Medical Marijuana Posts 18% Sequential Revenue Drop, Q2 Net Income Of $9.7M

Medical Marijuana, Inc. MJNA said Tuesday that its net revenue dropped by approximately 18% over the second quarter of 2020 to $10.9 million.

The Cannabis Stock's Q2 Report: The San Diego, California-based company posted net income of around $9.7 million during the quarter compared to a net loss of $90.8 million in the prior period.

For the period ending in June, its gross profit was $8.7 million.

Gross margins increased from 74.3% to 79.7% year-over-year.

Over the year, GAAP sales and marketing expenses decreased as a percentage of sales to 51.9%.

Other highlights from the Medical Marijuana, Inc. earnings report include recent moves by its portfolio companies.

During the quarter, the company "continued to not only operate but innovate, adapt and expand," despite the COVID-19 pandemic CEO, Dr. Stuart Titus said in a statement. 

Kannalife, Kannaway, HempMeds Updates: In April, Medical Marijuana, Inc. portfolio company Kannalife, a biopharmaceutical medchem firm said the U.S. Patent and Trademark Office issued a notice of allowance for its trademark application for the mark "Atopidine." 

Kannaway and HempMeds made changes to their leadership teams during the quarter.

Kannaway promoted CMO Stephen Jones to President. HempMeds appointed Caroline Heinz and Raul Elizalde as co-CEOs and hired Vince DiMella as U.S. director of sales and marketing. 

"Like most, we experienced unprecedented challenges in the second quarter of 2020; however, I could not be prouder of how our team continued to execute throughout the pandemic and regulatory hurdles," Medical Marijuana, Inc. COO Blake Schroeder said in a statement. 

MJNA Price Action: The Pink stock was trading down 2.07% at .014 cents at the time of publication Tuesday. 

Courtesy photo.