Cannabis company Medical Marijuana, Inc. (OTC:MJNA) posted Monday fourth-quarter and full-year 2020 earnings with yearly net revenue of $46.9 million, compared to $75.6 million in the previous year.
Gross Margins jumped from 76% in 2019 to 80% in 2020.
Its GAAP sales and marketing expense decreased as a percentage of sales from 55% in 2019 to 48% in 2020.
At the end of the year, the company held cash of $5.7 million.
- The San Diego, California-based company recently finalized a clinical study using Real Scientific Hemp Oil-X CBD Oil and released results in the EX Neurology journal;
- Its subsidiary Kannaway took part in the 2020 Validcare clinical study on CBD liver toxicity;
- Kannaway launched in the U.S. cannabinol market with two new CBN isolate product in the U.S. and reached the European cannabigerol market with its Kannaway Premium CBG.
- Furthermore, the subsidiary expanded into Russia, Kyrgyzstan, and Kazakhstan, launched CBD fitness program, Evolve, and was honored with various industry awards.
- Subsidiary HempMeds opened a new office in Mexico City, and hired international cannabis activist Raul Elizalde as CEO.
“While the entire world felt the impact of 2020, I could not be more proud of how our team remained flexible and executed on our mission of bringing the highest-quality, cannabinoid-based products to global markets,” Medical Marijuana, Inc. CEO Dr. Stuart Titus stated. “We were able to finish 2020 on a strong note and go into 2021 with significant positive momentum. It has been encouraging to witness an increased demand for wellness products and sweeping victories on every pro-cannabis legislation proposal in the US.”
Medical Marijuana shares were trading 10.16% higher at $0.0477 per share at the time of writing.
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