SAN DIEGO, July 8, 2014 (GLOBE NEWSWIRE) -- 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™ 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.
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
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.
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 email@example.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.
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 medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
For further information, please contact:
Investor Relations contact:
Medical Marijuana, Inc.
Public Relations contact:
Director of PR, HempMeds
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)