Medical Marijuana, Inc. family of companies more than doubles gross revenue and profit in Q2 2018 over Q2 2017.
Medical Marijuana, Inc. and our family of companies have just recorded our largest-ever sales revenue quarter in our history, continuing our upward trend this year. 2018 has been an incredible year for Medical Marijuana, Inc. as we have set new sales revenue records for our company in all but one month of 2018 so far.
“In Q2 we saw significant media coverage and operational successes,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “As we move into Q3, we will aim to continuously make our mark in the cannabis space with our portfolio of high-quality cannabis products, all while increasing shareholder value.”
A closer look at our numbers in Q2 of 2018 compared to the same period in 2017 begins to reveal the success we’ve achieved in the first half of 2018. Both gross revenue and gross profit in Q2 of 2018 more than doubled over Q2 numbers from 2017.
- Q2 2017 – $6.1M
- Q2 2018 – $14.8M
- Q2 2017 – $4.1M
- Q2 2018 – $8.6M
“Our wide range of accomplishments and milestones during Q2 speak to the Company’s integral role as a leader in the legal medical cannabis industry,” said Medical Marijuana, Inc. Chief Operating Officer Blake Schroeder. “The Company and its portfolio of subsidiaries will continue to diversify and adapt to the ever-changing market, and we are looking forward to greatly expanding operations during Q3.”
You can find the highlights from our second quarter of 2018 below.
Launching New Products
The Medical Marijuana, Inc. portfolio of companies launched a trio of new product lines. Ranging from pet products and skin care to our innovative new hops-based CBD product, these new products expand the market for our CBD products and bring access to CBD to an entirely new audience.
- RSHO-K Non-Cannabis CBD Humulus Oil
- HempBone Bacon Apple Donuts from Phyto Animal Health
- Cannabis Beauty CBD-infused Skin Care from Kannaway
Medical Marijuana, Inc. and our subsidiaries are continuously developing new products to ensure our brands remain competitive in the rapidly growing CBD market. Visit our company news feed to stay up-to-date with our latest product releases.
Opening New Markets
Medical Marijuana, Inc. also worked to enter additional international markets during Q2 of 2018, bringing our CBD brands to more people than ever before. These new markets help move use closer to our goal of access to CBD for everyone.
HempMeds® has partnered with one of the largest pharmacies in Bermuda to sell the company’s flagship Real Scientific Hemp Oil (RSHO) CBD oil products in their store. This partnership will make it easier than ever before for consumers to access CBD products in Bermuda.
CBD products are considered a non-prescription product in Bermuda, meaning that customers on the island looking to purchase it do not need to visit a doctor first. HempMeds®’ entry into the Bermuda market is part of Medical Marijuana, Inc.’s larger international expansion efforts.
“Our international expansion isn’t over until we’re able to sell our cannabidiol (CBD) products in every country around the world,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We feel very fortunate to partner with this prestigious pharmacy to help expand CBD access throughout Bermuda.”
HempMeds® announced in June that it had its first CBD product authorized for import into Argentina. THC-free Real Scientific Hemp Oil-X (RSHO-X) is now available for free to qualifying patients as part of the country’s healthcare system. Argentina’s National Administration of Medicines, Food and Medical Technology (ANMAT) officially approved the product for import for patients in the country suffering from serious medical conditions.
CBD products must be prescribed by a licensed physician. A patient is allowed to import as much as a six-month’s supply. RSHO-X is currently only available for patients with refractory epilepsy, but more conditions are expected to follow suit.
Patients looking to access CBD products in Argentina must register with the Ministry of Health. The government has said it will guarantee free access to CBD oil for all patients who are approved for CBD as a medication.
Finally, Medical Marijuana, Inc. took the initial steps to bring its most popular brands to customers in Canada, potentially offering industry-leading brands like Real Scientific Hemp Oil (RSHO) and Dixie Botanicals® in the country.
Medical Marijuana, Inc. has signed a non-binding Letter of Intent (LOI) with Salvation Botanicals, Ltd. to bring its internationally recognized cannabis products to the quickly growing Canadian cannabis market.
While much of the focus has been on recreational marijuana legalization, another effect of Canada’s Cannabis Act is that hemp farmers will be able to sell their crops to licensed producers for CBD extraction, a shift away from a previous policy that banned the creation and distribution of CBD from hemp flowers in Canada. It has been predicted the overall Canadian hemp industry could be worth $1 billion a year by 2023, with a large percentage of that coming from the sale of CBD products.
Participation and Sponsorship of Events
Sponsoring, hosting, and participating in events linked to health and the therapeutic use of cannabis is an important part of Medical Marijuana, Inc.’s strategy for expanding an understanding of the multitude of benefits provided by CBD. In Q2 of 2018, our family of companies used events across the U.S. and around the globe to promote our CBD products.
HempMeds® was a Gold Sponsor of the 2018 World Medical Cannabis Conference & Expo, which took place from April 12-14 in Pittsburgh, Pennsylvania. The three-day cannabis event was created to take advantage of the growing medical marijuana market in Pennsylvania and in medical marijuana states throughout the U.S.
HempMeds®’ experienced team of CBD oil specialists was on hand at the HempMeds® booth to meet with doctors, wholesalers, and the general public throughout the event to demonstrate the company’s line of CBD products and answer any questions attendees had.
