Marijuana Company of America, Inc. (OTCPK: MCOA) announced its financial results Thursday for the third quarter, reporting its highest quarterly revenue of $442,178, compared to revenue of $53,195 in the same period of 2020. The Los Angeles, California-based diversified cannabis company highlighted that the revenue increase can be attributable to $407,246 of product sales from its acquisition of a distribution company called cDistro.
Q3 Financial Summary
- The company also recorded $12,581 in equipment lease revenues to a cannabis distributor and manufacturer as part of its Lynwood-MCOA joint venture with JV partner Cannabis Global Inc. (OTCPK: CBGL).
- Gross profits were $63,687, which compares to $16,025 in the same quarter of last year.
- Gross margin was 14.4%, versus 30.1% in the corresponding period of 2020.
- Net loss amounted to $1.77 million, compared to a loss of $1.87 million in Q3 2020.
“During the third quarter 2021, despite the fact that we have been in the midst of a global pandemic, the Company produced the highest revenues in its history,” Jesus Quintero, CEO of Marijuana Company of America, Inc. stated. “Our Q3 financial performance was strong and reflects our ability, despite being in a challenging environment, to execute on the strategy by diversifying within the Cannabis industry thru strategic acquisitions along with organic growth.”
Quintero continued “We are confident that the steps we are taking will enable us to maintain a growing strong position as we drive growth across the entire business and maximize value for our stakeholders over the long term. Our expectation is that we should have another record breaking quarter in Q4 2021, since we will report a full quarter of revenue from our newly acquired cultivation facility in Salinas, California.”
Marijuana Company of America’s shares closed Wednesday market session flat at $0.0026 per share.
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