Medical Marijuana Inc. Announces Second Quarter 2013 Shareholders Report
Company Earned $6 Million on $8.8 Million Gross Income; Adds Marketing and
Sales Divisions; Moves Into New, Expanded Facility
SAN DIEGO, Aug. 13, 2013 (GLOBE NEWSWIRE) -- Medical Marijuana, Inc.
(OTC:MJNA), a leading cannabis and hemp industry innovator, today announced
the release of its quarterly financial and shareholders report (Post 8/13/2013
- OTC Markets). The company earned a net income of approximately $6.0 million
on gross income of approximately $8.8 million for the quarter ending June 30,
2013. The company launched its highly anticipated marketing and sales arm,
HempMedsPX; selected officers for CanChew Biotechnologies; and acquired
several additional brands and over 20 products through Canipa Holdings. To
better manage the company's growth, Medical Marijuana Inc. relocated to a
larger facility in July to accommodate the new HempMedsPX team and to expand
its warehouse and distribution capabilities. Below are the company's second
quarter 2013 operating and developmental highlights.
Operational and development highlights.
Operating highlights for the second quarter are as follows:
oLaunched HempMedsPX to serve as the master distributor and contracted
marketing company for the Medical Marijuana, Inc. portfolio of products.
oHempMedsPX is the communication hub for the Medical Marijuana Inc.
portfolio of companies.
oDepartments added include: marketing, sales, logistics, and customer
oAs of June, 30 2013, ten (10) additional team members were hired,
including a Director of Communications, a Director of Sales and Marketing,
additional marketing officers, a sales team, logistics personnel, and
oIn addition to working with MJNA and CannaVest, HempMedsPX anticipates
offering mainstream marketing, sales, customer service, and logistics for
the cannabis industry in the future.
oLaunched the Marketing and Sales for CBD-Rich Hemp Oil (Hemp based
Cannabidiol) Real Scientific Hemp Oil (RSHO)
oAnnual board meeting was held in San Diego from July 20-24, 2013.
oThe CanChew Biotechnologies Board of Directors unanimously elected three
new officers for the company: Dr. George E. Anastassov, MD, DDS, Exec. MBA
as Chief Executive Officer (CEO); Dr. Philip. A. Van Damme, DMD, MD, PhD
as Chief Medical Officer (CMO); and Lekhram Changoer, MSc, BSc as Chief
Technology Officer (CTO).
oMedChewRX, a cannabis-based THC/CBD pharmaceutical drug, will continue
with its clinical development this year and into 2014.
oHempMedsPX has begun marketing and sales of the CanChew gum for Cannagum
Marketing Group, a wholly-owned subsidiary of CanChew Biotechnologies.
oClosed exclusive worldwide sales, distribution and marketing agreement
with Europe-based pharmaceutical/nutraceutical/cosmetics company.
oDue to the fact that the company's products are currently marketed for
medical claims in Europe, Canipa must re-brand the products without their
medical claims per FDA regulations before the products go to market in the
oPhytoSPHERE received its $8 million quarterly payment from CannaVest.
$750,000 of which was paid in cash, and the balance ($7,500,000) was paid
in stock as per its contracted obligations.
Red Dice Holdings
oThe company continued to expand its portfolio of innovative products.
Wellness Managed Services
oThe company hired a Sales and Marketing Director for the purpose of
expanding and further developing WMS' service offerings, and to assist
with the integration of WMS' products and services into the MJNA
A statement from MJNA.
Medical Marijuana, Inc. is optimistic about the Company's future as a cannabis
industry leader. As we continue to acquire cannabis businesses, we are
simultaneously expanding our own operations and establishing a strong business
model that offers innovative hemp-based products and services. The company
feels that developing in-house sales, marketing, media outreach, and investor
relations support represents a positive change in our business strategy.
The launch of HempMedsPX has been a huge step in the Company's development.
Within the first few days of initiating aggressive marking campaigns, the
HempMedsPX team have been overwhelmed with inquiry emails and sales leads.
Since bringing on the initial team some weeks ago, we have been constantly
hiring new staff to capture the incoming volume of leads and sales.
One of the most common questions our office is asked is why the Company has
been so "quiet" to date; meaning, customers and shareholders want to know why
the Company tends to under-communicate rather than over-communicate. Our
answer has several parts.
There is a lot of chatter in the cannabis industry, and a lot of people and a
lot of businesses who do a lot of talking. We want to be known for and judged
by what we are doing and what we have done as a company and as a team. Here
are some of those highlights thus far:
oAcquired 50% interest in CanChew Biotechnologies, which holds the patent
on all cannabinoid-based chewing gum.
oAcquired an interest in KannaLife Sciences, holders of an exclusive
license agreement with the National Institutes of Health – Office of
Technology Transfer ("NIH-OTT") for the commercialization of the US
Government's patent #6,630,057, "Cannabinoids as antioxidants and
oBrought federally legal, hemp-based cannabidiol (CBD) products to the
oCreated and established a fully vertically-integrated supply chain of raw
ingredients for the creation of our hemp-based compounds and hemp
oFirmly established Dixie Brands as one of the premier names in the
oDeveloped and are selling the patented CanChew gum – the world's first CBD
oLaunched the marketing and sales of largest supply and highest in industry
CBD content product Real Scientific Hemp Oil (RSHO).
