Medical Marijuana Inc. (OTCMKTS: MJNA) has announced that its subsidiaries Kannaway Japan, HempMeds Mexico, and its third party manufacturing and distribution entity posted record revenues in their respective histories for the month of July. The company as a whole also saw the largest monthly revenue since November last year.
Medical Marijuana reported record revenue in July
The company’s CEO, Blake Schroeder, said, “Success is earned not acquired and I can confidently say that our teams around the globe have been working harder than ever this year to achieve financial and operational success milestones for the company. For more than a decade, Medical Marijuana, Inc. has been a pioneer and top-player in the cannabidiol (CBD) and hemp industries and our recent accomplishments are a testament to the fact that we have no intention of giving up on that reputation. We will become the first truly global cannabis company and we are thankful for our customers for helping us every step along the way.”
Grand View Research, a data provider, recently estimated that the CBD market would expand at a favorable rate globally in 2020, and legal cannabis sales could exceed $2.8 billion. According to Grand View’s projections, the global CBD market would increase at a compound annual growth rate of 21.2% through 2028, reaching $13.4 billion.
Kannaway Japan joins leading hemp organizations
Recently Kannaway received approval to join two of Japan’s leading hemp sector
organizations, including the Association for Japan Cannabinoid and Hokkaido Industrial Hemp Association. In addition, the Medical Marijuana subsidiarity received approval for legal distribution go CBD and THC products in Japan in 2019 and has since hosted regional events to educate brand ambassadors regarding hemp-derived CBD oil’s benefits.
Japan Division General Manager Peter Dale said, “It is truly an honor to be admitted to these influential groups and we are looking forward to working with both organizations to expand the rights for all citizens in Japan to have access to hemp and hemp-derived products.”