Welcome!

News Feed Item

Medical Marijuana Inc. Reports Third Quarter 2012 Revenue and Income Quarter Over Quarter Increase Of Over 1500 Percent From Same Period Last Year

SAN DIEGO, Nov. 15, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today announced its third quarter earnings.  The company earned net income of approximately $1.19 million on gross revenues of $3.00 million for the quarter ended Sept 30, 2012.  This represents a gross revenue increase of 1500 plus percent quarter-over-quarter when compared to revenue of $198,813 for the quarter ended Sept 30, 2011.

Operational and development highlights

Operating highlights of the quarter were as follows:

  • Completed the integration of Dixie Elixirs & Edibles brand. Developed and launched the Dixie X, Hemp based CBD wellness products. Dixie X is now available for purchase online. The company has completed its wholesale product launch for the specialty cannabis and hemp retail markets in the US.
  • Launched Dixie X compassion care club.
  • Successfully planted and harvested its hemp crops for the production of its high value hemp CBD oil.
  • PhytoSPHERE Systems sold its first batch of commercialized hemp CBD Oil.
  • Expanded PhytoSPHERE systems production capabilities to meet 2013 supply demands for its CBD hemp oil.
  • Identified and developed additional cultivars to expand portfolio of high value hemp oils for deployment in 2013.
  • Completed integration of CanCHEW Bio-Technologies.
  • Produced CanCHEW Bio-Technologies first batch of marketable GMP manufactured CBD based over-the-counter (OTC) functional chewing gum.
  • CanCHEW Bio-Technologies identified European clinical development path for its patented cannabinoid based functional chewing gum. European clinical trials expected to begin 2013.
  • Formed Canipa Holdings, for European product expansion.
  • Identified several potential acquisition and investment opportunities in established cannabis and hemp based businesses.
  • Signed closing docs for Lotus Capital $2.0 million line of credit.
  • Negotiated additional $15.0 million institutional line of credit.

In addition, since the close of the third quarter, Medical Marijuana, Inc. has:

  • Produced over 365 million milligrams of hemp CBD oil for MJNA product sales.
  • Negotiated the purchase of key international hemp product development, manufacturing, sales and marketing brand with 30 plus consumer products in market today. Expected to close 4 Q 2012.
  • PhytoSPHERE Systems has expanded its portfolio of products to include different cbd concentrations in its hemp oil.

Operational Statement

"We are very pleased with our overall quarterly results. It's a testament to the team's hard work, diligence and preparation," said Michelle Sides, Chairman of Medical Marijuana Inc.

Financial Tables


Three months ended

Sept. 30, 2011

Three months ended

Dec. 31, 2011

Three months ended

Mar. 31, 2012

Three months ended

Jun. 30, 2012

Three months ended

Sept. 30, 2012

Revenue

$198,813

$430,140

$1,788,445

$2,403,624

$3,001,902

Assets

$1,443,251

$1,948,165

$6,356,301

$7,908,677

$8,131,147

Debt

$14,879

$26,785

$101,778

$156,778

$585,437

Net Income

($1,067,473)

($62,711)

$1,208,136

$1,471,596

$1,193,937







FORWARD-LOOKING DISCLAIMER

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 herein.

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.

Corporate Contact:
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
www.medicalmarijuanainc.com   
www.facebook.com/mjnainc

Investor Relations Contact:
Stuart T. Smith
SmallCapVoice.Com, Inc.
P. 512-267-2430      
F. 512-267-2530
Skype: SmallCapVoice.com
AIM: SmallCapVoice7

SOURCE Medical Marijuana, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...