In short, in just a few months we have completed a transition from being a
holding company to directly marketing, selling, developing and managing a
growing portfolio of cannabis products and industry services ourselves. In an
industry that is constantly evolving, we are devoting resources to monitor and
respond to changing trends, laws, and emerging opportunities so that we are
always in compliance with laws and regulations.
We know that the truest measure of success isn't where we have been, but what
we continue to accomplish. Sales are always crucial, and helping people is our
ultimate goal. As the Company looks ahead to the next quarter, we are
encouraged by the public response to our marketing and sales efforts so far.
Our transition from investing in cannabis businesses to becoming an operating
cannabis business ourselves has been a long journey, but we are most grateful
for the continued support of our shareholders.
According to the US government, every product derived from cannabis is
categorized as marijuana—including hemp. We, therefore, use the word
"marijuana" as an all-encompassing term to cover cannabis, medical marijuana,
marijuana and hemp. We believe that "cannabis" should be the standard term
used for all medical products; as the industry matures, we will be phasing out
the words "medical marijuana" and "marijuana" from the company's vocabulary.
About Medical Marijuana, Inc.
Our mission is to be the premier cannabis and hemp industry innovators,
leveraging our team of professionals to source, evaluate and purchase
value-added companies and products, while allowing them to keep their
integrity and entrepreneurial spirit. We strive to create awareness within
our industry, develop environmentally friendly, economically sustainable
businesses, while increasing shareholder value. For more information, please
visit the company's website at: www.MedicalMarijuanaInc.com.
HempMedsPX is the master distributor and contracted marketing company for the
CannaVest Corp. and Medical Marijuana, Inc. (OTC Pink:MJNA) portfolio of
products, including their revolutionary hemp-based CBD products. HempMedsPX
offers mainstream marketing, sales, customer service, and logistics for the
cannabis industry. In addition to handling sales and distribution, HempMedsPX
is the communication hub for the Medical Marijuana Inc. portfolio of
About CanChew Biotechnologies
CanChew Biotechnologies focuses on the treatment of pain and other medical
disorders with the application of chewing gum-based cannabis/cannabinoid
The company is focused on the R&D and execution of their clinical development
plan and the out-licensing of their technology. Clinical development focuses
on the R&D of the formulation, production and the development of chewing
gum-based products for the treatment of issues like pain, nausea and vomiting,
anorexia, spasticity and various other medical issues. For more information on
the company, visit CanChewBiotech.com.
About KannaLife Sciences
KannaLife Sciences ("KannaLife"), is a late-stage biopharmaceutical and
phytomedical technology company. KannaLife was created to develop natural,
phytomedical products to be used in health and wellness regimens. KannaLife is
also involved in the research and development of novel new therapeutic agents
to be used as transport carriers for other compounds seeking to break the
blood/brain barrier. KannaLife is also developing their own compounds to be
used for the treatment and prevention of oxidative and neurotoxic stresses
borne from a variety of ailments and illnesses. For more information, visit
About Canipa Holdings
Canipa Holdings was formed to assist Medical Marijuana Inc.'s expansion
efforts in Europe, Middle East and Asia. Canipa Holdings focuses its efforts
on obtaining product and marketing approvals as well as distribution partners
for the entire line of Medical Marijuana Inc.'s portfolio of products. For
more information about Canipa Holdings, visit CanipaHoldings.com.
About Wellness Managed Services
Wellness Managed Services provides management support and services
tocooperatives, collectives, health and wellness facilities, and medical
clinics throughout North America. The services offered range from practice
management to product distribution.Our mission is to provide a comprehensive
array of clinically supporting health and wellness products and services which
will attract patients while providing for a fully operational, profitable
enterprise. We seek to provide facilities and patients alike with the latest
in quality products and support services that will serve the health and
wellness community. For more info, click here.
About Red Dice Holdings
Red Dice Holdings, LLC ("Red Dice") is the owner of the Dixie Brand of
products including, Dixie Botanicals. The company has over 70 unique consumer
products and is one of the most recognizable cannabis and hemp brands in the
Red Dice Holdings, LLC sells certain cannabidiol (CBD)-based products direct
to consumers through Dixie Botanicals. Additionally, Red Dice looks to
integrate other brands into its distribution and manufacturing platform while
simultaneously licensing its brand(s) and IP to other industry groups looking
to manufacture and distribute products within their markets. Red Dice has a
marketing, sales and licensing team, plus a second team of full-time
researchers and product development specialists who are tasked with product
improvement and the development of new and unique delivery methods for those
products. For more information on Red Dice Holdings, click here.
About Cannagum Marketing Group
Cannagum Marketing Group, a wholly-owned subsidiary of CanChew
Biotechnologies, was incorporated to sell, market, and distribute CanChew gum.
The company was formed to comply with federal regulations that require the
company to clearly distinguish CanChew gum, a food product sold without
claims, from MedChewRX, a pharmaceutical product that is in development by
CanChew Biotechnologies. For more information, please visit
This press release may contain certain forward-looking statements and
information, as defined within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is
subject to the Safe Harbor created by those sections. This material contains
statements about expected future events and/or financial results that are
forward-looking in nature and subject to risks and uncertainties. Such
forward-looking statements by definition involve risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of Medical Marijuana, Inc. to be materially different from the statements made
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to
diagnose, treat or cure any disease.
CONTACT: Corporate Contact:
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
Investor Relations Contact:
Stuart T. Smith
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