Medical Marijuana, Inc. (OTC PINK: MJNA), the first-ever publicly traded cannabis company in the United States, today announced financial results for the quarter and year ending December 31, 2017 and provided an overview of recent operational highlights.
The Company continued to show strong growth throughout the year, as 2017 revenue increased to over $26.5 million, an increase of more than 230% over 2016. Quarterly revenue for Q4 2017 grew to more than $9.4 million, an increase of more than 250% over Q4 2016 and a sequential increase over Q3 2017 of 17%.
Additionally, Medical Marijuana, Inc. subsidiary Kannaway® experienced significant growth with 2017 revenue of $15.9 million, an increase of nearly 270% over 2016.
“2017 was a historic year for cannabis legalization across the United States and the world and Medical Marijuana Inc. is proud to be on the forefront of groundbreaking industry lines,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus.
“It is clear that the botanical and pharmaceutical side of cannabis is here to stay, which strengthens our belief in our long-term plans to continue to build shareholder value.”
Titus continued, “Medical Marijuana, Inc. and its subsidiaries experienced substantial growth in 2017, breaking record after record in sales achievements. Our leadership teams have expanded greatly including international growth in Europe, Brazil, and Mexico. We feel that we