SAN DIEGO, March 27, 2014 (GLOBE NEWSWIRE) -- Medical Marijuana, Inc. (OTC:MJNA), a leading cannabis and industrial hemp industry innovator, today announced the release of its quarterly financial and shareholders report (Post 03/27/2014 - OTC Markets). The Company earned a net income of approximately $5.2 million on gross income of approximately $8.4 million, derived from sales and the final quarterly PhytoSPHERE payment, for the quarter ending December 31, 2013. Below are the Company's fourth quarter 2013 operating and developmental highlights.
Operating highlights for the fourth quarter are as follows:
- HempMedsPX posted revenues of $1,403,017 in Q4, up from $248,859 in Q3.
- The company is in the process of evaluating several potential employees or new hires to run and further develop HempMedsPX.
- Hired internal legal and patent consultants, writers, marketing/sales managers, sales staff, distribution staff, a Director of Communications as well as various marketing, website management and product consultants.
- As of December, 31 2013, the Company has forty-six (46) team members — including part-time or contracted — within our corporate structure (including subsidiaries).
- The Company as experienced significant rapid growth and as such is in the process of securing a warehouse and distribution center as well as new corporate offices to facilitate expansion.
- Exhibited products and/or sponsored a variety of trade shows including:
Sept. 30-Oct. 2: Miami Wholesale Expo, Miami
Oct. 5-6: The Ultimate Women's Expo, San Francisco
Oct. 10-20: Ohio Rights Group Tour
Oct. 19-20: The Ultimate Women's Expo, Phoenix
Oct. 21-23: 2013 ISPA Conference & Expo, Las Vegas
Oct. 22-24: Champs, Denver
Oct. 23-26: Drug Policy Alliance (DPA), Denver
Oct. 26-27: The Ultimate Women's Expo, Los Angeles
Nov. 6-8: 2nd Annual National Marijuana Business Conference & Expo, Seattle
Nov. 9-10: Green Festival, San Francisco
Nov. 14-15: Supply Side West, Las Vegas
Nov. 15-17: Michigan Medical Marijuana Trade Show
Dec. 3: The High Times Medical Cannabis Cup, Amsterdam
Dec. 5-7: SOHO Natural Products Expo, Orlando
Dec. 12-15: 21st Annual World Congress on Anti-Aging, Regenerative & Aesthetic Medicine
- Represented the winner of the world-renowned 2013 High Times Cannabis Cup (Amsterdam) contest for Highest (hemp) CBD Concentrate.
- Sales of CanChew gum for Q4 were $57,620, up from $33,887 in Q3.
- MedChewRX, a cannabis-based THC/CBD pharmaceutical drug, is still scheduled to move forward with its clinical trials in Europe in 2014, with the overall clinical development taking three to five years.
- PhytoSPHERE received final payment of $6,500,000 payment from CannaVest which was paid in 1,083,333 shares of CannaVest common stock. Hemp Deposit Distribution Corp. (HDDC) has deferred their 20% payment to support expansion to enhance their investment.
- Red Dice Holdings reported total income for Q4 of $433,129, up from $321,671 in Q3.
- The Company finalized a transaction that will allow for staffing and compliance management service contracts to be developed. The company will initially focus on Colorado and Arizona.
A statement from MJNA.
Medical Marijuana, Inc is extremely pleased with Q4 performance which has exceeded expectations in sales and awareness of the benefits of CBD-rich hemp oil products. Due to rapidly expanding growth, the Company is in the process of securing additional office space to relocate the corporate office and obtain a larger warehousing distribution center. It is anticipated that sales and customer service will remain at the existing facility.
To reach a wider audience, HempMedsPX chose to participate in cannabis industry, personal care and spa, international reform policy, health and wellness, and natural products events to showcase their diverse hemp CBD product offerings. The Company's efforts have been well received and resulted in thousands of business-to-business and business-to-consumer impressions, distribution contacts, and sales leads. There was a significant increase in sales as a direct result of participating in an aggressive exhibit schedule that began in Q3 2013 and continued through Q4 2013.
National community outreach programs were also launched in an effort to support families facing epilepsy, autism, and other debilitating health challenges. Significant donations were made to the Hope4Harper 5K Run and the San Diego Epilepsy Foundation. HempMedsPX will continue and expand its charitable outreach efforts in 2014.
In Q4, HempMedsPX was awarded the Doctor Trusted seal for its e-commerce websites — a significant step toward broader mainstream acceptance of hemp-based CBD products and the Company in general.
2013 ended with a surge in sales and interest in CBD-rich hemp oil products. We extend our deepest gratitude for the continued support of our shareholders, without whom none of this expansion would have been possible. We are excited about future endeavors and about the future of the cannabis industry in general.
As legalization spreads throughout the United States and the world, we are ready to address the public demand for quality hemp-based CBD products and service solutions. We invite shareholders and the general public to interact with us via the MJNA Facebook page and the HempMedsPX Facebook page, and for real time updates and information on company activities and announcements. We encourage anyone interested in additional details about Q4 2013 to refer to Post 03/27/2014 - OTC Markets.
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
About CannaVest Corp.
CannaVest Corp. is in the business of investing and developing hemp-based cannabinoid companies. CannaVest Corp. also develops, produces, markets and sells end-consumer products to the nutraceutical industry containing the hemp plant extract, cannabidiol (CBD). Additionally, the company resells — to third parties — raw product acquired by CannaVest Corp. pursuant to the company's international supply relationships. CannaVest Corp. seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers. Cannabinoids (cannabidiol/CBD) are natural constituents of the hemp plant, and CBD is derived from hemp stalk and seed. Additional information is available from OTCMarkets.com or by visiting CannaVest.com.
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 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 CanChew Biotechnologies
CanChew Biotechnologies focuses on the treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products as well as food and nutraceutical products for general well-being.
The company is focused on the R&D and execution of their clinical development plan and potential out-licensing of their technology. Clinical development focuses on the R&D of the formulation, production and the development of chewing gum-based products for the treatment of conditions like pain, nausea and vomiting, anorexia, spasticity and various other medical issues. For more information on the company, visit CanChewBiotech.com.
About PhytoSPHERE Systems
PhytoSPHERE Systems is a global phytocannabinoid biotechnology company based in San Diego, California with an exclusive license for use by CannaVest Corp. The company utilizes advanced cultivation methods and state-of-the-art processing technology leading to development of pharmaceutical, nutraceutical and food products.
PhytoSPHERE Systems, the manufacturer of the CBD-rich hemp oil used in Real Scientific Hemp Oil (RSHO), has developed special cultivars (similar to "strains") that produce hemp that is especially rich in CBD, making it possible for PhytoSPHERE to offer all-natural products with high concentrations of hemp-based CBD. For more information, visit: PhytoSPHERESystems.com
About Wellness Managed Services
Wellness Managed Services provides management support and services to cooperatives, collectives, health and wellness facilities, and medical clinics throughout North America. The services offered range from practice management to product distribution. Our mission is to provide a comprehensive array of clinically supporting health and wellness products and services which will attract patients while providing for a fully operational, profitable enterprise. We seek to provide facilities and patients alike with the latest in quality products and support services that will serve the health and wellness community. For more info, click here.
About Red Dice Holdings
Red Dice Holdings, LLC ("Red Dice") is the owner of the Dixie Brand of products including, Dixie Botanicals. The company has over 70 unique consumer products and is one of the most recognizable cannabis and hemp brands in the world. For more information on Red Dice Holdings, click here.
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., CannaVest Corp., and HempMedsPX do not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell and distribute hemp-based products and are involved with Federally Legal Distribution of Medical Marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.