Susan Luzzaro 9:45 p.m., June 18
Spike in income, profits for local marijuana-focused company
Business appears to be booming for 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.”
The firm yesterday announced income of approximately $3.39 million on revenues of $5.1 million for the closing quarter of 2012, an increase of $4.5 million or 1,100 percent as compared to the year-ago quarter and a full $2 million over the third quarter of 2012.
The company credits its boost in fortunes to heavy publicity for its Dixie Elixirs & Edibles business, which provides cannabis-laced food and drinks for medical patients averse to smoking marijuana. The brand has received national media attention through such venues as CNN and 60 Minutes in recent months.
Company stock (MJNA) finished at 15 cents on pink-sheet trading yesterday, a five-fold increase from the Reader’s last look at the stock over a year ago, but only slightly above its trading range for the last few months.
“Pink-sheet stocks do not have to meet minimum requirements of the Securities and Exchange Commission or file regular financial reports,” warns the Reader’s Don Bauder, though the company says it has hired a professional auditor and intends to establish a 24-month documented earnings history in the process of moving to a more reputable exchange.