Published On: Mon, Mar 27th, 2017

Healthier Choices Management Corp (OTCMKTS:HCMC) To Enter The Medical Marijuana Market In Florida

Healthier Choices Management Corp (OTCMKTS:HCMC) has engaged three firms specializing in the marijuana market to help in getting Medical Marijuana licensure in Florida. One firm is Hoban Law Group, which is engaged on a national level, while second one is Medical Marijuana Business Lawyers, LLC. Engaged on the local level. Also, the third firm is a specialist firm named Slee 3 Consulting, a firm known for mergers and acquisitions, and identifying partnership and investment opportunities in both hands off and on the plant companies.

The update

Jeff Holman, the CEO of Healthier Choices Management, reported that the company is well positioned in Florida to utilize its nine Vape Stores as a springboard to fast success in the medicinal marijuana dispensary and add-on business. By converting parts of existing outlets into dispensaries, the firm will have an opportunity to use loyal customer base, many of whom will come to company to meet their medicinal marijuana needs.

Healthier Choices Management released financial report for the twelve-month period closed December 31, 2016. During 2016 the firm closed the sale of its wholesale segment and, via its subsidiary unit, Healthy Choice Markets, Inc. bought an organic and natural supermarket.

Total sales from continuing operations came at $10.6 million versus $5.3 million during the same quarter last year. Gross margin surged by almost $2.1 million for the year leading in a year-end amount of almost $5.2 million. Also, gross margin percent was strong for the reported year at 50%. Operating loss for the fiscal amounted to $8.9 million; a jump of almost $13.7 million from preceding year. Healthier Choices reported that net Income was $12.3 million; a reversal of $42.3 million from preceding year.

Per Jeffrey Holman, the CEO of Healthier Choices, reported that the results reflect their strategic decision to withdraw the vapor wholesale distribution segment and close underperforming vapor outlets.

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