PR Newswire
ESCONDIDO, Calif., May 20, 2020
ESCONDIDO, Calif., May 20, 2020 /PRNewswire/ -- MARIJUANA COMPANY OF AMERICA INC. ("MCOA" or the "Company") (OTC: MCOA), an innovative hemp and cannabis corporation announces audited financial results for the year ended December 31, 2019, as reported in its annual report on Form 10-K. Here are some of the notable highlights for the FY2019:
Jesus Quintero, MCOA's Chief Executive Officer, said, "Our financial results reflect a transition as our company converts from a Research and Development company to a marketing-product based company. Our financial losses reflect our commitment to terminate non-profitable relationships and investments which have resulted in diminishing cashflows. MCOA, through its hempSMART brand, has experienced a dramatic increase in sales and gross profits during 2019. As we move forward in 2020, our commitment is to improve shareholder' values through increased sales, steady profitability and expense reductions throughout 2020."
Further details about the Company's financial results are available in its annual report on Form 10K, which will be available in the investor relations section of the Company's website at www.marijuanacompanyofamerica.com.
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 and retail sales program to promote and sell its legal hemp-based consumer products containing CBD; (3) joint ventures and acquisitions of business entities engaged in the growth and sale of hemp and cannabis products in jurisdictions where cultivation is legal; and (4) the expansion of its business into ancillary areas as market opportunities in this segment mature and develop.
Legal Status of Cannabis
While legalized in California for recreational and medicinal use, cannabis remains a Schedule 1 drug under the Controlled Substances Act (21 U.S.C. § 811) and illegal under the federal law.
Forward-Looking Statements
This news release contains "forward-looking statements," which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as "anticipate," "seek," "intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
For more information, please visit the Company's websites at:
MarijuanaCompanyofAmerica.com
hempSMART.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/marijuana-company-of-america-reports-increased-revenues-and-other-positive-financial-developments-in-2019-annual-report-301062345.html
SOURCE Marijuana Company of America, Inc.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.