Marijuana Company Of America Inc (OTCMKTS:MCOA) Posts Robust Revenues Of $114,810 in Q1 2019 On Improved Sales Of hempSmart Products

Marijuana Company Of America Inc (OTCMKTS:MCOA) Posts Robust Revenues Of $114,810 in Q1 2019 On Improved Sales Of hempSmart Products

Marijuana
Company Of America Inc (OTCMKTS:MCOA)
has reported robust revenue of
$114,810 in Q1 2019. The impressive year on year growth of 504% is achieved
through improved sales and demand for hempSMART Products.

Increase
in gross profit

The
gross profit of Marijuana Company increased from $8,564 in Q1 2018 to $74,932
in Q1 2019. Its gross margins also surged to 65.3%. However, it posted a net
loss of $4.2 million from operations in Q1 2019 when compared to a net income
of $4.2 million for the same period last year.

The
net assets of Marijuana Company have surged by 12% to $2.143 million in Q1 2019
mainly on account of increase in long-term investments, inventory, and cash.
Its total liabilities have surged from $5.053 million in Q1 2018 to $8.087
million in Q1 2019 mainly due to an increase in derivative liabilities and
convertible notes.

Progress of Oregon hemp project

According
to Marijuana Company, the Scio, Oregon based hemp project is on track. It is
also putting in efforts for the renewal of hemp grower’s license.

Considerable
achievements of Marijuana Company in January 2019 include successful prelaunch
of the hempSMART brand in the UK. Its hempSMART brain has got the US patent in
February 2019.

To
create a JV, Marijuana Company signed an LOI with Natural Plant Extract of
California in March 2019. Following the successful completion of an agreement
in April, the JV will operate Viva Buds, a cannabis delivery service in
California. It has issued a letter to the shareholders providing detailed
information on operating performance and financial details. The company also
shared information on the acquisitions, which are underway. It signed a
partnership accord with MassRoots for the promotion of hempSMART CBD.

CEO
of Marijuana Company, Don Steinberg said robust results in Q1 2019 show the
company’s commitment to establishing the presence in hemp, cannabidiol, and
cannabis markets. He said the company successfully introduced hempSMART
products in the UK in Q1 2019. The company’s focus is mainly on hempSMART
wellness products that garnered significant interest and demand worldwide.
Marijuana Company has expanded the hemp R&D and grow business following the
growing demand for hempSMART wellness products.

Published at Tue, 04 Jun 2019 12:01:19 +0000

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