Medical Marijuana Inc. Portfolio Company, Red Dice Holdings, Sees Continued Brand Recognition With CO-based Dixie Elixirs
SAN DIEGO, June 1, 2012 /PRNewswire/ -- Medical Marijuana Inc. (Pink Sheets: MJNA)
From excerpts of an article written by the Denver Post:
Smoke 'em if you've got 'em, but Dixie Elixirs & Edibles has a different idea on the best ways to ingest medical marijuana.
The Denver-based firm specializes in the production and distribution of food, beverages and other products infused with the active ingredient of marijuana.
Led by its flagship line of THC-laced sparkling beverages, items also include chocolate truffles, crispy rice treats, fruit lozenges, capsules and droplets. The company's target market is registered medical-marijuana patients who prefer, for health or social reasons, to ingest their drug without smoking.
"If I needed to medicate, I would never consider lighting up in front of my 11-year-old daughter," said Dixie owner and managing director Tripp Keber. "A 70-year-old grandmother with glaucoma (might) never consider smoking but will put a couple of drops of elixir in her soup."
THC-infused edible products now constitute about 38 percent of total sales at dispensaries in Colorado, compared with 12 percent two years ago, according to estimates from Keber that are based on conversations with retailers.
Dixie sells products to 450 of Colorado's 593 medical-marijuana dispensaries.
Colorado law allows local manufacturers to distribute THC-infused items only within the state. But Dixie, already among the largest of Colorado's infused-product makers, is staking out a share of the national medical-marijuana market through a licensing deal that will enable its branded products to be made and sold in other states.
Publicly traded Medical Marijuana Inc. last month paid $1.45 million to acquire Dixie's intellectual property, formulas and recipes. The two companies have created a third, Red Dice Holdings, to license and market Dixie's brand and products in other states.
The firm expects to be selling in Arizona, California and Washington, D.C., before the end of the year.
For a nascent industry that didn't exist 18 years ago and now is legal in only 16 states and the District of Columbia, rapid growth is forecast.
Consulting firm See Change Strategy LLC said in a recent report that national medical-marijuana sales of $1.7 billion in 2011 could grow to $8.9 billion in five years. California and Colorado account for 92 percent of the current market. California leads the nation, with sales of $1.3 billion, according to the report.
Analysts say delivery of medical marijuana through edible and drinkable products is likely to increase in coming years, in part from a growing number of older patients who never have smoked marijuana recreationally.
"For a patient coming in who has never used marijuana before, they might be very open to that kind of (edible) delivery mechanism," said Robert Frichtel, managing partner of Medical Marijuana Business Exchange, a Teller County-based consulting firm. "There is a significant portion of people using marijuana for medical reasons where it's not desirable for them to smoke it."
Read more: Denver company wants to take medical-pot elixirs national - The Denver Post http://www.denverpost.com/news/marijuana/ci_20746367/denver-company-wants-take-medical-pot-elixirs-national?source=rss#ixzz1wYtj2lao
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.
Medical Marijuana Inc. does not grow, sell or distribute any substances that violate United States Law or the controlled substance act.
For more information, please visit the company's website at: www.MedicalMarijuanaInc.com
About Dixie Elixirs & Edibles
As Colorado's premier Medical Marijuana infused products company, Dixie Elixirs & Edibles™, based in Denver, CO, has been providing alternative medicated relief for patients in Colorado since 2009. Dedicated to providing the strength, taste and discretion required by medical marijuana patients, Dixie Elixirs & Edibles provides a complete line of smoke-free medical marijuana products including Dixie Elixirs™ medicated beverages, Dixie Edibles™ infused edibles, Dixie Scrips™ cannabis and herb supplement capsules, Dixie Botanicals™ all-natural transdermal topicals, Dixie Dew Drops™ concentrated tinctures, and Dixie Tonics™ medicated energy boosts. Dixie Elixirs & Edibles products are sold through licensed medical marijuana centers in Colorado in compliance with CO HB 1284.
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.
Investor Relations Contact:
Stuart T. Smith
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