MJNA CEO Lauds IP ‘Windfall’ in Brands Secured in Settlement, Along With ‘Significant Expense Removed’
SAN DIEGO, July 22, 2015 (GLOBE NEWSWIRE) — Medical Marijuana, Inc. (OTC Pink:MJNA), a leading industrial hemp industry innovator, is pleased to announce to shareholders and the general public that it has entered into a final global settlement of all litigation with CannaVest Corp (“CannaVest”). Under the terms of the settlement, the Company has secured its ownership of all intellectual property and branding related to Real Scientific Hemp Oil ™ and Cannabis Beauty Defined ®. This includes all registered trademarks, trademark applications and other branding indicia including Real Scientific Hemp Oil ™, RSHO ™, Real Scientific ™, Cannabis Beauty ® and Cannabis Beauty Defined ®.
“We are very happy to put this litigation behind us,” stated Dr. Stuart W. Titus, CEO of Medical Marijuana Inc. “With Real Scientific Hemp Oil™ improving the quality of life for ever-increasing numbers of families in Brazil, and a recent major review of Cannabis Beauty Defined ® by USA Today, this settlement is critically important to Medical Marijuana Inc.’s future branding efforts,” said Dr. Titus.
Under the terms of the settlement, each of the parties released all claims against the other, and agreed to dismiss with prejudice all outstanding litigation. As part of the settlement, CannaVest will receive the sum of $750,000, payable over a 6-month period. However, the $750,000 will not be paid by the Company and is to be paid by a third-party pursuant to an indemnification agreement between that party and the Company.
In summarizing the settlement, Dr. Titus stated; “This settlement ends all outstanding litigation between the Company and CannaVest. As a result, we have eliminated a significant drain on the Company’s financial resources, removed a cloud of uncertainty hanging over the Company’s branding efforts and ended an enormous distraction. We will now be better able to allocate capital resources in a more effective manner toward business operations and maintain our focus on the Company’s business and future. Most importantly, we have eliminated claims against ownership of our key brands. The IP and ownership of RSHO ™ and Cannabis Beauty ® are extremely valuable assets of the Company and important for its current and long-term prospects. Eliminating any contest to ownership of those brands as well as the ongoing expense of litigation was a significant achievement,” said Dr. Titus.
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.
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.
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 hemp-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.