Medical Marijuana Inc. Reports 2012 First Quarter Results
Posted by Marijuana Doctors on 05/16/2012 in Medical Marijuana Economics
Medical Marijuana Inc. is the first publicly held company solely vested in the medical marijuana industry, as well as industrial help markets. Medical Marijuana Inc., also known as MJNA, is comprised of a much diversified portfolio of services, products, business and technology strictly focused on the cannabis and hemp industries. MJNA recently announced their first quarter earnings of 2012, in which the company had a strong showing and wound up earning a net income of approximately $1.21 million on gross revenues of $1.79 million.
Medical Marijuana Inc. had a gross revenue increase of over 400% compared to the revenue of $430,000 that was reported when the last quarter ended on December 31, 2011. Their quarterly earnings also reported an accumulative of over 12,000 plus percent increase in revenue since the same quarter last year. Operating expenses were approximately $580,000 for 2012’s first quarter.
Not only is MJNA a legal company, it also has a friendly environment and economically sustainable business. Since new management took over at the end of the first quarter in 2011, Medical Marijuana Inc. has seen an absolute explosion in revenue, an explosion of nearly 4,000%. The company does not sell or grow marijuana, but it owns patented and proprietary methods for governments, municipalities to implement production, packaging, tracking and integration of pharmaceutical grade medical herbs.
The past few years, research on medical marijuana has shown that there are many new benefits arising from the plant. This has certainly played a part in the sparking upsurge of the number of doctors that are willing to write recommendations.
During the first quarter MJNA also acquired two additional Wellness Managed Services accounts that are projected to turn out annual revenues of nearly $1.7 million. They also closed a $1.04 million upfront payment licensing transaction for high value hemp extracts. Approximately $1.0 million dollars of shares were also retired.
On top of all the great news that MJNA has been graced with, the private equity group that finances and incubates the early stage acquisitions for company, Cannabank, agreed to finance several key transactions for the company including one with a European based pharmaceutical company for the purchase and development of a patent cannabinoid drug delivery product.
In addition since the close of the first quarter, Medical Marijuana Inc. has completed the acquisition of Dixie Elixirs & Edibles brand, intellectual property, proprietary formulas and extraction processes. From there, it formed Red Rice Holdings, which was announced in late April to develop manufacturing and distribution partnerships for Dixie in every state and country that has legalized medical marijuana.
Michael Llamas, President of Medical Marijuana Inc., believes that the first quarter of 2012 brought into clear focus all that the company has been working towards since Cannabank’s initial investment into MJNA approximately a year ago.