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Medical Marijuana, Inc. Announces First Quarter 2012 Results
Date:5/15/2012

SAN DIEGO, May 15, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), one of the medical marijuana (MMJ) industry's premier cannabis and hemp industry innovators, today announced its first quarter earnings.  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.

Operational and development highlightsOperating 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.
  • Cannabank, the private equity group that finances and incubates early stage acquisitions for MJNA, has agreed to finance several key transactions for the company including the European based pharmaceutical firm previously announced.
  • Secured $4 million in non-dilution, non-recourse finance for the acquisition and development of strategic acquisitions. 
  • In addition, since the close of the first quarter, Medical Marijuana, Inc. has:

  • Completed the acquisition of Dixie Elixirs & Edibles brand, intellectual property, proprietary formulas and extraction processes. In conjunction it formed Red Dice Holdings, as was announced in late April, to develop manufacturing and distribution partnerships for Dixie in every state and country that has legalized medical cannabis.
  • Begun hemp-based extraction prod
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  • SOURCE Medical Marijuana, Inc.
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