SAN DIEGO, April 11, 2013 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today is pleased to pre-announce its fourth quarter earnings. The company earned net income of approximately $5.52 million on gross revenues of $8.45 million for the quarter ended March 31, 2013. This represents a gross revenue increase of over $3.35 million when compared to the prior quarter ended December 31, 2012. When compared to the same quarter ended March 31, 2012 this represents revenue increase of $6.68 million.
Operational and development highlights
Operating highlights of the quarter were as follows:
Update on Audit-
In addition, since the close of the first quarter, Medical Marijuana, Inc. continued to retain its auditing firm to perform the audit of its financial records for the quarter ending March 31, 2013 and all the way back for a twenty four month audit history. The Company completed all of the pre-audit work during Q4 and submitted its first audited financials for the quarter ending December 31, 2012. We expect the twenty four months of audit history to be completed no sooner than the end of Q2 of 2013.
Update on DTC-
The company had previously submitted all requested documentation from the Depository Trust Corporation (DTC) for the requested "chill" removal, since then the DTC has requested some additional documentation which will be submitted to them in April. Our corporate counsel has addressed in writing and written a legal opinion letter for the DTC to address their questions.
Update on up listing and fully reporting status with SEC.
The company has positioned itself to become fully reporting with the Securities and Exchange Commission (SEC) once the twenty four month audit history is completed by the PCAOB auditing firm. The company has hired a Public Accounting and Auditing firm to complete all of the necessary paperwork, once completed it will be submitted to our PCAOB auditing firm for final approval and completion. Then the company's counsel will prepare the corporate registration statement for review and approval from the Securities and Exchange Commission.
"The company at great expense, time and energy has successfully navigated one of the most interesting and dramatic quarters the industry has seen. From new favorable laws being passed in the US and abroad, to industry naysayers, from governmental bodies asking for our support in drafting legislation and guidelines, to waiting for the US Justice Departments stance on Washington and Colorado State recreational laws. We have seen significant change and the vast majority of that has been positive. We have had growth across all our brands and have added a few more to our family of companies. With all the change, I would like to reiterate and refocus our company's position on the legal status of cannabis, marijuana and hemp--- and remind shareholders that our business model is not dependent on the legalization of any of these plants, or the change in any current legal guidelines regulating cannabis, marijuana or hemp. Our products fit the current regulatory environment; we would not build a business on the "hopes" of legal change, but have built our business in the current legal framework that exists today. Legalization of marijuana from a medial or recreational standpoint only expands the opportunities for the company, but does and will not define our growth at this point in time. Our current markets are vast and growing rapidly," stated Michelle Sides , Chairman and COO of Medical Marijuana, Inc.
Ms. Sides went on to say, "We are very pleased with the results of the quarter, I would like to take this time to thank our team for their hard work and dedication, and to our shareholders for their continued support."
The Company reported that it intends to post its 1Q audited financial statement and disclosures on or before May 15, 2013.
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 KannaLife Sciences:
KannaLife Sciences, Inc. is a late stage bio-pharmaceutical and phyto-medical company involved in the research and development of novel new therapeutic agents designed to reduce oxidative stress, and act as immuno-modulators and neuroprotectants. KannaLife Sciences currently holds an exclusive license with National Institutes of Health – Office of Technology Transfer ("NIH-OTT") for the Commercialization of U.S. Patent 6,630,507, "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent").
For more information, please visit the company's website at: www.kannalife.com
About PhytoSPHERE Systems
PhytoSPHERE Systems is the world's leading cannabinoid based Biotechnology Company that develops and builds technology specifically for the cannabis industry. This includes the research, development and production of specialty cannabis cultivars. The company acquires, develops and manages traditional cannabis agricultural facilities, as well as produces cannabinoid based high value oil, extracts and products for the wholesale and retail markets.
About Dixie Botanicals
Dixie Botanicals offers innovative hemp oil products for health conscious consumers. Our formulation experts include scientists, clinical herbalists and nutritionists, who work to integrate our hemp oil into a variety of beneficial and uniquely effective over-the-counter (OTC) products– both dietary supplements and a topical balm.
For more information, please visit the company's website: http://dixiebotanicals.com
For additional information and media coverage of Dixie Elixirs and Botanicals click on any of the links below:
Fast Company "Innovation Agents"
60 Minutes "Rocky Mountain High Segment"
60 Minutes "Overtime" segment
Newsweek October 22 Cover Story, "The New Pot Barons"
Newsweek Cover Story Photo Gallery
PBS / WBUR
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
|SOURCE Medical Marijuana, Inc.|
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