The CEO of Medical Marijuana, Inc., Dr. Stuart Titus, brought his extensive knowledge and experience with CBD to this year’s conference as a featured speaker, discussing the body’s native endocannabinoid system and the potential health and wellness benefits of supplementing this system with CBD.
Then, at the end of May, HempMeds® participated in the Cannabis World Congress & Business Expo. The CWCBE brings together cannabis businesses, advocates, patients, and the general public for a three day event.
HempMeds® hosted a booth on the expo floor where attendees could learn more about CBD from the company’s team of CBD experts, try the company’s CBD products for themselves, and even purchase products from popular brands like Real Scientific Hemp Oil and Dixie Botanicals® at a discount.
Representatives from the Medical Marijuana, Inc. family of companies gave interviews at the booth as well to local and national media outlets, including Medical Marijuana, Inc. CEO Dr. Stuart Titus, Kannalife CEO Dean Petkanas, Kannaway spokesperson Christian Okoye, and HempMeds® spokesperson Liz Carmouche. The Medical Marijuana, Inc. family was also well represented in the event’s educational panels and talks.
Kannaway also hosted events in the U.S. and internationally to help promote CBD and the opportunity presented by starting a personal CBD business with Kannaway.
First, the company held its Empower National Convention in Las Vegas from April 14th-15th. Featuring speakers from across the Kannaway organization, including members of the executive team, the company’s top performing brand ambassadors, and special guests.
The company celebrated an astounding 40 times revenue growth over the past two years, introduced a number of new initiatives, and launched new products to help drive Kannaway’s further success.
Kannaway followed up their Empower National Convention with its largest ever event, held in the beautiful European city of Prague. Attendees traveled from over 20 different countries to learn first-hand about hemp, CBD, and the Kannaway opportunity.
Medical Marijuana, Inc. subsidiary HempMeds® Brasil invited doctors from Brazil to an educational symposium on CBD, scientific research, and best practices for prescribing it. The event was hosted at Medical Marijuana, Inc.’s offices in downtown San Diego on Monday, April 30.
The doctors in attendance toured the Medical Marijuana, Inc. home offices, meeting with Medical Marijuana, Inc. and HempMeds® Brasil executives and employees and seeing the hard work put in to ensuring that patients in Brazil have access to the CBD products prescribed by their doctors.
The group then gathered in our boardroom overlooking the beautiful San Diego Bay for presentations by Medical Marijuana, Inc. executives and noted clinical researchers that explored CBD and its many health and wellness benefits and detailed Medical Marijuana, Inc.’s efforts to spread access to CBD to patients throughout Latin America.
Speakers at the event included Medical Marijuana, Inc. and HempMeds® Brasil executives, CBD advocates, and noted researchers currently working with CBD in their research into a number of medical conditions.
HempMeds® Brasil was also a primary sponsor for the “A Look Into the Future” International Medicinal Seminar held May 18-19 in Rio de Janeiro, Brazil. The event explored more closely the potential of cannabis products like CBD oil from RSHO in healthcare. The event covered in detail efforts for expanded access, results of cannabis research, the current regulation of cannabis in Brazil, and the impact medical cannabis can play in public health.
Along with being a main sponsor for the event, HempMeds® Brasil hosted a booth at the event where patients, doctors and health professionals, business owners, and other attendees could stop by to learn more about the company, the RSHO line of CBD oil products, and the promise CBD holds as a therapeutic compound in Brazil.
Partnering with a New Spokesperson
Kannaway began its partnership with former NFL running back Christian Okoye in May. In his new role, Okoye works with Kannaway to spread awareness of the therapeutic benefits of CBD, focusing specifically on developing relationships with athletes and those simply looking to lead a healthy, active lifestyle.
Okoye recently became a vocal advocate for CBD after he was given some Kannaway products by one of his former teammates. Unsure whether they would make a difference, Okoye now eagerly promotes the use of CBD, adding Kannaway’s Gold Premium Hemp Oil, Pure Gold CBD liquid, and CBD-infused energy chews to his own daily routine.
“I’m looking forward to sharing my experience with Kannaway’s many unique CBD products. I was skeptical at first but now I couldn’t imagine life without them,” said Okoye of the partnership. “I hope my story can help spread awareness of the benefits of CBD so that athletes like me can feel comfortable giving it a try.”
Coverage in Major Media
Medical Marijuana, Inc. and several of our portfolio and investment companies were highlighted in a recent segment on the History Channel show Innovations with Ed Begley, Jr. The show typically looks at the most recent breakthroughs and developments from a wide range of industries. Medical Marijuana, Inc. and our family of companies were featured on the show dedicated to the cannabis industry.
Our portfolio of companies was also featured in major media outlets, like Dateline NBC, BuzzFeed, Forbes, The Street, TMZ, Benzinga, Leafly, Chicago Tribune, Shape Magazine, Medium, Bustle, Vice, and more.
You can find more media coverage of the Medical Marijuana, Inc. family of companies here.
Learn More About Our Family of Companies
Get the latest updates from Medical Marijuana, Inc. and our portfolio of companies by visiting our news feed.
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Author: Jeffrey Stamberger