Medical Marijuana Touts Positive Adjusted EBITDA In Q3, Net Revenue Of $12.2 Million
Medical Marijuana Inc. (OTC:MJNA) has generated $12.2 million in net revenue over the third quarter. That’s a sequential increase of 11.25%.
The earnings report came on the heels of entering the CBN market through its subsidiary Kannaway.
The San Diego cannabis company also reported a positive adjusted EBITDA of $175,755.
Gross profit for the quarter amounted to $9.1 million, as GAAP Sales and Marketing expenses dropped as a percentage of sales from 51.9% to 49.3%, on a sequential basis.
Kannaway’s Japanese division saw its best revenue month ever in August.
In July, HempMeds — also a Medical Marijuana subsidiary — partnered with Gelson’s Market to supply Southern California’s customers with its CBD topical and beauty products.
In addition, HempMeds named Vince DiMella U.S. director of sales and marketing, while former HempMeds president Todd Morrow was…
