SOURCE Medical Marijuana Inc.
1st Quarter Revenue Surpasses Expectations, Multiple Business Acquisitions Pending Final Approval, Proprietary and Patented Cannabinoid Product Acquisition Pending Final Approval, Multiple Retail Locations and Multiple Health and Wellness Product Distributor Pending Final Approval, Addition to Board of Directors and Executive Team Pending Closings, Additional Non-Dilution Non-Recourse Financing Being Negotiated For Rapid Facility Development
SAN DIEGO, March 22, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC Pink Sheets: MJNA) is pleased to announce an update for shareholders of recent corporate activities and events. Numerous transactions are in various stages of development, negotiations, closing and integration that will have a significant positive contribution to the Company's bottom line. The company has been finalizing the purchase of a portfolio of patented cannabinoid based products as well as several pharmaceutical grade cannabinoid delivery methods which make for a more sociably accepted method of consuming medical grade marijuana products.
Regarding the previously announced proposed acquisition of PharmaSPHERE Systems, LLC the Massachusetts based biotechnology and pharmaceutical grade medicinal herb company, we have finalized our negotiations with the company and will announce next week the positive results of the transaction.
The MJNA Biotechnology division has sourced several partners where the company can deploy presently idle equipment – this is expected to be a significant revenue generator in the California and Colorado markets.
Our HempCOMPOUNDS division is in process of finalizing agreements in the European, Australian and Canadian markets for the syndication, acquisition, capitalization and development of ongoing industrial hemp based businesses to increase our supply of raw ingredients for our longer term needs.
We have sourced several California and Colorado based distribution companies to license our proprietary products and high value- Cannabidiol (CBD) extract. We anticipate licensing these regional distributors exclusively for our products within their markets. These distributors currently have a significant foothold within their states and once finalized these transactions will add a considerable amount of profit as well as exposure to the company.
With the closing these transactions, we inherit several legal marijuana research partners with US and International Universities. These partners have had years of research experience in our industry, and will aid in the company's ability to continually evaluate its products and technologies and procedures. These partnerships will significantly increase our company's exposure to the medical and academic communities.
Wellness Managed Services, a wholly owned subsidiary that is engaged in the management of collectives and the acquisition of hydroponic retailers is in negotiations for the acquisition of several more collective management contracts in California and is expected to expand into Michigan and Arizona in the coming months.
MJNA is further in negotiation to acquire one of a handful of merchant and financial services businesses that can process dispensary and collective based business transactions. This company also has its own proprietary seed-to-sale inventory management and tracking software, making it a prime target to enhance our overall platform of services. This is a significant potential acquisition, as many of our shareholders and the industry is aware, there are only a few financial services and merchant service companies that can process industry transactions.
The New Year and first quarter have proven to be the best to date for the company and we are more than pleased with our results. We look forward to updating shareholders on our progress and would like to thank you for your continued support. Stated Michael Llamas, President of Medical Marijuana Inc.
ABOUT MEDICAL MARIJUANA INC. (OTC: MJNA)
Our mission is to be the world's premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate, invest in and purchase value-added sustainable companies, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, pay homage to the visionaries and activists of the past and present, and provide the platform from which the industry can emerge into a global sustainable economy for all. Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
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.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration (FDA), products and statements are not intended to diagnose, treat, cure, or prevent any disease
Medical Marijuana Inc.
2665 Ariane Drive Suite 207
San Diego, CA 92117
Toll Free: 888-OTC-MJNA (888-682-6562)
Investor Relations Contact:
Equiti-Trend Advisors, LLC
Carmel Valley Center II
11995 El Camino Real, Suite 301
San Diego, CA 92130
SOURCE Medical Marijuana Inc.