Medical Marijuana, Inc. and Subsidiaries HempMeds® Mexico, HempMeds® Brazil and Kannaway® Announce 2017 as the Largest Revenue Year in Company History
SAN DIEGO, Jan. 8, 2018 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, today announced that the Company and its subsidiaries HempMeds® Mexico, HempMeds® Brazil and Kannaway® generated the largest-ever (unaudited) revenue year in its history in 2017, as well as reached major milestones in its business operations.
In 2017, Medical Marijuana, Inc. had a number of significant accomplishments, including:
- Experienced year over year revenue growth of more than 300% compared to 2016
- Medical Marijuana, Inc. CEO Dr. Stuart Titus spoke at several national and international cannabis conferences including A4M Mexico, the California Cannabis Business Expo, World Medical Cannabis Conference & Expo, ExpoWeed, the International Fair of Medical Cannabis and the Marijuana Business Conference & Expo
- Announced the promotion of Vice President of Operations, who also serves as Kannaway CEO, Blake N. Schroeder, Esq., to Chief Operating Officer
- Appointed Alex Grapov as new International Vice President, Jim Gibson as new Vice President of Operations and Stephen Jones as Chief Marketing Officer
Medical Marijuana, Inc. subsidiary Kannaway® was the first direct sales company to offer phyto-cannabinoid botanical products to consumers. A family-oriented company, Kannaway® encourages its brand ambassadors to create their own successful distribution businesses that will positively benefit the wellbeing of the people around them.
In 2017, Kannaway® had a number of significant accomplishments including:
- Launched new products including a Hempy's® line of clothing products, Kannaway® Energy Chews, Kannaway® Essential Oils, updated HempVAP® Terpene-infused Vape, Kannaway® SuperGreens and Kannaway® Pure Gold
- Announced international expansion with the establishment of Kannaway® Europe
- Experienced year over year revenue growth of more than 500% compared to 2016
- Achieved the largest sales year in its history.
HempMeds® Mexico is Medical Marijuana, Inc.'s distribution branch in the country, focusing on providing non-psychoactive cannabidiol (CBD) products to the people of Mexico. HempMeds® Mexico was the first company to have a medical cannabis product approved for import into Mexico.
In 2017, HempMeds® Mexico had a number of significant accomplishments including:
- Announced that the state of Mexico's government purchased the Company's Real Scientific Hemp Oil-X™ (RSHO-X™) CBD hemp oil products - this was the first government purchase of CBD oil in the history of the country
- Opened its flagship office in Monterrey, Mexico
- The first independent study in the world with children with Lennox-Gastaut Syndrome was performed by Dr. Saul Garza using RSHO-X™ and was presented at the 32nd International Epilepsy Congress in Barcelona, Spain
- Provided CBD education at leading medical events such as CAMELICE (Mexican Chapter of the International League Against Epilepsy), The Mexican Pediatric Neurology Association and others
- HempMeds® Mexico President Raul Elizalde spoke at the World Health Organization Expert Committee on Drug Dependence Convention in Geneva, Switzerland and influenced the committee to make the expert recommendation that CBD does not induce physical dependence, is not associated with abuse potential and therefore should not be scheduled as a drug.
Another Latin American subsidiary of Medical Marijuana, Inc., HempMeds® Brazil, is the distribution partner in this country. Medical Marijuana, Inc.'s flagship product, Real Scientific Hemp Oil™(RSHO™) was the first cannabis product to be approved for import by Brazil's federal government and used as a prescription for approved medical indications within Brazil.
In 2017, HempMeds® Brazil had a number of significant accomplishments including:
- Supported establishment of the Associação Nacional dos usuários de Canabidiol (ANUC) Patient Association in Brazil
- Received authorization from the Brazilian government for doctors to offer a prescription for Real Scientific Hemp Oil™ (RSHO™) to patients in the country suffering from Multiple Sclerosis, Amyotrophic Lateral Sclerosis (ALS), Psoriasis, Alzheimer's and Autism
- Received an invitation from the Brazilian Neurology Academy to sponsor the VII Neurology Congress in Rio de Janeiro
- Held the country's first-ever symposium on medical cannabis for health professionals
- Achieved the largest sales year in its history
"We are excited to have surpassed our growth and revenue goals for this year," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "By breaking our annual sales record (pre-audit numbers) and investing into our future expansion efforts, we can provide our shareholders with an optimistic forecast for our future success. We expect to again set company-wide sales records in 2018 and are excited about the trends within the industry, including the growing acceptance of our products to a national and international audience."
"The Company and its subsidiaries have worked incredibly hard this year to further global access to CBD," said Medical Marijuana, Inc. Chief Operating Officer Blake Schroeder. "Because of this year's international expansion, our products are now available domestically, throughout Europe, and in a number of Latin American countries. We look forward to seeing that number continue to rise in 2018."
About Medical Marijuana, Inc.
We are a company of firsts®. 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 details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s corporate video, click here.
Shareholders are also encouraged to visit the Medical Marijuana, Inc. Shop for discounted products.
FORWARD-LOOKING DISCLAIMER AND DISCLOSURES
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.
The statements in this press release have not been evaluated by the Food and Drug Administration (FDA) and are not intended to diagnose, treat or cure any disease. The Company does not sell or distribute any products that are in violation of the United States Controlled Substances Act. The Company does sell and distribute hemp-based products.
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