Medical Marijuana Inc. (OTC Pink: MJNA), a leading cannabis and
industrial hemp industry innovator, today announced the release of
its quarterly financial and shareholders report (Post 06/30/2014 -
OTC Markets). The Company had product sales revenues of $4.01
million compared to $1.94 million for the prior quarter. Below are
the Company's first quarter 2014 operating and developmental
highlights.
Operating highlights for the first quarter are as follows:
HempMedsPX
- HempMedsPX™ posted revenues of $4,017,774 in Q1, up from
$1,943,005 in Q4.
- HempMedsPX™ was the first cannabidiol (CBD)-rich hemp oil
company to be accepted by the American Herbal Products Association
(AHPA) for membership. The AHPA is the only national trade
association that is focused primarily on herbs and botanicals and
herbal products. In addition to AHPA membership, HempMedsPX™ is a
sponsor of the AHPA's 2014 events.
- Medical Marijuana Inc. and HempMedsPX™ supported the American
Academy of Anti-Aging Medicine (A4M) as a Platinum Elite Sponsor,
expanding brand awareness to the organization's membership base of
more than 26,000 medical and healthcare professionals.
- HempMedsPX™ signed a two-year supplier agreement with a
home-based business company, Kannaway, LLC.
- HempMedsPX™ sponsored and participated in the 5th Annual U-T
Successful Living Expo, a San Diego event focused on the unique
health and wellness concerns of the 55-and-older demographic. In
support of this event, information about CBD from hemp was shared
with more than 350,000 San Diego Union-Tribune (U-T) Sunday
newspaper subscribers and 70,000 U-T email subscribers through
print and online advertising. HempMedsPX™ presented "What's the
Buzz about CBD?" during the expo, informing attendees about an
alternative to medical marijuana.
- The Company was the only hemp CBD exhibitor at the HIGH TIMES
Medical Cannabis Cup, Los Angeles and received an overwhelmingly
positive reception by attendees February 8-9.
- On March 20, Medical Marijuana Inc. announced that the Company
signed a memorandum of understanding (MOU) to develop a joint
venture with LiveWireErgogenics, Inc. under the name of HempWire,
LLC. The CBD-rich hemp oil used in HempWire products is sourced
from HempMedsPX™.
- Medical Marijuana Inc. announced on March 31 that due to the
exponential growth of its subsidiary company HempMedsPX™, the
Company is moving to a larger multi-building campus location in the
Scripps Poway Parkway area of San Diego. The current Morena Blvd.
location will serve as administrative offices for other Medical
Marijuana Inc. subsidiaries.
Media exposure expanded significantly in the first
quarter. Media coverage included:
- Natural Awakenings: "A New Super Hemp
Oil?"
- NBC 7 San Diego: Feature story by Candice
Nguyen – "San Diego Company Sells Legal Alternative to Medical
Marijuana."
- The Voice of Merrill: Conservative talk radio
show invites Medical Marijuana Inc. on the air.
- Leaf Science: Interview with Charles Vest, HempMedsPX™ VP of
Communications.
- FOX 5 News San Diego: Featured HempMedsPX™
products in their news segment entitled, "Healing with Hemp."
- WHAS-TV 11 Kentucky: Use of CBD-rich hemp oil was featured in a
news segment. The story included comments from Deb McGrath of the
Epilepsy Foundation of Kentuckiana and Kentucky State Senator Julie
Denton.
- Fox News Tampa Bay: Renee Petro from Florida explains her use
of Real Scientific Hemp Oil™ (RSHO™) for her son.
Trade shows and expos featuring products from
HempMedsPX™ included:
- January 9-13: International Gift & Home Furnishings
Marketplace – Atlanta, GA
- January 21-23: CHAMPS – Las Vegas
- January 25-27: ISSE International Salon & Spa Expo – Long
Beach, CA
- January 29-30: Tobacco Plus Expo – Las Vegas
- February 1: U-T Successful Living Expo – San Diego, CA
- February 8-9: HIGH TIMES Medical Cannabis Cup, Los Angeles
- March 6: AHPA Member Breakfast & Herbwalk
- March 7-9: Natural Products Expo West – Los Angeles
- March 13-16: A4M BHRT Symposium / Fellowship – San
Francisco
- March 16-19: ASD – Las Vegas
Continuing the Company's community outreach efforts, the Company
donated to MyCompassion.org, and efforts to create awareness of
CBD-rich hemp oil expanded throughout the Midwest in March. In
addition, HempMedsPX™ supported AutismOne's global annual
conference during which AutismOne promoted HempMedsPX™ via multiple
radio broadcasts on VoiceAmerica.
Wellness Managed Services
Medical Marijuana Inc.'s subsidiary Wellness Managed Services
launched a joint venture with MPS Security under the brand MPS
International (MPSI) on January 1, 2014.
Operational highlights from Q1 include the following:
- MPSI acquired a $250,000 (annual revenue expectation) security
account for the Denver Mart in Denver, CO
- Began providing security to four dispensaries and retail
marijuana stores
- Purchased two armored trucks for the Denver location
- Hired three new representatives: Two in Colorado and one in
Washington
- Q1 CBD-rich hemp oil product sales totaled approximately
$45,000
In addition to these highlights, MPSI expanded their service
offerings to include security consultative services.
CanChew Biotechnologies
- Sales of CanChew gum for Q1 were $47,730, down from $57,620 in
Q4. The reason for the decrease in sales was due to a transition
period from HempMedsPX™ handing all marketing and sales over to
CanChew's internal team, which is also transitioning to a different
approach. CanChew's new strategy involves direct-to-consumer
television and advertising, the company has been evaluating several
different advertising and media partners for those
direct-to-consumer campaigns.
