ACCESS Newswire
29 Nov 2022, 17:25 GMT+10
LOS ANGELES, CA / ACCESSWIRE / November 29, 2022 / MARIJUANA COMPANY OF AMERICA INC. ('MCOA' or the 'Company') (OTC PINK:MCOA), an innovative hemp and cannabis corporation, is pleased to announce today its financial results and other financial highlights for the third quarter and nine months ending September 30, 2022.
Regarding the Q3 results, Jesus Quintero CEO stated, 'MCOA shareholders should be happy with the overall 34% decline in operating expenses and cash expenditures so far this year. This is due to our focus on efficiency and scaling back overhead. We are also pleased with the increase in our gross margins at 59%. We expect these positive trends to continue as we focus more on distribution of products through our subsidiary, cDistro. While other cannabis companies in our sector are struggling, we are aggressively pursuing M&A activity as there are numerous opportunities of distressed cannabis companies. We have also made significant progress in reducing our debt over the last month as critical step in our corporate restructuring.'
Q3 Financial Highlights
Total Net loss
increased to $3,937,541 for the three months ended September 30, 2022 compared to $1,764,591 for the three months period ended September30, 2021, representing an increase of $2,172,950. This is a direct result of losses on various equity investments.
Please review the Form 10Q filed with the Securities and Exchange Commission on November 14, 2022 for additional financial details.
About Marijuana Company of America, Inc.
MCOA is a corporation that participates in: (1) product research and development of legal hemp-based consumer products under the brand name 'hempSMART™', that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreational use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
About Our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA's jurisdiction.
Forward Looking Statements
This news release contains 'forward-looking statements' which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as 'anticipate', 'seek', intend', 'believe', 'estimate', 'expect', 'project', 'plan', or similar phrases may be deemed 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
Contact:
[email protected]
[email protected]
888-777-4362
SOURCE: Marijuana Company of America, Inc.
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