American Cannabis Company Achieves Profitability in Third Quarter
November 18th, 2014
News, Top News
American Cannabis Company Inc. (AMMJ) (the “Company” or “ACC”), an end-to-end cannabis industry consulting and management firm and provider of proprietary and preferred products, filed its quarterly report on Form 10-Q reporting its financial results for the three and nine month periods ended September 30, 2014 after the close of trading on Thursday, November 13. The Company reported its first quarterly net income as a public company, generating $75,000 in net income on $482,000 of gross revenue for the third fiscal quarter.
Commenting on the financial results, Corey Hollister, American Cannabis Company’s CEO, said, “We are pleased with our revenue growth and the achievement of profitability in our first quarter as a publicly traded company after the merger. Our deferred revenue also grew to $184,000 from $11,000 at the start of the year. We generated gross margins on our consulting business of 58% and overall gross margins of 44% during the third quarter.” Mr. Hollister continued, “Our management team is focused on addressing the growing demand for our products and services. Costs and staff additions will be strategically managed to support revenue growth while maintaining maximum gross and operating margins to bolster profitability.”
For more information, please see American Cannabis Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2014, filed with the U.S. Securities and Exchange Commission on November 13, 2014.
About American Cannabis Company:
American Cannabis Company (“ACC”) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. We utilize our industry expertise to provide business planning and market assessment services, assist state licensing procurement, create business infrastructure and operational best practices. Through our two vertically integrated businesses, American Cannabis Consulting and Trade Winds Inc., a group purchasing organization, we support our clients from concept to creation to commercialization.
For more information, please visit: www.americancannabisconsulting.com
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 drugs. 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 for the most recent fiscal year, 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.
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