Medical Marijuana, Inc. (OTC: MJNA) reported financial results for the quarter and year ending Dec. 31, 2019, with $75.6 million in gross revenue in 2019, a 26.3% increase year-over-year when compared to 2018’s gross revenue of $59.8 million. The net ordinary income for 2019 was $3.3 million versus 2018’s net loss of $8 million. The company reported a positive adjusted EBITDA of $139 thousand in 2019 as compared to a loss of $1.2 million in 2018.
The GAAP net income for the fourth quarter increased to $84,404 versus 2018’s net loss of $202,630.
“In 2019, Medical Marijuana, Inc. and its subsidiaries continued to execute on our strategic growth and fiscal responsibility action plan that rendered our best results yet and I could not be more excited to share them with shareholders,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We were able to not only generate increased revenues but focus on our bottom line by making strategic adjustments to expenditures.”
“In addition to our success in the U.S., our international operations have continued to flourish in Europe, Latin America and we are excited for our development in Asia,” said Medical Marijuana, Inc. COO Blake Schroeder. “We hope that these efforts will continue to build shareholder value and help bring our industry-leading products to broader audiences worldwide.”
In 2019, Medical Marijuana, Inc. listed the following highlights:
- The Company was recognized as a top-five hemp-derived CBD company by Yahoo Finance
- Subsidiaries HempMeds® and Kannaway® became the first companies to have their CBD products listed in the Prescribers’ Digital Reference
- Subsidiaries HempMeds®, Dixie Botanicals® and Kannaway® received the U.S. Hemp Authority Certification Seal
- Dr. Titus was invited to speak at the FDA Hearing on Cannabis and CBD Products in May 2019
- Brooke Beers was promoted to Chief Financial Officer