SAN DIEGO, Aug. 13, 2013 (GLOBE NEWSWIRE) -- Medical Marijuana, Inc. (OTC:MJNA), a leading cannabis and hemp industry innovator, today announced the release of its quarterly financial and shareholders report (Post 8/13/2013 - OTC Markets). The company earned a net income of approximately $6.0 million on gross income of approximately $8.8 million for the quarter ending June 30, 2013. The company launched its highly anticipated marketing and sales arm, HempMedsPX; selected officers for CanChew Biotechnologies; and acquired several additional brands and over 20 products through Canipa Holdings. To better manage the company's growth, Medical Marijuana Inc. relocated to a larger facility in July to accommodate the new HempMedsPX team and to expand its warehouse and distribution capabilities. Below are the company's second quarter 2013 operating and developmental highlights.
Operational and development highlights.
Operating highlights for the second quarter are as follows:
Launched HempMedsPX to serve as the master distributor and contracted marketing company for the Medical Marijuana, Inc. portfolio of products.
HempMedsPX is the communication hub for the Medical Marijuana Inc. portfolio of companies.
Departments added include: marketing, sales, logistics, and customer service.
As of June, 30 2013, ten (10) additional team members were hired, including a Director of Communications, a Director of Sales and Marketing, additional marketing officers, a sales team, logistics personnel, and customer service.
In addition to working with MJNA and CannaVest, HempMedsPX anticipates offering mainstream marketing, sales, customer service, and logistics for the cannabis industry in the future.
Launched the Marketing and Sales for CBD-Rich Hemp Oil (Hemp based Cannabidiol) Real Scientific Hemp Oil (RSHO)
Annual board meeting was held in San Diego from July 20-24, 2013.
The CanChew Biotechnologies Board of Directors unanimously elected three new officers for the company: Dr. George E. Anastassov, MD, DDS, Exec. MBA as Chief Executive Officer (CEO); Dr. Philip. A. Van Damme, DMD, MD, PhD as Chief Medical Officer (CMO); and Lekhram Changoer, MSc, BSc as Chief Technology Officer (CTO).
MedChewRX, a cannabis-based THC/CBD pharmaceutical drug, will continue with its clinical development this year and into 2014.
HempMedsPX has begun marketing and sales of the CanChew gum for Cannagum Marketing Group, a wholly-owned subsidiary of CanChew Biotechnologies.
Closed exclusive worldwide sales, distribution and marketing agreement with Europe-based pharmaceutical/nutraceutical/cosmetics company.
Due to the fact that the company's products are currently marketed for medical claims in Europe, Canipa must re-brand the products without their medical claims per FDA regulations before the products go to market in the United States.
PhytoSPHERE received its $8 million quarterly payment from CannaVest. $750,000 of which was paid in cash, and the balance ($7,500,000) was paid in stock as per its contracted obligations.
Red Dice Holdings
The company continued to expand its portfolio of innovative products.
Wellness Managed Services
The company hired a Sales and Marketing Director for the purpose of expanding and further developing WMS' service offerings, and to assist with the integration of WMS' products and services into the MJNA portfolio.
A statement from MJNA.
Medical Marijuana, Inc. is optimistic about the Company's future as a cannabis industry leader. As we continue to acquire cannabis businesses, we are simultaneously expanding our own operations and establishing a strong business model that offers innovative hemp-based products and services. The company feels that developing in-house sales, marketing, media outreach, and investor relations support represents a positive change in our business strategy.
The launch of HempMedsPX has been a huge step in the Company's development. Within the first few days of initiating aggressive marking campaigns, the HempMedsPX team have been overwhelmed with inquiry emails and sales leads. Since bringing on the initial team some weeks ago, we have been constantly hiring new staff to capture the incoming volume of leads and sales.
One of the most common questions our office is asked is why the Company has been so "quiet" to date; meaning, customers and shareholders want to know why the Company tends to under-communicate rather than over-communicate. Our answer has several parts.
There is a lot of chatter in the cannabis industry, and a lot of people and a lot of businesses who do a lot of talking. We want to be known for and judged by what we are doing and what we have done as a company and as a team. Here are some of those highlights thus far:
Acquired 50% interest in CanChew Biotechnologies, which holds the patent on all cannabinoid-based chewing gum.
