SAN DIEGO, June 28, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA) today announced that its subsidiary HempMeds® Mexico inaugurated its first office in Monterrey, Nuevo Leon, Mexico, as demand continues to grow for the Company's zero-Tetrahidrocannabidiol (THC) Real Scientific Hemp Oil-X™ (RSHO-X™) across the Country. The Company also announced that it appointed medical cannabis activist and Por Grace Foundation founder Raul Elizalde to lead the Company's strategy in Mexico as General Manager.
The new office will serve as the Company's hub for the sales, marketing and distribution of RSHO-X™ to distributors and patients in Mexico. The Company will invest several million dollars over the next year to start scientific research, product development and continue implementing educative programs for health professionals to inform them about the potential benefits of treating neurodegenerative disorders with cannabis. The Company will increase its investment in these areas of interest as market demand grows.
"This new office opening is exciting, as our Company will now be operating on the ground in Mexico, a Country where medical marijuana just became officially legalized," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We are confident that Raul's vast experience and diligent work for many years to make the therapeutic use of cannabinoids legal in Mexico will help our Company become even more successful in Mexico by navigating the Country's new federal laws to provide patients in the Country with access to RSHO-X™."
With its over 120 million residents, Mexico represents a potential $1 to $2 billion cannabidiol (CBD) hemp oil market over the next ten years for Medical Marijuana, Inc. RSHO-X™ was the first-ever cannabis product to receive approval from the federal government of Mexico, via a COFEPRIS permit, for importation.
Medical Marijuana, Inc.'s HempMeds® Mexico furthered its efforts to encourage cannabis reform through its close ties with its nonprofit partner in Mexico, the Por Grace Foundation. Following a 2015 court ruling, eight-year-old Grace Elizalde became the first patient in Mexico to legally access and use CBD. Grace's father, Raul Elizalde, started the Por Grace Foundation to further access to CBD by advocating for patients, hosting public forums, and meeting with government officials. Raul joined President Peña Nieto on stage last April as the leader announced the country would pursue medical cannabis reform.
Mexico's wealthiest city Monterrey, where the new HempMeds® Mexico is located, is a dynamic city with a high concentration of businesses and highly skilled talent. In addition, its central geographic location will serve as a strategic bridge to South and North America for San Diego-based Medical Marijuana, Inc.
About HempMeds® Mexico
HempMeds®Mexico is a Mexico-based company that made history by being the first company to receive a COFEPRIS federal government import permit for the cannabis product RSHO-X™ for a medical indication. HempMeds® Mexico plans to work directly with the Mexican government to safely and legally provide access to CBD hemp oil products. For more information, please review the company's website at: http://www.hempmeds.mx.
About Medical Marijuana, Inc.
We are a company of firsts®. 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 details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
FORWARD-LOOKING DISCLAIMER AND DISCLOSURES
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.
The statements in this press release have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease. The Company does not sell or distribute any products that are in violation of the United States Controlled Substances Act. The Company does sell and distribute hemp-based products.