While the war for recreational marijuana is ongoing, the war for medical marijuana received a boost today after Medical Marijuana, Inc. (OTC: MJNA) releases their Q1 earnings. As common stock, generally referred to as a penny stock, one would have to purchase an exorbitant amount of shares to enjoy much kickback from your investment but the numbers help paint a bigger picture for the fight for legalization.
Medical Marijuana, Inc. is the first-ever publicly traded medical marijuana company in the United States and is on an upward trajectory to say the least. Total Gross Profit jumped from $820,446 in Q1 of 2016 to $2,525,229 in Q1 2017; an increase of a whopping 210%. Total Assets have increased by 130% from $214,115,665 in Q1 of 2016 to $494,182,096.
These numbers are indicative of outward expansion, as an increasing amount of States and municipalities join the ranks among the ‘cannabis coalition of the willing’. When asked about the recent changes we’ve seen in the market, Medical Marijuana, Inc. Dr. Stuart Titus said, “…we continue to be encouraged by the growing international acceptance of cannabis and the progress our team has made in educating the world on its many therapeutic uses. I am quite excited about international expansion opportunities.”
Among their many subsidiaries, including HempMeds®,HempMeds Brazil®, and Kannaway®, Medical Marijuana, Inc. has positioned themselves to make a huge profit from coming legislations. Adult cannabis use is legal in 8 states including Washington D.C., medical cannabis use is legal in 29 states including D.C., CBD-only cannabis is legal in 16 states, and North American sales are projected to hit 20.2 billion by 2021, according to Arcview Market Research.
With the future of recreational marijuana unsure with the new administrations firm stance, medical marijuana seems to be the ‘toothpaste already out of the tube’ and should be enjoying exponential growth in years to come.