- MedChewRX, a cannabis-based THC/CBD pharmaceutical drug, made
tremendous progress with its clinical trials developed in Europe
this year. A more detailed update is expected from CanChew
Biotechnologies in Q3 or Q4, depending on continued clinical
progress.
- In addition, CanChew Biotech has been seeking international
product registration and approvals to open up additional
international markets for their product.
Red Dice Holdings
Medical Marijuana Inc. and Dixie Holdings, the owner of Dixie
Elixirs and Edibles, one of America's first revolutionaries in
cannabis-infused edibles, topicals and tinctures, agreed to settle
a year-old dispute and execute a mutually beneficial Asset Purchase
and Settlement Agreement.
While financial terms of the settlement were not disclosed, the
core elements were as follows:
- Dixie Holdings (DH) agreed to sell its interest in Red Dice
Holdings (RDH) to Medical Marijuana Inc. (MJNA);
- DH also agreed to purchase its brand and all intellectual
property from RDH pertaining to Dixie Elixirs and Edibles,
enabling DH to develop and expand its family of THC-infused
products, and;
- As part of the sale of RDH, MJNA will own the brand and IP
specific to Dixie Botanicals, allowing it to focus that brand
specifically on hemp-derived CBD-based products.
A statement
from MJNA.
Medical Marijuana Inc. is extremely pleased to announce a
Q1 performance that has exceeded expectations, and we apologize for
the delay in releasing this report. Due to restructuring, preparing
for relocation to new offices and acquisition of 100% of Red Dice
Holdings, the release of Q1 financials was, unfortunately, delayed.
Investors can rest assured that Q2 financials will be released on
time.
The Company is incredibly proud of the success of HempMedsPX™
through its strategic partnerships, public relations and marketing
endeavors; investors can look forward to continued success in 2014.
This subsidiary has spearheaded the Company's objectives and vision
since its inception, and continues to be the driving force behind
the extraordinary growth of the MJNA family of companies.
We are committed to growing our contributions/sponsorships so
that we may give back both to the local community and to those who
benefit the most from our products. Everyone at MJNA and
HempMedsPX™ feel compelled to make a difference in the world, and
are honored that we have been afforded the opportunity to do so. We
couldn't be more proud of the diverse and dynamic group of people
we have assembled to not only develop and market industry-leading
products and services, but also to bring the greater possibilities
of hemp and CBD-rich hemp oil to the mainstream.
We continue to seek qualified and driven individuals for the
Company's rapid expansion, and ask that anyone who is interested in
being part of an established company in a cutting-edge industry to
submit their resume to HR@hempmedspx.com.
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 HempMedsPX
HempMedsPX™ offers mainstream marketing, sales, customer
service, and logistics for the cannabis
industry. HempMedsPX™ is a corporate portfolio company
of Medical Marijuana, Inc. (OTC Pink: MJNA) and the
Company's exclusive master distributor and contracted
marketing company. In addition to handling sales and
distribution, HempMedsPX™ is the communication hub for
the Medical Marijuana Inc. portfolio of companies.
About CanChew Biotechnologies CanChew
Biotechnologies focuses on the treatment of pain and other medical
disorders with the application of chewing gum-based
cannabis/cannabinoid medical products as well as food and
nutraceutical products for general well-being.
The company is focused on the R&D and execution of their
clinical development plan and potential 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 conditions like pain, nausea and
vomiting, anorexia, spasticity and various other medical issues.
For more information on the company, visit CanChewBiotech.com.
About Wellness Managed Services Wellness
Managed Services provides management support and services
to cooperatives, 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 MPSI:
MPS International (MPSI) is a consulting firm that provides
security consultative services to business and individuals in the
legal cannabis industry. When security officers are needed, MPSI
contracts exclusively with MPS Security to provide uniformed
security management and officers.
MPSI was created as a specialized division of MPS Security. With
over 46 years of experience providing professional security
services, MPS Security is uniquely qualified to bring high quality
security management and security solutions to the new and growing
cannabis industry. Our professional experience and qualifications
are helping to legitimize the expanding cannabis industry by
reducing crime and assisting legal businesses and individuals to
operate in accordance with all federal, state and local laws and
regulations. For more details visit www.Security-MPSI.com, email
security@security-mpsi.com or call (866) 678-4408.
About Red Dice Holdings Red Dice Holdings, LLC
("Red Dice") is the owner of the Dixie Brand of products including
Dixie Elixirs. The company has over 70 unique consumer products and
is one of the most recognizable cannabis and hemp brands in the
world. For more information on Red Dice Holdings, click
here.
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.
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.
LEGAL DISCLOSURE
Medical Marijuana, Inc. does not sell or distribute any products
that are in violation of the United States Controlled Substances
Act (US.CSA). The Company does grow, sell and distribute hemp-based
products and are involved with the federally legal distribution of
medical marijuana-based products within certain international
markets. Cannabidiol is a natural constituent of hemp oil.
CONTACT: For further information, please contact:
Investor Relations contact:
Perry Coleman
Medical Marijuana, Inc.
P. 443-453-5088
perry@medicalmarijuanainc.com
Public Relations contact:
Andrew Hard
Director of PR, HempMeds
P. 858-380-5478
andrew.hard@hempmeds.com
Corporate contact:
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
www.medicalmarijuanainc.com
www.facebook.com/mjnainc
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