SAN DIEGO, May 16, 2013 (GLOBE NEWSWIRE) -- Medical Marijuana Inc. (MJNA) is pleased to inform shareholders that it has completed and posted its 1st Quarter 2013 Audited Financial Statements and Corporate Disclosure. The disclosure can be found by clicking on the following: MJNA OTC Market Disclosure
Operational and development highlights
Operating highlights of the quarter were as follows:
Expanded its portfolio of innovated cannabinoid based phyto-medical companies with an investment in KannaLife Sciences. KannaLife Sciences, Inc. is a late stage bio-pharmaceutical and phyto-medical company involved in the research and development of novel new therapeutic agents designed to reduce oxidative stress, and act as immuno-modulators and neuroprotectants.
KannaLife Sciences currently holds an exclusive license with National Institutes of Health -- Office of Technology Transfer ("NIH-OTT") for the Commercialization of U.S. Patent 6,630,507 "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent").
Dixie brand received national exposure in Fortune Magazine, Boston Globe, Martha's Vineyard Times, USA Today, Fast Company, Channel 5 Boston, increasing public awareness for the Company and its brands.
Dixie brand continued product development and captured additional market share. Currently Dixie services an estimated 90% of the addressable market based on the number of available accountsretail outlets in Colorado.
PhytoSPHERE Systems signed a licensing agreement with CannaVEST Corp. (CANV) for the exclusive use of its name. MJNA also signed a contract with CANV to outsource its manufacturing as well as its hemp productioncultivation. The transaction allowed MJNA to streamline its focus to its core industries while still allowing the Company to benefit for the production, distribution and growth of the brand and its licensee.
PhytoSPHERE Systems proprietary extraction technology helped the Company produce cost effective, high value CBD oil with concentrations of up to 85% by volume and expects to have full scale production of a 98% plus pure CBD extract.
PhytoSPHERE successfully produced its first CBG (Cannabigerol) and CBGA (Cannabigerol-Acid) containing hemp oil. Opening up an entirely new market for product development and sales, as well as wholesale raw ingredient sales opportunity. CBG and CBGA have shown to have extensive health and wellness benefits.
PhytoSPHERE signed additional contracts to provide for significant expansion of its hemp oil products line.
Company expanded its US based laboratory with additional team members and equipment. MJNA is actively hiring in all departments. Company signed a lease for an additional 7,000 sf of office space to accommodate its expansion.
CanChew CBD gum is in full scale over the counter product manufacturing and production.
The Company finalized plans for CanChew Bio-Technologies European clinical trials beginning in 2013. MJNA provided equity to secure its product development, clinical trials and expansion costs.
Rebranding started of CanChew Bio-Technologies Corporate website.
Rebranding and launch started of the CanChew over the counter product sales and informational website, which include: CanChew Store front and shopping carts, expanded social media and blog components, store availability tracker and locator, additional subscription options for clients in need of a larger supply of CanChew CBD chewing gum.
Canipa Holdings was established in 2012 to handle the marketing, sales and distribution of Medical Marijuana Inc.'s portfolio of products throughout Europe and the European Union Trade Zone participant counties made significant progress in the first quarter. This year we have seen medical marijuana being legalized in Italy and the Czech Republic, with nearly a dozen more countries in discussion of legalization for medical and/or recreational use. The Company has set up a distribution network of pharmacies, clinics, wellness centers and retail stores that will allow us to offer our products to this developing market.
Canipa has finalized its terms for marketing, sales and manufacturing for 20 plus of its products for the EU and US markets. Of these products, 22 have along with the manufacturing agreements, received EU State Certificates of Health Safety Free Sale Certificates. This is one of the most significant developments in the Medical Marijuana Inc. product development. These products will be available through our entire pipeline of distribution and will over the coming quarters cross promote and develop brands for the USEU markets that address different consumer audiences and demographics.
HempMedsRX online platform finished a transaction that included over 3000 online sales and marketing sites, which will allow our products to be marketed and sold on. The sites are managed real time with a database user interface, that allows all 3000 plus sales sites to be updated on pricing, news and many other features at a simple managers interface, which drastically saves capital and time, while dramatically increasing efficiency, tractability and our ability to quickly launch products. The Company believes HempMeds has the ability to create groundswells within the cannabis and hemp industry online product sales and marketing community.
The Company has greatly expanded its portfolio of products and has put these products into manufacturing over the first quarter of 2013. Products include CBD-Vape oil and vaporizers, reformulated and branded CBD product lines, Bulk wholesales raw ingredients, CanChew over the counter CBD gum, flavored Vape-CBD product lines and many more.
The Company continued to explore several potential acquisition and investment opportunities in established cannabis and hemp related businesses.
Update on Audit-
In addition, since the close of the first quarter and completion of that quarters audit, Medical Marijuana, Inc. continued to retain its auditing firm to perform the audit of its financial records for the previous twenty four months. As these audits become available the Company will provide shareholder notification and post accordingly on the OTC Markets website. Once twenty four month audit history is completed, the Company will retain a PCAOB auditing firm to recertify the audits, as required for Securities and Exchange Commission (SEC) guidelines for up listing.
Update on Depository Trust-
As of May 9, 2013, the Company has submitted all of the additional requested documentation including the required legal opinion letter for counsel.
"We are very pleased with the result of the 1st Quarter. As stated in our most recent Letter to Shareholders, we would like to reestablish our commitment to better communication with our shareholders. I would like to personally thank our dedicated team, who has worked tirelessly to meet and exceed our goals. Our team would also like to also thank all of our 40,000 plus shareholders for their continued support as we grow our Company, the kind letters and emails of support have been greatly appreciated. As we close this quarter, we will remember the challenges as well as criticism of the past and use the lessons learned to strengthen our Company." said Michelle Sides Chairman and COO.
About KannaLife Sciences
KannaLife Sciences ("KannaLife"), is a late stage bio-pharmaceutical and phyto-medical technology Company. We were created to develop natural, phyto-medical products to be used in health and wellness regimens. We are 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 as well as our own compounds to be used for the treatment and prevention of oxidative and neuro-toxic stresses born from a variety of ailments and illnesses. For more information, please visit the Company's website at: www.Kannalife.com
About PhytoSPHERE Systems
PhytoSPHERE Systems is a leading cannabinoid based biotechnology Company that develops and builds technology specifically for the cannabis industry. This includes the research, development and production of specialty cannabis cultivars. The Company acquires, develops and manages traditional cannabis agricultural facilities, as well as produces cannabinoid based high value oil, extracts and products for the wholesale and retail markets.
About Dixie Botanicals
Dixie Botanicals offers innovative hemp oil products for health conscious consumers. Our formulation experts include scientists, clinical herbalists and nutritionists, who work to integrate our hemp oil into a variety of beneficial and uniquely effective over-the-counter (OTC) products-- both dietary supplements and a topical balm. For more information, please visit the Company's website: http://dixiebotanicals.com
For additional information and media coverage of the Dixie Brand click on any of the links below:
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.
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 herein.
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA(888-682-6562)
Investor Relations Contact:
Stuart T. Smith