Medical Marijuana, Inc. (OTCPK:MJNA) released its financial results for the quarter ending March 31, 2022, revealing $7.8 million in net revenue, a 24% increase when compared to the previous quarter.
Q1 2022 Financial and Operational Highlights
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Net cash provided by operating activities was $.6 million.
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Gross profit for the period ending March 31, 2022, was $5.7 million with gross margins of 73%.
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Cash at the end of the period ending March 31, 2022 was $5 million.
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The company opened facilities in Warsaw and Hong Kong and held a product launch event in Prague;
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As a part of its strategic financial plan to reduce debt, the company satisfied two promissory notes equaling over $10 million.
"Our international expansion has seen significant advancement this year already and we will continue to establish first mover advantage in countries around the world. Our established markets such as Brazil and Japan continue to see explosive growth and we are leading the way in both education and medicinal research in Latin America. Our investment companies, AXIM Biotech (OTCQB:AXIM) and Neuropathix (OTCQB:NPTX), also made important progress in their research with milestones such as commercialization of breakthrough Dry Eye diagnostic tools and positive clinical data respectively. The opportunity for our family of companies has never been greater and I remain extremely optimistic about our positioning through 2022 and beyond," stated Medical Marijuana, Inc. CEO Blake Schroeder.
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