Marijuana Company Of America Inc (OTCMKTS:MCOA) has reported robust revenue of $114,810 in Q1 2019. The impressive year on year growth of 504% is achieved through improved sales and demand for hempSMART Products.
Increase in gross profit
The gross profit of Marijuana Company increased from $8,564 in Q1 2018 to $74,932 in Q1 2019. Its gross margins also surged to 65.3%. However, it posted a net loss of $4.2 million from operations in Q1 2019 when compared to a net income of $4.2 million for the same period last year.
The net assets of Marijuana Company have surged by 12% to $2.143 million in Q1 2019 mainly on account of increase in long-term investments, inventory, and cash. Its total liabilities have surged from $5.053 million in Q1 2018 to $8.087 million in Q1 2019 mainly due to an increase in derivative liabilities and convertible notes.
Progress of Oregon hemp project
According to Marijuana Company, the Scio, Oregon based hemp project is on track. It is also putting in efforts for the renewal of hemp grower’s license.
Considerable achievements of Marijuana Company in January 2019 include successful prelaunch of the hempSMART brand in the UK. Its hempSMART brain has got the US patent in February 2019.
To create a JV, Marijuana Company signed an LOI with Natural Plant Extract of California in March 2019. Following the successful completion of an agreement in April, the JV will operate Viva Buds, a cannabis delivery service in California. It has issued a letter to the shareholders providing detailed information on operating performance and financial details. The company also shared information on the acquisitions, which are underway. It signed a partnership accord with MassRoots for the promotion of hempSMART CBD.
CEO of Marijuana Company, Don Steinberg said robust results in Q1 2019 show the company’s commitment to establishing the presence in hemp, cannabidiol, and cannabis markets. He said the company successfully introduced hempSMART products in the UK in Q1 2019. The company’s focus is mainly on hempSMART wellness products that garnered significant interest and demand worldwide. Marijuana Company has expanded the hemp R&D and grow business following the growing demand for hempSMART wellness products.