MCOA posts 37.1% reduction in operating expenses

Jesus Quintero, the company's CEO, said the company is aggressively pursuing M&A activity because there are numerous opportunities for distressed cannabis companies. The operating loss decreased to $892,767, compared to $1.42 million for the corresponding quarter of last year, representing a 37.1% improvement.

Operating expenses fell to $3 million compared to $3,315, 719 for the same period in 2021, representing a 1.0% reduction in operating expenses.

The MCOA shareholders should be happy with the 34% decline in operating expenses and cash expenditures so far this year, Quintero said. This is due to our focus on efficiency and scaling back overhead. We are pleased with the increase in our gross margins at 59%.