Medical Marijuana Inc. Sees Growth Opportunities For Its Portfolio
Company with Historic Washington 502 Vote to Legalize Marijuana for
Recreational Use, Massachusetts New Medical Marijuana Initiative
and Michigan Vote to Decriminalize Marijuana in Four Major Cities
SAN DIEGO, Nov. 7, 2012 /PRNewswire/
-- Medical Marijuana Inc. (OTC:
MJNA), a leading hemp industry innovator, commends the
millions of Washington voters who
helped pass Initiative 502 in the November
6 elections by a vote of 55 percent. The vote marks a
historic landmark for the medical marijuana industry, as
Washington is now the second state
in the U.S. to legalize recreational marijuana use for adults over
21.
The Seattle Times reports
that this legalization could help bring in hundreds of millions of
dollars a year in medical marijuana taxes, reduce small-time
pot-related arrests and give supporters a chance to show whether
decriminalization is a viable strategy in the war on drugs. It also
reports that 502 legalizes possession of up to an ounce beginning
Dec. 6, with sales at state-licensed
stores at least a year away. According to The Associated Press,
Washington's measure will
establish a system of state-licensed marijuana growers, processors
and stores that adults can visit to buy up to an ounce and will
also initiate a blood test limit for driving under the
influence.
The Washington measure was
particularly notable for crossing partisan boundaries, as well as
for its high level sponsors and supporters who ranged from public
health experts and wealthy high-tech executives, to two former top
Justice Department's officials in Seattle. The effort raised more than
$6 million in contributions, with
more than $2 million of that coming
from Progressive Insurance Co. founder Peter Lewis, who used marijuana to treat pain
from a leg amputation, reports The Seattle
Times.
In addition to the historic vote in Washington, Massachusetts voters also won in yesterday's
election by 58 percent to approve their Medical Marijuana
Initiative, which will, for the first time, provide Massachusetts patients with certain medical
conditions access to medical marijuana and eliminate state criminal
and civil penalties for these patients. The November 6 election also proved groundbreaking
for four major cities in Michigan-
Detroit, Grand Rapids, Flint and Ypsilanti. More than a million voters in these
areas came together to turn out a "yes" vote on amending their laws
to decriminalize marijuana possession for adults.
"It sets up a clear and obvious challenge with the federal
government," said Allen St. Pierre,
executive director of NORML, which has fought for years to legalize
cannabis. Paul Armentano, deputy
director of (NORML), also noted: "Today, a majority of
Americans espouse ending America's nearly century-long, failed
experiment with cannabis prohibition and replacing it with a system
of limited legalization and regulation." Ethan Nadelmann of the Drug Policy Alliance,
which opposes the so-called "war on drugs," points out that
"Marijuana policy reform remains an issue where the people lead and
the politicians follow…Washington state shows that many politicians
are beginning to catch up."
The decision to pass these historic laws opens the doors for
MJNA portfolio companies, such as Red Dice Holdings, to develop
future product expansion through licensing agreements with legal
distributors for products like its Dixie Elixirs & Edibles
brand, which is already known as the leading brand of edibles
supplying most of the 500 plus dispensaries in Colorado.
Seattle Times-State financial experts estimate the new
legalization could raise nearly $2
billion in tax revenue over the next five years, with the
money going toward education, health care, substance abuse
prevention and basic government services.
"We are thrilled that voters in Washington have joined Colorado in making history as the second U.S.
state to legalize recreational marijuana. We would also like to
congratulate Massachusetts voters
for their commendable work in legalizing medical marijuana for the
first time, and Michigan voters
for their efforts to decriminalize its possession in four cities in
the state. We look forward to developing future manufacturing and
distribution agreements with qualified partners in Washington and MA," said Tripp Keber, President of Red Dice Holdings.
It is important to note that although these legislative
victories are a milestone for all industrial hemp and medical
marijuana advocates, their outcome will not impact the future
corporate strategy of MJNA. As a company, MJNA continues to
primarily focus on hemp oil, derived from seed and stalk, with a
strong concentration on the cannabinoid, CBD (cannabidiol).
"This decision marks quite an exciting achievement for the
medical marijuana industry. For MJNA, the legalization in
Washington, decriminalization in
four cities in Michigan and new
medical marijuana law in Massachusetts will open new business
opportunities and licensing partnerships for our portfolio
companies, as well as bring awareness and acceptance to the
industry in general. That is surely a benefit to us as we continue
to focus our main attention on branding our Hemp-based products,"
says Ted Caligiuri, President and
CEO of Medical Marijuana, Inc.
About Medical Marijuana,Inc.
Our mission is to be the premier 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.
Medical Marijuana Inc. does not grow, sell or distribute any
substances that violate United States Law or the controlled
substance act.
For more information, please visit the company's website at:
www.MedicalMarijuanaInc.com
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug
Administration (FDA). These products and statements are not
intended to diagnose, treat, cure, or prevent any disease.
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
Email: ssmith@smallcapvoice.com
Skype: SmallCapVoice.com
SOURCE Medical Marijuana Inc.