Medical Marijuana Inc (OTCMKTS:MJNA) reported revenues of $46.9 million in 2020. It maintains a cash balance of $5.7 million at the end of 2020.
Stuart Titus, CEO of Medical Marijuana, said its team put in significant efforts to manufacture high-quality CBD-derived products to the overseas markets despite the impact of coronavirus across the world.
The company ended 2020 with strong growth and maintained the same momentum when entering 2021.
Congress to pass cannabis laws soon
Demand for wellness products is growing at a fast pace in the US following the pro-cannabis proposal. Several new states like New Mexico, Virginia, New Jersey, and New York entered the cannabis industry. The US congress expects to pass several federal cannabis laws soon. Medical Marijuana is well-positioned to capitalize on the new cannabis opportunities in the US.
Business highlights
Medical Marijuana concluded a clinical study utilizing its Real Scientific Hemp Oil-X CBD (Cannabidiol) oil. The company published the study’s outcome in a global peer-reviewed journal – ECNE (EC Neurology).
Kannaway, a subsidiary of Medical Marijuana, took part in the Validcare clinical trial on cannabidiol liver toxicity in 2020.
Medical Marijuana vertically integrated its supply chain by expanding its warehouse facility and production. The expansion allows the company to conduct R&D in-house besides internal production.
Neuropathix, a pharmaceutical investment company, concluded its NIH (National Institutes of Health) funded phase 1 clinical trial.
Kannaway, a subsidiary of Medical Marijuana, entered the CBN market in the US by unveiling two innovative CBN isolates. Kannaway established its footprint in Europe by unveiling premium CBG.
Kannaway also entered the markets in Kyrgyzstan, Kazakhstan, and Russia. It also introduced Evolve, its first-ever cannabidiol fitness program.
HempMeds Mexico, a subsidiary of Medical Marijuana, inaugurated a new office in Mexico City.
Stuart will participate in a virtual cannabis conference for investment on April 20, 2021, at 1 PM. He will discuss its successes in the non-psychoactive CBD industry by becoming the first to develop CBD products derived from hemp worldwide.
It is the first company to ship CBD legally across the US. Medical Marijuana also created a history by receiving permits to import Cannabidiol products from the governments of Paraguay, Argentina, Mexico, and Brazil.
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