Over the past few years, the marijuana market has grown significantly in the United States as more states continue to legalize it. Various industries, including pharmaceutical, cosmetic, and food and beverage, are constantly using cannabis or marijuana as a recreational or a medical product. The constant use has given success to Medical Marijuana Inc (OTCMKTS:MJNA).
In the financial results for the quarter ending March 31, 2020, the company was smiling to the bank, generating $13.3 million in net revenue. The gross margins increased to 83.8% compared to 78.2% in the 1Q 2019. With a gross profit of $11.2 million, the cash position increased with 27.7% from 2019 to $4.6 million.
These Are Important Milestones for International Expansion
According to the company’s CEO Dr. Stuart Titus, the primary focus has been on financial responsibility and profitability, and the financial results indicate the effort made. They have expanded the doors for diverse opportunities, including international markets where the demand for cannabinoid-based product is on the rise.
“Our results demonstrate that despite uncertain economic conditions and unpredictable variations in consumer spending, we can adapt quickly and maintain core business operations,” Titus remarked.
The company’s COO, Blake Schroeder, is equally proud of the tremendous effort the company has put in the 1Q 2020, citing that their target of expansion includes new markets such as Russia and Vietnam. They are already flourishing in Europe and Latin America. All these are expected to continue building shareholder value while introducing industry-leading products to its broader audience.
Growth Happens When We Embrace In New Dimensions and Directions
There is a tremendous need for CBD across the world and only a great company with a great team can deliver on this need. According to Caroline Heinz and Raul Elizalde, there has to be considerable dedication and commitment of professionals. The two are co-CEOs HempMeds, a subsidiary of Medical Marijuana, Inc.
In the recent past, Heinz was featured in the major business publication explaining how she safeguards its mission by having a persona connection with it. She has built valuable connections, which have resulted in successful sales operations.