Marijuana Company of America (OTCQB: MCOA), an innovative hemp and cannabis corporation, today released audited financial results for the year ended December 31, 2019, as included in its annual report on Form 10-K. Among the notable highlights, the company reported a significant 175.7% year-over-year increase in total revenues to $695,076 for the year ended December 31, 2019, as compared to $252,135 for the year ended December 31, 2018. “Our financial results reflect a transition as our company converts from a Research and Development company to a marketing-product based company,” MCOA chief executive officer Jesus Quintero stated in the news release. “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.”
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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(TM), 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. For more information, visit www.MarijuanaCompanyofAmerica.com.
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