Medical Marijuana, Inc. reported a total gross profit of 297 percent compared to Q3 2016, after focusing on international expansion and cannabinoid research this year.
The cannabinoid company made international headlines in 2017 by bringing its HempMeds brand to Mexico and Brazil – and made history when the Mexican government bought HempMeds CBD oil for its citizens.
Now Medical Marijuana, Inc. (OTC: MJNA) is reporting major gross revenue and gross profit increases over last year.
“Gross revenue soared from $2,188,671 in Q3 2016 to $7,783,297 in Q3 2017, a quarter over quarter increase of 255%. Total gross profit rose from $1,266,488 in Q3 2016 to $5,034,464 in Q3 2017, an increase of 297%,” according to a release.
With its quick movements in the CBD oil and biotechnology industries, the company is posed to react to 2018’s industry trends. The CBD oil market will be at $1 billion by 2020 according to a Brightfield Group report. The biotechnology market size will exceed $775.2 billion by 2024, according to a Global Market Insights, Inc report.
Medical Marijuana, Inc.’s assets include HempMeds® and Kannaway®, international divisions in Mexico and Brazil, and investments in biotechnology companies like AXIM Biotechnology and Kannalife Sciences.
Medical Marijuana, Inc. CEO Dr. Stuart Titus said, “We believe that with these record-breaking revenue numbers, we have the capacity to make 2018 the most profitable year the company has ever seen. We are currently spending on international expansion and research efforts, which should pay long-term dividends for shareholders.”
The international expansion efforts began soon after medical cannabis was legalized in Mexico in June, and U.S.-based HempMeds jumped on the news by opening its first office in Monterrey, Mexico in July. The Monterrey, Mexico office serves as the hub for distribution of HempMeds’ THC-free CBD oil product Real Scientific Hemp Oil-X.
Mexico legalized the cultivation, production, and use of cannabis products with less than one percent THC for medical use when President Pena Nieto signed a bill into law on June 19.
Next, for the first time ever, the government in Mexico purchased CBD oil products from HempMeds Mexico for its citizens. Having governments subsidize the healthcare costs generated by CBD oil is a historic step towards normalization of cannabinoids as a treatment option,” according to a release.
In November, the United Nations invited HempMeds Mexico president Raúl Elizalde to speak about CBD hemp oil.
Elizalde is a medical cannabis pioneer who advocated tirelessly for Mexican patients, culminating in the moment when he joined Mexico President Peña Nieto on stage in April 2016, as the leader announced Mexico’s medical cannabis reform. Elizalde started the Por Grace Foundation to continue his advocacy work, and was appointed president of HempMeds Mexico this year.
In Medical Marijuana, Inc’s research endeavors, there was progress for cannabinoid medicine at AXIM Biotechnology and Kannalife Sciences.
AXIM Biotechnologies, Inc. announced phase II clinical trials on cannabidiol (CBD)-based chewing gum to treat Restless Legs Syndrome. The company also filed a patent for a chewing gum to treat opioid addiction.
Kannalife Sciences, another Medical Marijuana, Inc. biotechnology investment, continued its work to develop cannabis-based drugs for the treatment and prevention of chronic traumatic encephalopathy (CTE).
“Company spokesperson and former NFL player Nick Lowery was part of a media blitz to promote cannabis as a solution to the NFL’s CTE epidemic,” according to a release.
A recent clinical study found promising results in CBD oil used as a treatment for patients suffering from seizures—primarily people with Tuberous Sclerosis Complex. Results from the trial showed that 60 percent of participants who used CBD products saw a clinically significant (80-100 percent) reduction in the frequency of their seizures. The trial utilized THC-free CBD oil product RSHO-X™ by Medical Marijuana, Inc.