Medical Marijuana Inc. (OTC: MJNA) reported $7.8 million in net revenue in the second quarter of 2022. This fell from last year’s revenue of $9.6 million for the same time period in 2021. The company also reported a net loss of $11 million versus last year’s net income of $7 million.
The company said in its filing that it took a net loss of $7,106,771 related to Axim Biotechnologies, Inc (OTCB: AXIM) and a net loss of $369,439 related to Neuropathix, Inc. (OTCB: NPTX). The company owns 17% of Axim stock.
Medical Marijuana also burned through $2.2 million in cash in the quarter leaving the company with a balance of $2.7 million versus last year’s balance at the end of the second quarter of $6.5 million. The company has total liabilities of $9.9 million.
Medical Marijuana CEO Blake Schroeder said, “We have first mover advantage in nearly every market where the company operates with potential for continued international expansion well into the future. Beyond international expansion efforts, we continued our efforts in the second quarter in the pharmaceutical space as we believe this segment to hold tremendous future upside value for our company. In Brazil, we believe we will have products on pharmacy shelves by late this year or early 2023. Additionally, researchers at our investment company, Neuropathix, are utilizing grant money received from the National Institutes of Health to further their clinical research on its proprietary compound aimed at treating neuropathic pain and inflammation.”
Last month, Medical Marijuana announced its pharmaceutical subsidiary, HM Pharma, had submitted a product dossier for its cannabidiol (CBD) products after receiving Sanitary Authorization from ANVISA, Brazil’s Health Regulatory Agency.