Medical Marijuana, Inc. (PINK:MJNA) Announces Q1 Results Ahead of Filing
Yesterday Medical Marijuana, Inc. (PINK:MJNA) climbed 15%, adding over 3 cents to its share price. The surge was fueled by the release of Q1 figures ahead of the official company report.
MJNA came up with a press release, pre-announcing some impressive figures the company claims to have logged in the first quarter of the current year. Here is a brief rundown of the number crunch:
- Q1 revenue of $8.4 million
- revenue up $3.3 million quarter over quarter, and up $6.6 million year over year
- Q1 net income of $5.5 million
Those impressive numbers, considering the current pink sheet status of the company, were padded with a lengthy list of operational and developmental highlights, closely matching the previous large press update by MJNA, which we partly covered in another article.
The release contains additional information, telling investors that MJNA and its auditor are still working on the announced uplisting plans, with the 24-month audited report history to be available around the end of Q2 this year, so it appears the gears are turning, the company inching towards the uplisting goal. Additionally, MJNA informs that it has submitted the requested paperwork for the lifting of the DTC ‘chill’ and will be sending additionally requested items this month.
While it appears that everything is going smoothly for MJNA so far this year, their full quarterly report would make for some interesting reading once it arrives.
The market did not exactly explode reacting to the news release, traders possibly waiting for an official filing before they make a move. MJNA opened green today, currently 2% up in early trading, on volume approaching 1 million shares.
