- Marijuana Company of America saw its second quarter profits jump 633.5 percent over the previous year
- Sales through its hempSMART brand continue to show strength, with more than $100,000 in gross sales reported for the month of July
- MCOA’s growing international presence is playing a key role in its profits as well, with 33.5 percent of the quarter’s revenue derived from sales in other countries
- The company recently redesigned its website in order to enhance the free flow of information between administration and company investors
Innovative hemp and cannabis product cultivator Marijuana Company of America Inc. (OTCQB: MCOA) is celebrating large gains reported through its second quarter statement, showing a year-over-year increase of 633.5 percent in revenue and a gross margin of 86 percent on $179,441 in profits.
“Our second quarter of 2019 has been our most successful quarter to date at hempSMART. We continue to generate strong sales and momentum in Q3 with over $100K in gross sales for just the month of July,” CEO Donald Steinberg stated in announcing the results (http://ibn.fm/Nv8lg).
Steinberg said that the company expects to see demand for its uniquely formulated hempSMART cannabidiol (CBD) products to remain constant during the coming quarters, allowing the company to expand the brand throughout the United States and into Europe.
MCOA announced this summer that it had successfully introduced its products in Scotland and the Netherlands, selling out the items that company representatives had taken for the launch of its botanicals in those countries and enlisting new marketing associates (http://ibn.fm/EZQgN).
Total hempSMART revenues reached $208,580 for the quarter ended June 30, marking a significant increase from the $28,435 reported a year earlier. International sales made up 33.5 percent of the quarterly revenue. Gross sales for the first six months of the year were $323,390, with a $254,373 gross margin, as compared to $47,455 in sales and a $32,835 gross margin during the same period a year earlier.
The company’s net loss plummeted from $7.6 million to $419,624 for the quarter, as well.
MCOA recently announced that it has redesigned its website as part of its bid to increase transparency and clarity in its communications with investors (http://ibn.fm/gzMyC). The site will provide key information on the company’s portfolio of brands, farming projects, financial data, management, regulatory compliance and more.
“The new website presents a fresh design with enhanced functions focused on the company’s unique market position and its most recent developments that will be of value to current and prospective shareholders,” Steinberg added.
Marijuana Company of America’s key areas of focus are on the research and development of legal hemp-based consumer products, building an affiliate marketing program to promote its CBD products, leasing real property to separate business entities for the growth and sale of cannabis and expansion into ancillary areas of the legalized cannabis and hemp industry as opportunities develop.
NOTE TO INVESTORS: The latest news and updates relating to MCOA are available in the company’s newsroom at http://ibn.fm/MCOA
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