Marijuana Company of America (OTC: MCOA), the multi-state distributor of non-THC cannabis products in the national and international consumer product sectors that operates, invests and acquires companies in the cannabis sector reported its financial results in May revealing a revenue increase of +1500% YoY.
Jesus Quintero, an executive with over 30 years of experience, is leading the exponential growth of this small-cap cannabis company, which is leveraging its resources, strategies and business environment to invest in, grow and increase shareholder value.
The firm’s revenue increase is primarily attributed to the company's new acquisition cDistro which distributes CBD and hemp products throughout the U.S. The company's total assets increased to $8.1 million as of the first quarter while the net loss decreased to $3.29 million from $3.66 million YoY.
“We are excited to have streamlined our businesses and expanded into consumer markets domestically as well as internationally. We have been active in strategic acquisitions that fall into diversified cannabis categories. The Company continued to pursue deals to build scale in its existing markets while continuing to look at opportunities that continue to grow our national footprint in the U.S., as well as in emerging markets such as Brazil and Uruguay,” Quintero said in a letter to shareholders in May.
In 2021, MCOA entered the nationwide distribution business via the acquisition of cDistro, a leading nationwide distributor of a portfolio of trusted consumer Hemp & CBD branded products to more than 250 wholesalers, c-stores, specialty retailers, and dispensaries in North America. MCOA utilizes a drop-ship fulfillment strategy to ensure efficiency, which contributes to greater overall margins.
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Quintero has focused on incorporating cannabis cultivation into MCOA’s business platform in 2022. “The acquisition target is a multi-licensed cannabis cultivation and distribution operation that operates within a 10,000-square-foot greenhouse with strong existing repeat customers.”
Quintero has said that he aims to provide superior efficiency and sustainable cultivation techniques that can provide growers with locally grown clones to accelerate the cannabis value chain.
MCOA is closely following the developments in the southern hemisphere. The company is expanding into the consumer segment with its signature brand hempSMART in Brazil and Uruguay.
Quintero is committed to making sure minorities have the opportunity to work at the Marijuana Company of America and participate in the cannabis industry as a whole. A native of the Dominican Republic, Quintero has worked in finance positions at companies like Avnet Inc. (NYSE: AVT) and GlobeTel Communications Corp. (AMEX: GTE). “I’ve always believed this is an equal opportunity country,” he said.
Join us in Chicago and meet Jesus Quintero in person. He will provide an overview of the MCOA's overall operations and its ongoing strategy to expand its business by organic growth and acquisitions of synergistic and often undercapitalized assets. The world’s largest and most successful cannabis investing and finance event is on Sept. 13-14 at the Palmer House Hotel in Chicago. Get your tickets HERE
Image Via El Planteo.
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