Medical Marijuana Inc. (OTC: MJNA) Signs Final Term-Sheet to Purchase Cannabinoid (cannabis) Delivery Method for Deployment Into Pharmaceutical Market
SAN DIEGO, April 4, 2012 /PRNewswire/ — Medical Marijuana Inc. (OTC: MJNA) is pleased to announce it has signed contracts with a European-based Pharmaceutical company for the purchase and development of a patented cannabinoid drug delivery product. The delivery method, in the form of a non-smoked product, will be able to provide benefits of cannabinoid-based healthcare research to medical professionals and patients seeking such innovative products. The product can be formulated in different dosage levels to be used for the majority of illnesses that cannabis has been shown to be affective with.
This cannabinoid delivery method will greatly expand MJNA’s portfolio as the firm seeks to develop the Company’s presence into the medical delivery system marketplace. Many European and Middle Eastern countries have decriminalized and approved marijuana for medicinal purposes. The future of the Cannabinoid industry lies in developing delivery methods that are socially and medically acceptable. Delivery methods include oral administration (tablets, liquids), intravenous therapy, topical gel-type application, lozenge and many others. Products will be available in the US in the coming months as MJNA establishes a licensing and manufacturing base with state licensed companies.
CannaBank has agreed to provide the financing for this transaction as part of their initial $4 million financing agreement (see MJNA Press Release from Feb 28, 2012). CannaBank shall maintain a 20% interest Medical Marijuana Inc.’s ownership of the company which represents an overall 10% interest. Medical Marijuana Inc. will assume 50% ownership in the European Pharmaceutical company.
This is a very significant event for the company and the future of cannabis-based healthcare, as medical and consumer acceptance of Cannabis and their derived extracts / compounds will have to take the form of non-smoked delivery methods. Products will have to meet “medical grade” criteria and dosing will have to be part of the eventual overall acceptance. Today’s acquisition represents the first step toward that eventual future Clinical acceptance.
Doctors and patients equally will need certain levels of comfort knowing that the products are uniform, consistent in their effect and have shown proven, verifiable results. Although the research has been mostly in overseas countries, including Europe, the United States will take a leap forward with the introduction of these products into the research and development arena.
“This is a significant step in the production of medical grade cannabis based products. This acquisition will significantly expand not only our portfolio of patented products that are socially and medically acceptable, but solidifies the company’s future in the cannabinoid medicinal arena. We will be retaining a very experienced research, development and critically important patent team. We expect to close on this transaction in April. We appreciate the continued support of our shareholders and look forward to updating them on our other pending transactions shortly,” stated Michael Llamas, President of Medical Marijuana Inc.
ABOUT MEDICAL MARIJUANA INC (OTC: MJNA)
Our mission is to be the world’s premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate, invest in and purchase value-added sustainable companies, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, pay homage to the visionaries and activists of the past and present, and provide the platform from which the industry can emerge into a global sustainable economy for all. Medical Marijuana Inc. recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
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.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration (FDA), products and statements are not intended to diagnose, treat, cure, or prevent any disease.
SOURCE Medical Marijuana Inc.