SAN DIEGO, Jan. 22, 2015 (GLOBE NEWSWIRE) -- Medical Marijuana, Inc. (OTC Pink:MJNA), a leading industrial hemp industry innovator, is proud to announce that it has signed a definitive agreement to acquire 100% membership interest of Kannaway, LLC. The amount of the sale is undisclosed. The valuation of Kannaway is in the range of $119.6-242.7 million USD. The agreement is expected to take at least 90 days to close and will effectively make the cannabis-based network marketing company a wholly owned subsidiary of the first-ever publicly traded cannabis company.
Photos accompanying this release are available at
http://www.globenewswire.com/newsroom/prs/?pkgid=30230
http://www.globenewswire.com/newsroom/prs/?pkgid=30231
http://www.globenewswire.com/newsroom/prs/?pkgid=30232
http://www.globenewswire.com/newsroom/prs/?pkgid=30233
Kannaway's valuation was performed by none other than esteemed financial advisory and investment banking firm, Houlihan Capital. The firm has performed valuations for similar category creators including: Urban Outfitters, Redbox, Micros Systems Inc., LeapFrog Enterprises, Tootsie Roll Enterprises, U.S. Airways Inc., and more. Houlihan Capital is a Financial Industry Regulatory Authority (FINRA) and SIPC member, committed to the highest levels of professional ethics and standards.
"Quality, ethics and accountability are hallmark principles that are the foundation for each Medical Marijuana, Inc. company," states Michelle Sides, Chief Operating Officer of Medical Marijuana, Inc. "We are thrilled at the addition of Kannaway to Medical Marijuana, Inc.'s investment portfolio as the Company's leadership operates under the same beliefs. Kannaway offers Medical Marijuana, Inc. shareholders a unique, built-in educational and distribution network comprised of tens of thousands of Kannaway's Brand Ambassadors. Together we look forward to writing a new chapter in global hemp history."
Kannaway first stood out when it reported issuing nearly $1,000,000.00 USD in commission and attracting more than 70,000 enrollees within its first 88 days of operation. Kannaway's mission to educate the masses on hemp history in America has gained an enormous following of hemp lifestyle enthusiasts, also known as the "Kannaway Nation," which continues to grow.
Also growing is cannabis' popularity; trends for 2015 include cannabis in the top 10 natural products to watch in 2015. As of the November elections, there are 34 states that have some form of cannabis accessibility on the books. Meanwhile, Kannaway's innovative hemp CBD oil lifestyle products are sold in all 50 states.
When asked about the transition, Kannaway CEO Jeff Rogers states: "We are excited to be joining such an amazing family of companies. Medical Marijuana, Inc., is the leader in the cannabis industry. Having that clout behind us takes Kannaway to the next level and gives us added credibility to attract top leaders in the network marketing industry as we continue to pioneer and be the category creator within our space."
Rogers continues, "From an investor's perspective, Kannaway provides an opportunity to participate in an historic initiative to restore hemp freedom to the consumer wherever Kannaway products are sold - and help leave a mark on U.S. history."
Tens of thousands of Kannaway Brand Ambassadors and marketing specialists make up the "Kannaway Nation." The Company's mission is to educate the masses on industrial hemp's practical applications in the everyday lives of consumers. Millions have learned about the return of hemp through Kannaway in mainstream publications including USA Today and Fortune Magazine.
To learn more about the Company, visit Kannaway's News website.
About Kannaway, LLC
Kannaway, LLC, is a network sales and marketing company specializing in the sales and marketing of hemp-based botanical products. Kannaway currently hosts weekly online sales meetings and conferences across the United States, offering unique insight and opportunity to sales professionals who are desirous of becoming successful leaders in the sale and marketing of hemp-based botanical products.
About Medical Marijuana, Inc.
Our mission is to be the premier 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 are involved with the federally legal distribution of hemp-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
