DENVER and SAN DIEGO, April 30, 2014 (GLOBE NEWSWIRE) -- Dixie Holdings, the owner of Dixie Elixirs and Edibles, one of America's first revolutionaries in THC-infused edibles, topicals and tinctures and Medical Marijuana Inc. (OTC Pink:MJNA), a hemp industry innovator, have agreed to settle a year-old dispute and execute a mutually beneficial Asset Purchase and Settlement Agreement.
While financial terms of the settlement were not disclosed, the core elements are as follows:
- Dixie Holdings (DH) agrees to sell its interest in Red Dice Holdings (RDH) to Medical Marijuana, Inc. (MJNA);
- DH also agrees to purchase its brand and all intellectual property from RDH pertaining to Dixie Elixirs and Edibles, enabling DH to develop and expand its family of THC-infused products, and;
- As part of the sale of RDH, MJNA will own the brand and IP specific to Dixie Botanicals, allowing it to focus that brand specifically on Hemp derived CBD based products.
While the terms of the agreements will go into effect immediately, DH will continue to operate RDH through a 90-day transition period turning over all aspects of the Dixie Botanicals product line to the designated MJNA representatives, ensuring a smooth transition for all of Dixie Botanicals loyal customers.
"We are pleased to have reached an amicable resolution to our dispute with Dixie Holdings," said Michelle Sides, Chief Operating Officer of Medical Marijuana, Inc. "This is great news for our investors as well, as it allows management to dedicate 100% of our focus to our stated mission, which is continuing to innovate within the hemp-derived CBD market."
"This settlement is a significant event for Dixie Elixirs and Edibles, as it allows us to pursue our growth strategy of building the first nationally recognized cannabis brand," said Tripp Keber, Chief Executive Officer of Dixie Elixirs. "As we have seen in Colorado, the appetite for legal cannabis products that are well produced, with a focus on consistency and safety, is tremendous. While we are of course proud to have developed the Dixie Botanicals product line and wish MJNA well as it continues its own successful growth path, we are equally excited to continue the development of our Dixie Elixirs and Edibles brand as we look to capitalize on this growing market segment in other states that have approved the use of legal cannabis products."
About Dixie Elixirs and Edibles
Located in Denver, Colorado, Dixie Elixirs and Edibles (Dixie) has been producing award-winning THC-infused products since 2009. What began as a single flagship product, the Dixie Elixir (a THC-infused soda), has now expanded to over 30 different products across over 100 SKUs, representing the industry's finest edibles, tinctures, topicals and connoisseur grade extractions. To find out more about Dixie's innovative products, or about how Dixie is building the future of cannabis, please visit us at http://www.dixieelixirs.com. Remember—you must be 21 to visit our site, as cannabis products are not for those under the age of 21!
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. does 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 is involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.