Medical Marijuana Inc. (OTC: MJNA) saw revenue fall in the third quarter despite cutting costs in during the period, according to financial results for the quarter ended Sept. 30. Those measures mostly benefitted margins for the company.
MJNA’s stock was trading down nearly 5% on Tuesday after the results were released.
The Oregon-based hemp operator generated $4.9 million in net revenue during the quarter, versus $9.2 million in the same period last year. Net loss for the third quarter was $2.2 million, versus $4.7 million in the same period last year. Still, the loss is an improvement from the previous quarter, when the company posted a net loss of $11 million.
MJNA posted gross profit of $4 million, versus $6.7 last year. Gross margins for the period were 82%, up versus 78% last year.
The company ended the quarter with $1.4 million in the coffers, versus $5.6 million last year. It has total liabilities of $11.8 million.
“During the third quarter MJNA continued to aggressively pursue our strategic initiatives,” said CEO Blake Schroeder.
He said the company has been working to expand its range of import permits in various international markets, announcing partnerships in Europe and in Argentina, where it has partnered with a research hospital for one of its pharmaceutical venture.
MJNA also said it had submitted a pharmaceutical product dossier in Brazil for its CBD subsidiary, HempMeds Brasil.
“I remain extremely bullish on the opportunities before us, both at home and abroad. We continue to see legislators discussing making long-needed changes to our regulatory environment that, should they pass, drastically decrease the obstacles we face in operations and expansion,” Schroeder said. “We will continue to target expansion of our brands as we work to build the world’s first truly global cannabis company.”