Medical Marijuana Inc. Reports Record Fourth Quarter 2012 Revenue and Income
Revenue Up Over 1100 Percent from Prior Year
SAN DIEGO, Jan. 22, 2013
SAN DIEGO, Jan. 22, 2013 /PRNewswire/ --Medical Marijuana, Inc. (OTC: MJNA),
a leading cannabis and hemp industry innovator, today is pleased to
pre-announce its fourth quarter earnings. The company earned net income of
approximately $3.39 million on gross revenues of $5.10 million for the quarter
ended December 31, 2012. This represents a gross revenue increase of over
$2.0 million compared to the prior quarter ended Sept 30, 2012. When compared
to the same quarter ended December 31, 2011 this represents revenue increase
of $4.5 million and over 1,100 percent.
Operational and development highlights
Operating highlights of the quarter were as follows:
oContinued the expansion of its Red Dice Holdings Dixie Elixirs & Edibles
brand nationally and in Colorado through additional market penetration and
oDeveloped wholesale sales relationships for Dixie X Hemp based CBD
wellness products in California, Arizona, New Mexico and Washington.
oDixie brand received national exposure on 60 Minutes, CNN, and the Nightly
Business Report on PBS, increasing public awareness.
oPhytoSPHERE Systems produced over 550 million milligrams of Hemp CBD oil
for MJNA product sales and third party contracts, representing a 50%
increase in production from the prior quarter.
oPhytoSPHERE Systems proprietary extraction technology helped the Company
produce cost effective, high value CBD oil with concentrations of up to
80% in volume.
oCompany began negotiations to purchase a US based laboratory to manage R&D
and product development for PhytoSPHERE Systems and other MJNA portfolio
oCanCHEW Bio-Technologies launched free product trial and market survey of
its over-the counter (OTC) CBD chewing gum. Over 1,500 applicants
registered for the trial.
oThe Company finalized plans for CanCHEW European clinical trials beginning
2013. MJNA will provide $4.7 million in funding for this research.
oThe Company continued to explore several potential acquisition and
investment opportunities in established cannabis and hemp related
In addition, since the close of the second quarter, Medical Marijuana, Inc.
has retained accounting firm Anthony W. Imbimbo & Associates to perform the
audit of its financial records. The Company completed all of the pre-audit
work during Q4. Initially Imbimbo & Associates will audit the fourth quarter
results and file those financial statements on or before February 15, 2013.
Once the Q4 audited financials are filed, The Company plans on having each
prior quarter audited in order to obtain a full 24 months of audited financial
statements. "The audit process is crucial to our up-listing plans as well as
to provide our shareholders confidence in our financial reporting", stated
Michelle Sides, Chairman of Medical Marijuana Inc. Ms. Sides went on to say
"We are obviously pleased with our Q4 results, but are even more excited about
the opportunity for MJNA in this ever growing industry."
The Company also reported that it intends to issue its annual shareholder
update for 2012 on February 17, 2013 which will include full year results as
of December 31, 2012. Additionally, as part of the report, the Company plans
to announce its first ever projections for 2013 and 2014.
About Medical Marijuana, Inc.
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 more information, please
visit the company's website at: www.MedicalMarijuanaInc.com.
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
Medical Marijuana, Inc.
Investor Relations Contact:
Stuart T. Smith
SOURCE Medical Marijuana, Inc.
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