DGAP-News: Medical Marijuana Inc. Reports Record First Quarter 2013 Revenue and Income
(firmenpresse) - Medical Marijuana Inc.
11.04.2013 15:00
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SAN DIEGO, 2013-04-11 15:00 CEST (GLOBE NEWSWIRE) --
Medical Marijuana, Inc. (OTC:MJNA), a leading cannabis and hemp industry
innovator, today is pleased to pre-announce its fourth quarter earnings. The
company earned net income of approximately $5.52 million on gross revenues of
$8.45 million for the quarter ended March 31, 2013. This represents a gross
revenue increase of over $3.35 million when compared to the prior quarter ended
December 31, 2012. When compared to the same quarter ended March 31, 2012 this
represents revenue increase of $6.68 million.
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 Vinyard 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 addresses an estimated 90% of the addressable market
b the number of available accounts in Colorado.
-- PhytoSPHERE Systems signed a licensing agreement with CannaVest Corp. 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 95% plus pre CBD
extract in May of this year.
-- 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. Expected to more than quadruple
last year's production.
-- Company expanded its US based laboratory with additional team members and
equipment. MJNA actively hiring in all departments. Company signed
additional lease space for its expansion.
-- Canchew CBD gum is in full scale Over the Counter product manufacturing and
production. Product sales to start third week in April.
-- The Company finalized plans for Canchew biotechnologies European clinical
trials beginning in 2013. MJNA provided $12 million in MJNA equity to
secure its product development, clinical trials and expansion costs.
-- Rebranding started of CanChew Biotechnologies Corporate Website to be
completed in April, updates include: Clinical development path with
timelines and interactive update modules, additional and expanded research
library.
-- 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 - Set up 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 andor
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.
-- HempMeds Online platform finished a transaction that included over 1700
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 1700 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. These
products are to be launched this month. 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. Expecting closings in May, 2013.
Update on Audit-
In addition, since the close of the first quarter, Medical Marijuana, Inc.
continued to retain its auditing firm to perform the audit of its financial
records for the quarter ending March 31, 2013 and all the way back for a twenty
four month audit history. The Company completed all of the pre-audit work
during Q4 and submitted its first audited financials for the quarter ending
December 31, 2012. We expect the twenty four months of audit history to be
completed no sooner than the end of Q2 of 2013.
Update on DTC-
The company had previously submitted all requested documentation from theDepository Trust Corporation (DTC) for the requested 'chill' removal, since
then the DTC has requested some additional documentation which will be
submitted to them in April. Our corporate counsel has addressed in writing and
written a legal opinion letter for the DTC to address their questions.
Update on up listing and fully reporting status with SEC.
The company has positioned itself to become fully reporting with the Securities
and Exchange Commission (SEC) once the twenty four month audit history is
completed by the PCAOB auditing firm. The company has hired a Public Accounting
and Auditing firm to complete all of the necessary paperwork, once completed it
will be submitted to our PCAOB auditing firm for final approval and completion.
Then the company's counsel will prepare the corporate registration statement
for review and approval from the Securities and Exchange Commission.
'The company at great expense, time and energy has successfully navigated one
of the most interesting and dramatic quarters the industry has seen. From new
favorable laws being passed in the US and abroad, to industry naysayers, from
governmental bodies asking for our support in drafting legislation and
guidelines, to waiting for the US Justice Departments stance on Washington and
Colorado State recreational laws. We have seen significant change and the vast
majority of that has been positive. We have had growth across all our brands
and have added a few more to our family of companies. With all the change, I
would like to reiterate and refocus our company's position on the legal status
of cannabis, marijuana and hemp--- and remind shareholders that our business
model is not dependent on the legalization of any of these plants, or the
change in any current legal guidelines regulating cannabis, marijuana or hemp.
Our products fit the current regulatory environment; we would not build a
business on the 'hopes' of legal change, but have built our business in the
current legal framework that exists today. Legalization of marijuana from a
medial or recreational standpoint only expands the opportunities for the
company, but does and will not define our growth at this point in time. Our
current markets are vast and growing rapidly.' stated Michelle Sides, Chairman
and COO of Medical Marijuana Inc.
Ms. Sides went on to say 'We are very pleased with the results of the quarter,
I would like to take this time to thank our team for their hard work and
dedication, and to our shareholders for their continued support.'
The Company reported that it intends to post its 1Q audited financial statement
and disclosures on or before May 15, 2013.
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
About 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').
For more information, please visit the company's website at: www.kannalife.com
About PhytoSPHERE Systems
PhytoSPHERE Systems is the world's 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 companyacquires, 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 Dixie Elixirs and Botanicals
click on any of the links below:
Fast Company 'Innovation Agents'
60 Minutes 'Rocky Mountain High Segment'
60 Minutes 'Overtime' segment
Newsweek October 22 Cover Story, 'The New Pot Barons'
Newsweek Cover Story Photo Gallery
WTSP Story:
Seattle Times:
Denver Post:
Stateline
Canal +
PBS / WBUR
FORWARD-LOOKING DISCLAIMER
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.
Corporate Contact:
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
www.medicalmarijuanainc.com
www.facebook.com/mjnainc
Investor Relations Contact:
Stuart T. Smith
SmallCapVoice.Com, Inc.
P. 512-267-2430
F. 512-267-2530
Skype: SmallCapVoice.com
AIM: SmallCapVoice7
News Source: NASDAQ OMX
11.04.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Medical Marijuana Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US58463A1051
WKN:
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