7 a.m., Oct. 1
Medical Marijuana Inc. Reports Jump in Revenue
San Diego based Medical Marijuana Inc., which describes itself as “a publicly traded holding company which invests, develops and owns subsidiaries engaged in a number of diversified international businesses within the Medical Cannabis and Industrial Hemp Industries,” announced that its revenues for the fourth quarter of 2011 were up over 100 percent compared to the year’s third quarter.
Revenue was reported at just over $430,000 from October through December, a 115 percent increase from about $199,000 for the period covering July through September. The company, formed in 2009, further reports a revenue increase of 3,941 percent since the first quarter of 2011, suggesting the company has just begun generating income.
The small company, which trades on “pink sheets” instead of a stock market, is not subject to Securities and Exchange Commission rules which, among other things, require regular financial disclosures to the Commission.
Last July we reported that the company was about to launch pills containing cannabidiol, a compound found in marijuana effective in relieving convulsion, anxiety, nausea, and inflammation. Because it was to be separated from the psychoactive tetrahydrocannabinol (THC), the substance is not listed as a Schedule 1 federally prohibited drug. As of last September, however, the latest update available said a patent on the process of extracting the substance from marijuana was still pending.
More like this:
- Spike in income, profits for local marijuana-focused company — Jan. 23, 2013
- Local Firm Takes Marijuana Sodas, Snacks National — April 18, 2012
- Local Firm Purchases Rights to Patented Cannabis Ingestion Method — April 4, 2012
- Medical Marijuana, Inc. Stock Down — Oct. 10, 2011
- Marijuana Extract Pills Coming to Market — July 11, 2011