American Cannabis Company Achieves Profitability in Third Quarter
DENVER, CO / ACCESSWIRE / November 18, 2014 / American Cannabis Company Inc. (OTCQB: AMMJ) (the "Company" or "ACC"), an end-to-end cannabis industry consulting and management firm and provider of proprietary and preferred products, filed its quarterly report on Form 10-Q reporting its financial results for the three and nine month periods ended September 30, 2014 after the close of trading on Thursday, November 13. The Company reported its first quarterly net income as a public company, generating $75,000 in net income on $482,000 of gross revenue for the third fiscal quarter.
Commenting on the financial results, Corey Hollister, American Cannabis Company's CEO, said, "We are pleased with our revenue growth and the achievement of profitability in our first quarter as a publicly traded company after the merger. Our deferred revenue also grew to $184,000 from $11,000 at the start of the year. We generated gross margins on our consulting business of 58% and overall gross margins of 44% during the third quarter." Mr. Hollister continued, "Our management team is focused on addressing the growing demand for our products and services. Costs and staff additions will be strategically managed to support revenue growth while maintaining maximum gross and operating margins to bolster profitability."
For more information, please see American Cannabis Company's quarterly report on Form 10-Q for the quarter ended September 30, 2014, filed with the U.S. Securities and Exchange Commission on November 13, 2014.
