SAN DIEGO, CA--(Marketwire - Jun 13, 2011) - Medical Marijuana Inc (PINKSHEETS: MJNA) is pleased to announce completion of a draft for a preliminary petition to the Federal Government to obtain a DEA sanctioned License to cultivate marijuana for medicinal purposes. In the US there are now 15 States which recognize the medicinal benefits of marijuana and cannabis related products (containing THC, the psycho-active ingredient) for various medical uses. Connecticut may soon be the 16th State to approve medical marijuana.
The Drug Enforcement Administration told Legalization Nation in an e-mail last week that 5 unnamed companies now hold licenses to grow cannabis in the United States. The DEA and enforcement agencies are examining a potential expansion of the medical marijuana industry along with a new acceptance by the Federal Government of the medical benefits. Nationwide, increasing numbers of Doctors are prescribing marijuana and related products for their patients and seeing their patients receiving benefit.
To further illustrate this expansion, (via a letter to the East Bay Express) the DEA revealed that "there are 64 active DEA registrations" (reflecting 55 companies) for manufacturers that have listed drug code 7370 (THC, Delta-8 THC, Delta-9 THC, dronabinol and others) and drug code 7371(TETRAHYDROCANNABINOL, ORGANIC) on their DEA record. In other words, 55 companies have active licenses for producing organic THC (meaning they are growing medicinal marijuana). These reports contradict the widespread belief that there is only one legal marijuana farm in America, operated under the DEA for research purposes.
Pharmaceutical manufacturers are watching this emerging trend of medicinal marijuana benefits to patients in the hope of bringing generic THC products to new market. For Pharmaceutical companies to bring generic THC products to market, the DEA would have to move organic THC down from Schedule I, where it is now, to a Schedule III classification, the same level of synthetic THC (Marinol). According to DEA records, pharmaceutical companies have requested just such a rescheduling. Should this rescheduling occur, it would green-light a new generation of prescription marijuana extract-to-pill farms.
The federal government has reportedly boosted its marijuana production capability by 900 percent to 4.5 million grams, according documents obtained by Americans for Safe Access. The most famous federally approved pot grower, Dr. Mahmoud El Sohly, has also testified he has begun legally selling THC extracted from his Mississippi farm to a substantial drug company.
Medical Marijuana Inc realizes that "full transparency in this industry" is a must, especially for investors in the growing number of publicly traded companies' shares in the industry. MJNA and CannaBANK seek to provide the public with information on changing Governmental regulatory actions that may affect our businesses. As related in previous press releases, MJNA is dedicated to expanding available medical marijuana benefits to patients through science, such as its cannabinoid extraction process.
ABOUT MEDICAL MARIJUANA INC
Our mission is to be the world's premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate, invest in and purchase value-added sustainable companies, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, pay homage to the visionaries and activists of the past and present, provide the platform from which the industry can emerge into a global sustainable economy for all. Medical Marijuana Inc 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.
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.