SAN DIEGO, CA, March 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire - Medical Marijuana, Inc. (OTC: MJNA) (the "Company"), the first-ever publicly traded cannabis company in the United States that launched the world's first cannabis-derived nutraceutical products, brands and supply chain, announced today that it has issued a letter to its shareholders, providing commentary on the Company's recent financial and operational results and upcoming objectives. Please see the contents of the letter below.
Dear Shareholders,
For those of you who do not know me, I am the recently appointed CEO of Medical Marijuana, Inc. I am humbled to take the lead of Medical Marijuana, Inc. and help us further our mission of becoming the world’s first truly global cannabis company.
I joined Medical Marijuana, Inc. in 2016, a pivotal time for positive legislation and changes within the cannabis industry. Since then, I have led the company in several executive roles. I’m proud to have led the company’s explosive sales growth and guided the Company in its international expansion. International growth is one of the largest opportunities for Medical Marijuana, Inc. Though there are many challenges that come with establishing operations around the world, due to cannabis legislation being different in every country, we are committed to making sure that every person has free, safe, and legal access to cannabis no matter where you live.
Over the past few years, we have seen a tremendous shift in both recognition of and demand for cannabis-based products. We have contributed greatly to this shift through hard-fought legislative battles, personal testimonies, product innovations, and research. We are proud to have been the first cannabis company to present to the World Health Organization regarding the safety and efficacy of non-psychoactive cannabis-based products, as well as to the Federal Drug Administration in association with the passage of the Farm Bill. We have pioneered an industry that is not only legitimate and revenue-generating but also one that makes a difference in the lives of many, every single day. That said, there is still much work to be done. It’s hard to believe that cannabis remains a scheduled substance, even in its non-psychoactive form, in a large part of the world. We intend to be a large part of the force that changes that.
As you might imagine, Medical Marijuana, Inc. has also evolved and grown throughout the years. We’ve made great strides in creating the industry standards for product quality and safety and are constantly finding new ways to innovate and generate value. We have also invested in our own infrastructure. We were excited to announce in 2021 that we now manufacture nearly 100% of our goods in-house. In addition, we now have offices in the U.S., Mexico, Brazil, Europe, Japan, and most recently in South Africa. We are better positioned than ever to scale production as we continue to grow and expand our operations into many new global markets.
As we have announced throughout this year, our international business segments continue to show fantastic growth. We are very proud of our teams in Europe, Latin America, Asia, and South Africa, for their hard work in collaborating with local and regional regulators to meet all safety and legal requirements to give our portfolio of companies a physical presence in these regions. In fact, the CEO of our subsidiary HempMeds®, Mr. Raul Elizalde, was recognized by The Washington Post, as well as several other noteworthy publications, on the opportunity that Latin America represents and how MJNA companies have a first-mover advantage in the region. Benzinga also recognized us for our expansion into Poland and South Africa and Network Magazine applauded our entrance as one of the first companies into the Hong Kong market. We believe the Asian market is one of the largest growth opportunities globally and we are well-positioned as we are to capitalize on it, bringing legal cannabis-based products to the region for the first time in modern history. After analyzing the changing public and government perception of cannabis, we believe that the world's next green rush may take place in Africa. Although we only recently started, we have generated momentum in South Africa and look forward to helping drive positive change and ensuring legal free access throughout the region.
While expanding further globally with our non-psychoactive lines of products continues to be the area in which we see the growth opportunities, we have always been a trailblazer and A Company of Firsts®. A large focus of the Company is to continue our legacy of leading the industry. For example, while psychoactive cannabis remains illegal at the federal level, we do anticipate this to change in the coming years. Due to our company trading on U.S. exchanges, we are not able to participate in this segment of the industry yet; however, we are taking steps to position ourselves to move quickly on entering it, should the regulatory framework change. We were the first cannabis company to become publicly traded in the U.S. and we have no intention of not leveraging that stance into both the medical, and eventually, recreational markets.
New hemp-derived products are now incredibly popular in the U.S. and will become so throughout the world. We recently launched into the space with a 100% Farm Bill legal Delta-8 product made from hemp. We anticipate continuing to grow within this emerging space.
Beyond the nutraceutical supplement market, we also anticipate that the pharmaceutical industry will provide growth for Medical Marijuana, Inc. We have invested heavily in the space for many years now, with AXIM Biotechnologies (OTC: AXIM) and Neuropathix (OTC: NPTX) as our prized investments. AXIM has developed into a testing and diagnostics company for a variety of conditions such as Dry Eye Disease and we believe its technology will provide great advancements to the medical community. We’ve seen how important diagnostics have become in our everyday lives over the past two years during the COVID-19 pandemic. Neuropathix has developed KLS-13019, a monotherapeutic non-opioid cannabinoid derivative that has been patented and designated as a lead clinical target for the potential treatment of a range of neurodegenerative and neuropathic pain disorders. Neuropathix just received a grant notice for a $2.79 Million grant from the National Institute of Neurological Disorders and Stroke (NINDS) for developmental advancements of KLS-13019. We see great value in providing a solution for neuropathic pain.
Medical Marijuana, Inc. is also developing its own pharmaceutical legacy. We have hired teams in Brazil and Mexico to develop pharmaceutical solutions for our customers and we are making great headway to make that a reality. We look forward to providing more updates on that soon. Creating pharmaceutical solutions is no small task; however, we have no doubt about the potential of cannabis-based medicines through the spectrum of healthcare and intend to be a large part of it.
While we believe innovation and further expansion are at the core of our long-term success, we also understand that our bottom line is of utmost importance to our shareholders. We believe that further building the fundamentals of the company is the path to unlocking shareholder value. This includes debt elimination, cost reduction, and systems implementations that will create profit and bring value. As mentioned last year, we have implemented a world-class ERP system that will enable us to meet auditing requirements in the future.
I am extremely happy to share that we have worked diligently to eliminate legacy long-term convertible debt. This should alleviate added selling pressure, a large win for a base of enthusiastic supporters of our company.
In closing, I hope that this letter provided a glimpse into the bright future in store for Medical Marijuana, Inc. and that you share with me the excitement of our vision. We strive to be and are well on our way to being the first truly global cannabis company and will continue to innovate and lead the space. We strive to do so in a fiscally sound, socially responsible way and always with our customers, team members, and shareholders in mind. This is my commitment to you as we forge forward in building a world with hemp and cannabis in every home.
Sincerely,
Blake Schroeder
CEO, Medical Marijuana, Inc. (OTC: MJNA)
About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Neuropathix. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company's flagship product Real Scientific Hemp Oil has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.'s corporate video, click here.
FORWARD-LOOKING DISCLAIMER
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 Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
LEGAL DISCLOSURE
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
CONTACT:
Public Relations Contact:
Kathryn Brown
Account Director
CMW Media
P. 858-264-6600
kathryn@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
P. (858) 283-4016
Investors@medicalmarijuanainc.com
