MJNA News Medical Marijuana Inc. Announces 2nd Quarter 2011 Results: Quarter-over-Quarter Revenue Up, Assets Up, Liabilities Down
Business Wire "Press Releases - English"
SAN DIEGO--(BUSINESS WIRE)--
Medical Marijuana Inc. (PINK SHEETS: MJNA ) is pleased to announce its
results for its quarter ended June 30, 2011. Under new management since
the close of the first quarter, the companys revenue increased over
900% from the first quarter from $20,425 to $184,234. The increase in
revenue is due to several product pre-launches, these pre-launch sales
were products and services deployed in conjunction with CannaBANK. In
addition to an increase in revenue the company posted an increase in
assets in excess of seven hundred percent (700%) from the close of the
previous quarter from $74,346 to $572,255. Medical Marijuana Inc. also
decreased its liabilities by over fifty percent (50%), from $207,158 to
$91,370 while the Hemp Network membership has held steady at nearly
seven thousand (7,000) members.
We are happy with our quarterly results: our revenue was strong, and
the decrease in debt and increase in assets are a good start. New
management has been in place for just over a full quarter, and the
results show great progress. In transition periods it takes time to
gather momentum, in this transition we have been able to gather that
momentum quickly and can now focus on corporate communication. Due to a
tremendous amount of inquiries we are appointing a new Investor
Relations firm to handle the influx of calls and give our partners and
investors even better communication. We appreciate the continued support
from our shareholders, said Michael Llamas, President of Medical
Marijuana Inc.
AI
