SAN DIEGO, CA–(Business Wire – February 28, 2012) – Medical Marijuana Inc. (OTC: MJNA) is pleased to announce it has reached a finance agreement with CannaBANK Inc (CB) for up to four million dollars in equity for the acquisition and development of several pending technologies, patents and operating businesses. CannaBANK will provide the required equity on a non-dilutive basis for an eight percent royalty of each licensed facility or developed product and a twenty percent equity stake in each CannaBANK financed facility or business.
“With the closing of this agreement, its favorable non-dilutive and non-recourse terms, we will be able to complete several key acquisition. This is a significant commitment from CannaBANK and we expect to maximize the deployment of these resources to increase shareholder value.” 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.
CannaBANK is a private equity firm dedicated strictly to the cannabis and hemp industry. The company specializes in the capitalization, development and acquisition of medicinal cannabis and industrial hemp businesses.
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.