.
Medical Marijuana, Inc. (OTC: MJNA) appointed Blake Schroeder as Chairman and CEO, succeeding Dr. Stuart Titus, who moves to a consulting role. Schroeder, who joined in 2016, has significantly contributed to company growth, with Kannaway's revenue skyrocketing from $2 million to nearly $70 million in 2019. The transition aims to ensure stability, with Dr. Titus continuing as spokesperson and product educator. This leadership change is expected to further strengthen the company's position in the cannabis industry.
Medical Marijuana, Inc. (OTC: MJNA) reported strong financial performance for Q1 2021, generating $8.9 million in net revenue and a net income of $3.7 million. The company's sales and marketing expenses decreased as a percentage of sales from 46% in 2019 to 38% in 2020. They also reduced total liabilities by 32% and ended the period with a cash position of $4.9 million. Operational highlights include record sales in Latin America, successful product launches, and participation in a clinical study addressing CBD toxicity.
Medical Marijuana, Inc. (MJNA) announced that its subsidiary, HempMeds® Brasil, achieved its highest revenue month ever in April 2021. This milestone reflects consistent growth in their Brazilian operations, aimed at expanding consumer reach. CEO Dr. Stuart Titus and HempMeds® CEO Raul Elizalde expressed pride in their team's achievements and growth plans, including a partnership with Brazil's largest higher education institution to educate medical professionals about CBD benefits. The company continues to innovate and expand its facilities to meet growing demand.
Medical Marijuana, Inc. (MJNA) announced that CEO Dr. Stuart Titus will present virtually at the 2021 Sequire Cannabis Conference on April 20 at 1 p.m. EDT. He will highlight the company's pioneering role in the non-psychoactive cannabinoid sector, including its global product pipeline of hemp-based CBD products and successful shipping across U.S. state lines. Titus aims to discuss the company's growth strategy in line with the expanding cannabis industry. The conference features video presentations from over 15 companies in the field.
Medical Marijuana, Inc. (MJNA) announced its financial results for 2020, achieving $46.9 million in net revenue and improving gross margins from 76% to 80%. The company experienced reduced sales and marketing expenses, dropping from 55% to 48% of sales. Cash reserves at year-end stood at $5.7 million. Operational highlights include a completed clinical study on its CBD oil, expansion in international markets, and the launch of new products. The CEO expressed optimism about growth opportunities following recent pro-cannabis legislation across multiple states.
Medical Marijuana, Inc. (OTC: MJNA) announced the appointment of X Games record-holding skateboarder Italo Penarrubia as its new brand ambassador for HempMeds®, its subsidiary. Penarrubia, a prominent figure in skateboarding, aims to educate athletes on the benefits of hemp-based CBD products, which he personally uses for recovery. The company highlights its pioneering role in the cannabis industry, including being the first publicly traded cannabis company in the U.S. and offering products recognized internationally.
Medical Marijuana, Inc. (MJNA) announced positive findings from a Validcare clinical study involving its subsidiary, Kannaway®. The study, assessing hemp-derived CBD products, found no liver toxicity in 839 participants over 60 days. These results were shared with the FDA to support regulatory pathways for CBD. Kannaway® aims to enhance its role in CBD safety research, building on its pioneer status in the cannabis industry.