SAN DIEGO, March 20, 2014 (GLOBE NEWSWIRE) -- Medical Marijuana Inc. (OTC Pink:MJNA) is pleased to inform shareholders and the general public it has signed a memorandum of understanding (MOU) to develop a joint venture with LiveWire Ergogenics, Inc. (OTCQB:LVVV) under the name of HempWire, LLC. This MOU enters Medical Marijuana Inc. into the functional foods market with immediate distribution through LiveWire's extensive chain of existing convenience store retailers, grocery stores, and pharmacy chain stores. Research indicates that the overall global functional foods market is valued at $221.58bn in 2014.
The supply chain will begin with HempMedsPX™, a corporate portfolio company of Medical Marijuana, Inc. and the contracted marketing company that distributes non-psychoactive cannabidiol (CBD)-rich hemp oil products nationwide. LiveWire will purchase these hemp oil products from HempMedsPX™ then manufacture and package CBD-rich hemp oil-infused functional foods. These first-of-their-kind functional food products from HempWire will include a CBD-rich hemp oil taffy-like consistency chewable square. HempWire will distribute this new product leveraging both LiveWire's and Medical Marijuana, Inc.'s existing network of retailers, resellers, wholesalers and distributors.
"LiveWire has extensively researched the medical marijuana industry, and we find Medical Marijuana, Inc. to have the greatest credibility," said Bill Hodson, CEO of LiveWire Ergogenics, Inc. "We believe our collaborative effort to develop HempWire has the potential to reshape functional foods. We provide precise dosage, consistency and world class manufacturing. Medical Marijuana, Inc., in our opinion, has the best research, industry experts, and regulatory compliance officers. The manufacturing will be done through LiveWire Ergogenics, and we will manage our distribution portion of HempWire through our Herbaceuticals division."
"Signing the MOU to develop HempWire with LiveWire begins the process to create an entirely new market for CBD-rich hemp oil-infused functional foods," commented Michelle Sides, Chief Operating Officer of Medical Marijuana, Inc. "As we continue to develop new products for emerging markets, establishing an appropriate manufacturing relationship for this new market was the natural next step in the process. Medical Marijuana, Inc. selected LiveWire because they are an established manufacturer that can provide our customers with the same consistency and quality that they have come to expect from our company."
About LiveWire Ergogenics, Inc.
LiveWire Ergogenics Inc. was formed in 2008 and its products are available for purchase at thousands of retail outlets nationwide or are available online at: http://www.livewireenergy.com
Facebook: http://www.facebook.com/LiveWireEnergychews
Twitter: https://twitter.com/EnergyChews
Investor Information: http://www.otcmarkets.com/stock/LVVV/quote
About HempMedsPX™
HempMedsPX™ offers mainstream marketing, sales, customer service, and logistics for the cannabis industry. HempMedsPX™ is a corporate portfolio company of Medical Marijuana, Inc. (OTC Pink:MJNA) and the exclusive master distributor and contracted marketing company for CannaVest Corp. (OTC:CANV) and Medical Marijuana Inc. In addition to handling sales and distribution, HempMedsPX™ is the communication hub for the Medical Marijuana Inc. portfolio of companies.
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
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.
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.
LEGAL DISCLOSURE
Medical Marijuana, Inc. and HempMedsPX do not sell or distribute any products that are in violation of the United States Controlled Substances Act (US CSA). The company does grow, sell and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.