Medical Marijuana Inc. (OTC:MJNA), announced their first quarter earnings today and it was as high as it’s customers. Medical Marijuana Inc. is one of the medical marijuana (MMJ) industry’s premier cannabis and hemp industry innovators.
The company earned net income of approximately $1.21 million on gross revenues of $1.79 million for the quarter ended March 31, 2012. This represents a gross revenue increase of 400 plus percent quarter-over-quarter when compared to revenue of $430,000 for the quarter ended December 31, 2011 and an accumulative 12,000 plus percent increase in revenue since the same quarter last year. Operating expenses were approximately $580,000 for the quarter.
Some of the operating highlights of the quarter were as follows:
-Acquired two additional Wellness Managed Services accounts which will generate estimated annual revenues of $1.7 million.
-Closed a $1.04 million upfront payment licensing transaction for high value hemp extracts.
-Retired 14,600,000 shares worth approximately $1.0 million dollars.
-Secured $4 million in non-dilution, non-recourse finance for the acquisition and development of strategic acquisitions.
This is a great start to the beginning of 2012, a year where legalizing marijuana debates have exploded and a year that could change the pot industry forever, come voting time. On thing is for sure, there is a great amount of money to be made in the cannabis industry for this country.