LOS ANGELES, CA August 24, 2021 Marijuana Company of America, shared its 2nd quarterly report and provided an update on its recent acquisition and other corporate developments including its recent shift in business strategy as it expands into the Legalized Cannabis THC Industry.
“During the second quarter 2021, we strengthened our capital resources by reducing significant debt and have made further inroads in our mission to grow our vertical portfolio of Cannabis businesses. This is reflected with the June 2021 addition of cDistro
(Retail Service / Wholesale Prices) distributer of CBD brands, along with smoke and vape shop related products to wholesalers, c-stores, specialty retailers, and consumers in North America,” said Jesus Quintero, CEO of Marijuana Company of America, Inc. “This acquisition represents significant upside and growth in revenue as we continue our focus on executing the strategy with diversification within the Cannabis industry thru acquisitions along with organic growth.
Unfortunately, the second quarter revenues aren’t fully reflected in the Company’s 10Q as the acquisition occurred just prior to the quarter end. We expect a substantial increase in reported revenues when the full quarter of cDistro’s earnings are reflected on the consolidated financial statements for Q3 2021.”
Quintero noted, “In the second quarter we saw improvement in corporate growth despite the negative impacts of the industry-wide supply chain shortages and other limitations due to the COVID-19 Pandemic.
Fortunately, these constraints have lessened considerably in the last month. Despite these near-term challenges, we remain positive on the overall outlook for the Company as we continue to execute on our growth strategy to enable us to generate significantly more revenue by increasing the overall volume of products, we will be able to deliver.
I believe and am confident that MCOA is well positioned to drive our business forward. Improving shareholder value will always continue to be the primary focus of our organization.”
Quintero added, “During the summer of 2021, we have witnessed the introduction of the most comprehensive cannabis reform ever proposed at the Federal level.
Combined with U.S. state-level liberalization and the investments we are making at MCOA including cDistro acquisition and our newly formed joint venture with
Cannabis Global Inc. (OTC PINK:CBGL) to develop the manufacturing of licensed THC products at the Lynwood, CA facility and partnership with
Eco Innovation Group (OTC PINK:ECOX) to develop the critical extraction technology and corresponding machine for ecofriendly THC extraction will position us to drive the expected strongest revenue growth in our Company history.”
Marijuana Company of America is a diversified holding company with operations and investments throughout the cannabis industry. MCOA focuses on acquisitions, as well as sales and marketing efforts of its wholly owned subsidiaries cDistro Distributor and hempSMART™ premium brand of hemp-based CBD (legal cannabidiol) products. About hempSMART hempSMART™ offers an extensive full line of premium CBD organic products that are scientifically driven and double lab tested to ensure purity and potency. The Company will direct the sale of its products to wholesalers, distributors, the medical community, online e-commerce consumer platforms, and a proven network affiliate marketing program. The Company has also launched international sales, production, and marketing expansion.
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