FOOTHILL RANCH, CA--(Marketwire - March 24, 2011) - Medical Marijuana Inc (PINKSHEETS: MJNA) has completed an agreement with the Hemp Deposit Distribution Corp (HDDC), a Delaware based Co., d/b/a CannaBANK. This agreement calls for shares of MJNA to be issued to HDDC in exchange for assets which include real estate, Intellectual Properties, patents and future acquisitions.
HDDC will assume administrative control and a majority stock position. The current officers and directors of MJNA will be replaced by officers and directors appointed by HDDC. The Hemp Network will remain as an operating division of the Company.
President Donald Steinberg stated, "The people behind CannaBANK are incredible. I am very impressed with the vision and the leadership they are showing. I am proud to turn over corporate leadership to this fine group."
Bruce Perlowin stated, "We feel that the current stockholders will benefit enormously with the new arrangement and we look forward to an extremely productive and lucrative future for everyone involved with MJNA."
CannaBANK's mission is to help create a sustainable economy which in turn helps create a sustainable planet offering health and economic freedom through education and awareness.
ABOUT MEDICAL MARIJUANA INC
Medical Marijuana Inc. (www.medicalmarijuana.com) 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.