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:
Media exposure expanded significantly in the first quarter. Media coverage included:
Trade shows and expos featuring products from HempMedsPX™ included:
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 promotedHempMedsPX™ via multiple radio broadcasts on VoiceAmerica.
Operational highlights from Q1 include the following:
In addition to these highlights, MPSI expanded their service offerings to include security consultative services.
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:
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.
CONTACT: For further information, please contact: Investor Relations contact: Perry Coleman Medical Marijuana, Inc. P. 443-453-5088 firstname.lastname@example.org Public Relations contact: Andrew Hard Director of PR, HempMeds P. 858-380-5478 email@example.com Corporate contact: Medical Marijuana, Inc. Toll Free: 888-OTC-MJNA (888-682-6562) www.medicalmarijuanainc.com www.facebook.com/mjnainc