AUSTIN, Texas, May 22, 2012 /PRNewswire/ -- SmallCapVoice.com, Inc. announced today that a new audio interview with Medical Marijuana, Inc. (PINKSHEETS: MJNA) is now available. The interview can be heard at http://smallcapvoice.com/blog/5-21-12-smallcapvoice-interview-with-medical-marijuana-inc-pink-sheets-mjna.
Recent company activity and highlights:
The company earned net income of approximately $1.21 million on gross revenues of $1.79 million for the quarter ended March 31, 2012. This represents a gross revenue increase of 400 plus percent quarter-over-quarter when compared to revenue of $430,000 for the quarter ended December 31, 2011 and an accumulative 12,000 plus percent increase in revenue since the same quarter last year. Operating expenses were approximately $580,000 for the quarter.
Operational and development highlightsOperating highlights of the quarter were as follows:
Acquired two additional Wellness Managed Services accounts which will generate estimated annual revenues of $1.7 million.
Closed a $1.04 million upfront payment licensing transaction for high value hemp extracts.
Retired 14,600,000 shares worth approximately $1.0 million dollars.
Cannabank, the private equity group that finances and incubates early stage acquisitions for MJNA, has agreed to finance several key transactions for the company including the European based pharmaceutical firm previously announced.
Secured $4 million in non-dilution, non-recourse finance for the acquisition and development of strategic acquisitions.
In addition, since the close of the first quarter, Medical Marijuana, Inc. has:
Completed the acquisition of Dixie Elixirs & Edibles brand, intellectual property, proprietary formulas and extraction processes. In conjunction it formed Red Dice Holdings, as was announced in late April, to develop manufacturing and distribution partnerships for Dixie in every state and country that has legalized medical cannabis.
Begun hemp-based extraction product development beyond the medical marijuana industry, crossing into the nationally legal category of health and wellness with such products as sleep aids, topical and pain management. A market launch of the new products is expected by the end of the second quarter.
Brought PhytoSPHERE systems on-line and will begin to market the benefits of its seed-to-sale product growth and cultivation technology in an attempt to secure licensing agreements worldwide.
Additional operational updates for 2012
The Company has built additional raw ingredients supply sources on four continents in preparation for international expansion and it continues to develop international sales and distribution channels for its high-value extracts and compounds and related products produced by Dixie Elixirs and Edibles.
Medical Marijuana, Inc.'s Wellness Managed Services (WMS) division plans to expand internationally to provide additional clinics, doctor's offices and wellness centers under the WMS umbrella.
PhytoSPHERE plans to develop and launch a national/international marketing campaign in the third quarter to support sales of licensing agreements for its proprietary indoor planting, cultivation and extraction technology.
Medical Marijuana, Inc. plans to establish a "Raw Ingredients Division" by the third quarter to provide raw ingredients and production services to other cannabis-based businesses.
MJNA to begin regular Investor Conference Calls announcing quarterly results and/or upon significant corporate developments beginning with its second quarter results (date is currently TBD).
MJNA established a corporate website and launched a rebranding effort for added market and shareholder awareness.
The Company is aggressively pursuing the acquisition and filing of additional product patents.
MJNA Filed an updated 15-C-211
Quarterly Three months endedMar. 31, 2011Three months endedJun. 30, 2011Three months endedSept. 30, 2011Three months endedDec. 31, 2011Three months endedMar. 31, 2012Revenue$20,426
$1,208,136About SmallCapVoice.comSmallCapVoice.com is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients' financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets. To learn more about SmallCapVoice.com and their services, please visit http://www.smallcapvoice.com/services.html.
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.
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.
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
Investor Relations Contact: Related medicine technology :1
Stuart T. Smith
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