Medical Marijuana, Inc. Releases Audited Fourth Quarter 2012
Financial Statements and Announces Additional Operating Highlights
SAN DIEGO, Feb. 8, 2013 /PRNewswire/ -- Medical Marijuana,
Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator,
today announced the release of its audited fourth quarter financial
statements. The Company earned net income of approximately
$3.2 million on record gross revenues
of $5.2 million for the quarter ended
December 31, 2012. This
represents a gross revenue increase of over 1100 percent
quarter-over-quarter when compared to revenue of $430,140 for the quarter ended December 31, 2011. Additionally, confirming the
strong growth of the Company's core business, revenue increased
approximately $2.2 million and net
income rose by over $2.0 million when
compared to the most recent third quarter 2012. Revenues for 2012
totaled $12.38 million and net income
was $7.1 million.
As previously announced, the Company retained the
accounting firm of Anthony W.
Imbimbo & Associates to perform the audit of its
financial accounting records. Imbimbo & Associates focused
initially on auditing the fourth quarter results to meet the filing
deadline of February 15, 2013. With
that completed, the firm will turn its attention to auditing each
prior quarter to obtain a full 24 months of audited financial
statements.
In addition to the Operational Highlights previously
announced on January 22, 2012, the
Company has realized a variety of significant milestones which are
described in the audit report, as well as detailed
below:
- Sold its high concentrate Hemp CBD oil for approximately
$35 million, receiving its first
installment payment of $4,500,000.
The Company will continue to receive installment payments
though-out 2013.
- Canipa Holdings, the 80% owned European subsidiary
received approval to sell hemp oil and hemp based medicinal
products in Romania (Not for sale
in the US).
- The Company received an opinion letter from counsel
stating that it is legal to import, export and sell hemp products
in the United States while using
the word "cannabidiol" in its name, labeling and marketing
materials.
- CanChew Biotechnologies, the 50% owned subsidiary,
received 47,000,000 shares of the Company's common stock to self-
fund and secure the clinical development and trials in 2013 for
European FDA equivalent medical drug approval.
- The Company has finalized and made its first installment
payment for the acquisition of a New
York based biotechnology company that has been assigned the
National Institute of Health's' (NIH) patent on the therapeutic use
of cannabinoids.
- The Company has completed and submitted all documentation
necessary for a market tier up listing (OTC).
- Finally, the Company and its counsel have submitted all
required documentation and legal opinion letters for the removal of
the Depository Trust Corporation (DTC) imposed "chill".
"2012 was an exciting and challenging year for the
Company. We are especially pleased to be able to meet our earlier
commitment of providing our shareholders audited financials and
positioning the Company for eventual uplisting." said Michelle Sides, Chairman of Medical Marijuana,
Inc. Sides went on to say, "The strength of our financial results
along with the impressive achievements described above should give
new and existing shareholders confidence that MJNA will be a
dominant player in this fast growing industry."
Financial Tables
|
Three months
ended
Dec. 31,
2011
|
Three months
ended
Mar. 31,
2012
|
Three months
ended
Jun. 30,
2012
|
Three months
ended
Sep. 30,
2012
|
Three months
ended
Dec. 31,
2012
|
Revenue
|
$430,140
|
$1,788,445
|
$2,403,624
|
$3,001,902
|
$5,193,654
|
Assets
|
$1,948,165
|
$6,356,301
|
$7,908,677
|
$8,131,147
|
$16,384,698
|
Debt
|
$26,785
|
$101,778
|
$156,778
|
$585,437
|
$84,800
|
Net
Income
|
($62,711)
|
$1,208,136
|
$1,471,596
|
$1,193,937
|
$3,233,623
|
|
|
|
|
|
|
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking
statements and information, as defined within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, and is subject to the Safe Harbor
created by those sections. This material contains statements
about expected future events and/or financial results that are
forward-looking in nature and subject to risks and uncertainties.
Such forward-looking statements by definition involve risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Medical Marijuana, Inc. to
be materially different from the statements made
herein.
About Medical Marijuana, Inc.
Our mission is to be the premier cannabis and hemp
industry innovators, leveraging our team of professionals to
source, evaluate and purchase value-added companies and products,
while allowing them to keep their integrity and entrepreneurial
spirit. We strive to create awareness within our industry,
develop environmentally friendly, economically sustainable
businesses, while increasing shareholder value. For more
information, please visit the company's website at:
www.MedicalMarijuanaInc.com.
Corporate Contact:
Medical Marijuana, Inc.
Toll
Free: 888-OTC-MJNA (888-682-6562)
www.medicalmarijuanainc.com
www.facebook.com/mjnainc
Investor Relations Contact:
Stuart T. Smith
SmallCapVoice.Com, Inc.
P. 512-267-2430
F. 512-267-2530
Skype: SmallCapVoice.com
AIM: SmallCapVoice7
SOURCE Medical Marijuana, Inc.