Marijuana Company Of America Reports Record Third Quarter Revenue Of $ 442,178 And Net Loss Of $ 1.77 Million
Marijuana Company of America, Inc. (OTCPK: MCOA) on Thursday announced its financial results for the third quarter, reporting on its highest quarterly revenue of $ 442,178, compared to revenue of $ 53,195 in the same period of 2020. The diverse cannabis company based in Los Angeles, Calif., pointed out that the the increase in income may be due to $407,246 of product sales from its acquisition of a distribution company called cDistro.
Q3 Financial Summary
- The company too recorded $ 12,581 in equipment rental income to a cannabis distributor and manufacturer as part of its Lynwood-MCOA joint venture with a partner JV Cannabis Global Inc. (OTCPK: CBGL).
- Gross profits were $ 63,687, which compares to $ 16,025 in the same quarter last year.
- The gross margin stood at 14.4%, compared to 30.1% in the corresponding period of 2020.
- Net loss is $ 1.77 million, compared to a loss of $ 1.87 million in the third quarter of 2020.
“During the third quarter of 2021, despite the fact that we are in the midst of a global pandemic, the Company generated the highest revenues in its history”, Jesus quinterosaid the CEO of Marijuana Company of America, Inc. “Our third quarter financial performance was strong and reflects our ability, despite a challenging environment, to execute strategy by diversifying into the cannabis industry through strategic acquisitions and organic growth. “
Quintero continued, “We are confident that the actions we take will allow us to maintain a strong and growing position while driving growth across the company and maximizing value for our stakeholders over the long term. Our expectation is that we should have another record quarter in Q4 2021, as we will release a full quarter of revenue from our newly acquired grow facility in Salinas, California. “
Marijuana Company of America shares closed Wednesday’s market session flat at $ 0.0026 per share.
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