Medical Marijuana, 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, record revenue of $20.7 million in the second quarter of 2019, a 30.8% increase over the same quarter in 2018.
The company said it has generated $1.4 million of cash from operations, with total cash balance increasing to $5.4 million at quarter end, with gross profit of $15.4 million in the second quarter of 2019, a 61% increase over the same quarter in 2018.
Net Ordinary Income for the period was $877,964, compared to a loss of $2 million in the same period last year, the company said in its press release.
Global cannabis industry could be $57B by 2027
Dr. Stuart Titus, Chief Executive Officer of Medical Marijuana, said: “We are excited to continue our tremendous sequential success with the second quarter of 2019 proving to be the largest sales revenue quarter in the history of our Company. As the world continues to become more receptive to learning about the benefits of hemp-derived CBD, we are enthusiastic about being at the forefront of the global cannabis industry which, according to Arcview Market Research, could be worth $57 billion by 2027.”
“We hope that these impressive results excite our valued shareholders and look forward to providing more transparency and accountability moving forward,” said Medical Marijuana, Inc. COO Blake Schroeder. “Our number one priority is profitability and we are not only reaching our quarterly goals for this but are surpassing them.”