Medical Marijuana Inc's 3Q sales double as it works to boost brand awareness

Medical Marijuana Inc (OTCMKTS:MJNA) reported a boost in revenue in its fiscal third quarter as it expands its presence in the cannabis space.

The cannabis company booked sales of $19 million, more than double the $7.78 million in revenue recorded in the previous third quarter.

READ: Nevada declares ‘MedMen Day’ as cannabis company continues its expansion

Medical Marijuana inked a deal with extraction company Salvation Botanicals Ltd in July to move its products into the Canadian market.

Its third quarter also included the launch of Hempy’s, a responsibly-sourced line of hemp leggings.

Its subsidiary Kannaway, which markets hemp-based botanical products, tripled its sales to $16 million in the third quarter.

“As we move into Q4, we will aim to continue expanding the availability of our premium quality products to consumers while also increasing shareholder value,” said CEO Stuart Titus in the company’s press release.

The company has been working to spread awareness about its brands, signing former Major League Baseball athlete Goose Gossage and former National Football League athlete Derek Kennard as spokespeople.

The California-based company offers cannabinoid products for the pharmaceutical, nutraceutical, and cosmeceutical industries.

Shares were down slightly to $0.08 by Tuesday’s closing bell.

Contact Lenore Fedow at [email protected]

Follow her on Twitter: @LenoreMariee

Story by ProactiveInvestors