DGAP-News: Medical Marijuana Inc., Posts 1st Quarter Audited Financial and Disclosure Statements; Net Income Exceeds Quarterly Projections
(firmenpresse) - Medical Marijuana Inc.
16.05.2013 15:00
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SAN DIEGO, 2013-05-16 15:00 CEST (GLOBE NEWSWIRE) --
Medical Marijuana Inc. (OTC: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 accountsetail outlets in Colorado.
PhytoSPHERE Systems signed a licensing agreement with CannaVEST Corp.
(OTC: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:
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
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.
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.
CONTACT: Corporate Contact:
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA(888-682-6562)
Info(at)medicalmarijuanainc.com
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
16.05.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Medical MarijuanaInc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US58463A1051
WKN:
End of Announcement DGAP News-Service
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Datum: 16.05.2013 - 15:00 Uhr
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