SAN DIEGO, Jan. 22, 2013 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today is pleased to pre-announce its fourth quarter earnings. The company earned net income of approximately $3.39 million on gross revenues of $5.10 million for the quarter ended December 31, 2012. This represents a gross revenue increase of over $2.0 million compared to the prior quarter ended Sept 30, 2012. When compared to the same quarter ended December 31, 2011 this represents revenue increase of $4.5 million and over 1,100 percent.
Operational and development highlights
Operating highlights of the quarter were as follows:
- Continued the expansion of its Red Dice Holdings Dixie Elixirs & Edibles brand nationally and in Colorado through additional market penetration and product development.
- Developed wholesale sales relationships for Dixie X Hemp based CBD wellness products in California, Arizona, New Mexico and Washington.
- Dixie brand received national exposure on 60 Minutes, CNN, and the Nightly Business Report on PBS, increasing public awareness.
- PhytoSPHERE Systems produced over 550 million milligrams of Hemp CBD oil for MJNA product sales and third party contracts, representing a 50% increase in production from the prior quarter.
- PhytoSPHERE Systems proprietary extraction technology helped the Company produce cost effective, high value CBD oil with concentrations of up to 80% in volume.
- Company began negotiations to purchase a US based laboratory to manage R&D and product development for PhytoSPHERE Systems and other MJNA portfolio companies.
- CanCHEW Bio-Technologies launched free product trial and market survey of its over-the counter (OTC) CBD chewing gum. Over 1,500 applicants registered for the trial.
- The Company finalized plans for CanCHEW European clinical trials beginning 2013. MJNA will provide $4.7 million in funding for this research.
- The Company continued to explore several potential acquisition and investment opportunities in established cannabis and hemp related businesses.
In addition, since the close of the second quarter, Medical Marijuana, Inc. has retained accounting firm Anthony W. Imbimbo & Associates to perform the audit of its financial records. The Company completed all of the pre-audit work during Q4. Initially Imbimbo & Associates will audit the fourth quarter results and file those financial statements on or before February 15, 2013.
Once the Q4 audited financials are filed, The Company plans on having each prior quarter audited in order to obtain a full 24 months of audited financial statements. "The audit process is crucial to our up-listing plans as well as to provide our shareholders confidence in our financial reporting", stated Michelle Sides, Chairman of Medical Marijuana Inc. Ms. Sides went on to say "We are obviously pleased with our Q4 results, but are even more excited about the opportunity for MJNA in this ever growing industry."
The Company also reported that it intends to issue its annual shareholder update for 2012 on February 17, 2013 which will include full year results as of December 31, 2012. Additionally, as part of the report, the Company plans to announce its first ever projections for 2013 and 2014.
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.
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.
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
Investor Relations Contact:
Stuart T. Smith
SOURCE Medical Marijuana, Inc.