Marijuana Company of America (OTC: MCOA), an innovative hemp and cannabis corporation, is reporting its financial results and other financial highlights for Q3 along with the nine months ending Sept. 30, 2022. Highlights of the report included total revenues for third quarter reaching $142,394, a decline from the $442,178 reported for Q3 2021, third quarter ended September 30, 2021; Q3 gross profits of $84,194, generating 59.1% in gross margin, compared to a gross profit of $63,687 for the same period in 2021, representing 14.4% in gross margin; and a 34.1% decrease in operating expenses. The company noted that revenues were impacted by setbacks in sales because of Hurricane Ian and the phase-out of its hempSMART(TM) products in the United States; projections indicate increases in revenues as the company recovers from Hurricane Ian and expands its hempSMART brand in South America. “MCOA shareholders should be happy with the overall 34% decline in operating expenses and cash expenditures so far this year,” said Marijuana Company of America CEO Jesus Quintero in the press release. “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.”
To view the full press release, visit https://ibn.fm/dwYj5
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, which 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.
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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