Acquired an interest in KannaLife Sciences, holders of an exclusive license agreement with the National Institutes of Health – Office of Technology Transfer ("NIH-OTT") for the commercialization of the US Government's patent #6,630,057, "Cannabinoids as antioxidants and neuroprotectants."
Brought federally legal, hemp-based cannabidiol (CBD) products to the forefront.
Created and established a fully vertically-integrated supply chain of raw ingredients for the creation of our hemp-based compounds and hemp products.
Firmly established Dixie Brands as one of the premier names in the cannabis industry.
Developed and are selling the patented CanChew gum – the world's first CBD gum.
Launched the marketing and sales of largest supply and highest in industry CBD content product Real Scientific Hemp Oil (RSHO).
In short, in just a few months we have completed a transition from being a holding company to directly marketing, selling, developing and managing a growing portfolio of cannabis products and industry services ourselves. In an industry that is constantly evolving, we are devoting resources to monitor and respond to changing trends, laws, and emerging opportunities so that we are always in compliance with laws and regulations.
We know that the truest measure of success isn't where we have been, but what we continue to accomplish. Sales are always crucial, and helping people is our ultimate goal. As the Company looks ahead to the next quarter, we are encouraged by the public response to our marketing and sales efforts so far. Our transition from investing in cannabis businesses to becoming an operating cannabis business ourselves has been a long journey, but we are most grateful for the continued support of our shareholders.
According to the US government, every product derived from cannabis is categorized as marijuana—including hemp. We, therefore, use the word "marijuana" as an all-encompassing term to cover cannabis, medical marijuana, marijuana and hemp. We believe that "cannabis" should be the standard term used for all medical products; as the industry matures, we will be phasing out the words "medical marijuana" and "marijuana" from the company's vocabulary.
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 is the master distributor and contracted marketing company for the CannaVest Corp. and Medical Marijuana, Inc. (OTC Pink:MJNA) portfolio of products, including their revolutionary hemp-based CBD products. HempMedsPX offers mainstream marketing, sales, customer service, and logistics for the cannabis industry. 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.
The company is focused on the R&D and execution of their clinical development plan and the 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 issues like pain, nausea and vomiting, anorexia, spasticity and various other medical issues. For more information on the company, visit CanChewBiotech.com.
About KannaLife Sciences
KannaLife Sciences ("KannaLife"), is a late-stage biopharmaceutical and phytomedical technology company. KannaLife was created to develop natural, phytomedical products to be used in health and wellness regimens. KannaLife is also involved in the research and development of novel new therapeutic agents to be used as transport carriers for other compounds seeking to break the blood/brain barrier. KannaLife is also developing their own compounds to be used for the treatment and prevention of oxidative and neurotoxic stresses borne from a variety of ailments and illnesses. For more information, visit KannaLife.com.
About Canipa Holdings
Canipa Holdings was formed to assist Medical Marijuana Inc.'s expansion efforts in Europe, Middle East and Asia. Canipa Holdings focuses its efforts on obtaining product and marketing approvals as well as distribution partners for the entire line of Medical Marijuana Inc.'s portfolio of products. For more information about Canipa Holdings, visit CanipaHoldings.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.
About Red Dice Holdings
Red Dice Holdings, LLC ("Red Dice") is the owner of the Dixie Brand of products including, Dixie Botanicals. The company has over 70 unique consumer products and is one of the most recognizable cannabis and hemp brands in the world.
Red Dice Holdings, LLC sells certain cannabidiol (CBD)-based products direct to consumers through Dixie Botanicals. Additionally, Red Dice looks to integrate other brands into its distribution and manufacturing platform while simultaneously licensing its brand(s) and IP to other industry groups looking to manufacture and distribute products within their markets. Red Dice has a marketing, sales and licensing team, plus a second team of full-time researchers and product development specialists who are tasked with product improvement and the development of new and unique delivery methods for those products. For more information on Red Dice Holdings, click here.
About Cannagum Marketing Group
Cannagum Marketing Group, a wholly-owned subsidiary of CanChew Biotechnologies, was incorporated to sell, market, and distribute CanChew gum. The company was formed to comply with federal regulations that require the company to clearly distinguish CanChew gum, a food product sold without claims, from MedChewRX, a pharmaceutical product that is in development by CanChew Biotechnologies. For more information, please visit CanChewBiotech.com.
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 FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
Investor Relations Contact:
Stuart T. Smith