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Medical Marijuana Inc. (MJNA) maintains its position as a pioneer in cannabis research and CBD product development. This comprehensive news hub provides investors and industry stakeholders with timely updates on corporate milestones, regulatory compliance developments, and scientific advancements.
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Key updates cover new product launches, research collaborations, manufacturing expansions, and compliance with evolving cannabis regulations. Users benefit from organized access to both corporate announcements and third-party analyses of MJNA's market position.
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Medical Marijuana, Inc. (MJNA) has launched its first pharmaceutical subsidiary, HM Pharma, in Brazil, aiming to enhance access to high-quality CBD products through pharmacies by the end of 2022. This initiative capitalizes on Brazil's medical cannabis market, regulated by Anvisa Normative 327/2019. The subsidiary will complement the existing model of HempMeds and targets a growing segment expected to thrive alongside the compassionate use laws. The company has reported significant growth, with HempMeds Brasil expanding at 75.8% faster than the overall market.
Medical Marijuana, Inc. (OTC: MJNA) reported a strong first quarter of 2022, with net revenues of $7.8 million, a 24% increase from the previous quarter. The company achieved a gross profit of $5.7 million and maintained a gross margin of 73%. Cash on hand was $5 million. Notably, international operations saw record-breaking revenues in Japan and South Africa, and the company opened new facilities in Warsaw and Hong Kong, alongside a product launch in Prague. Additionally, it reduced debt by satisfying promissory notes totaling over $10 million.
Medical Marijuana, Inc. (MJNA) announced the positive preliminary results of a cannabidiol (CBD) Safety Study conducted by its subsidiary, Kannaway®. The study, completed on March 22, 2022, involved 1,061 participants and confirmed that daily CBD consumption does not cause elevated liver tests, low testosterone levels, or daytime drowsiness. The findings aim to encourage FDA regulation of CBD, potentially doubling the market size as larger retailers become more comfortable with CBD products. Results will be shared with the FDA on May 20, 2022.
Medical Marijuana, Inc. (OTC: MJNA) announced the addition of Eric Glenn as a Kannaway® Entrepreneur. With over 40 years in direct sales, Glenn aims to leverage his experience in the health and wellness sector to enhance sales growth for Kannaway. CEO Blake Schroeder expressed confidence in Glenn’s ability to drive international sales, highlighting the cannabis market's continuous growth. Kannaway specializes in hemp-based products and conducts regular sales meetings offering insights to aspiring leaders in this field.
Medical Marijuana, Inc. (OTC: MJNA) has announced a corporate update focusing on pharmaceutical investments aimed at novel therapies for large and rare disease markets. The company aims to enhance shareholder value through innovation in both nutraceutical and pharmaceutical cannabis applications. In Brazil, it is pursuing drug registration as CBD is approved for medical use. Additionally, its investment in Neuropathix has secured a $2.97 million NIH grant for clinical studies on neuropathic pain treatment with its lead compound KLS-13019, while AXIM Biotechnologies is advancing its diagnostics for Dry Eye Disease with FDA-approved tests.
Medical Marijuana, Inc. (OTC: MJNA) announced that its subsidiary, Kannaway®, has been listed by the UK Food Standards Agency (FSA) as having submitted Novel Foods applications for its CBD products. This listing allows Kannaway® to continue marketing its products in the UK, pending final toxicology results. In 2021, the UK CBD market reached £690 million, making it the second-largest globally. CEO Blake Schroeder emphasized the company's pioneering role in the European cannabis market since 2018, anticipating updates from the FSA regarding validated status.
