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Medical Marijuana Inc. in a Strong Market Position with Amendment 64 in Colorado, Initiative 502 in Washington and the Pending Ninth District Decision Regarding the Schedule 1 Status of Medical Marijuana on a Federal Level
Date:11/2/2012

SAN DIEGO, Nov. 2, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC: MJNA), the leading hemp industry innovator, announces that its Portfolio of Companies are well positioned independent of the final results in the November 6 decisions in Colorado and Washington to legalize recreational marijuana for adults 21 and over, as well as, the Pending Decision in the Ninth District Court of Appeals.

MJNA continues to focus its company's growth on its strong market position as provided first and foremost by its PhytoSPHERE Systems, LLC providing production of high grade hemp oil with the harvesting of 1,000 acres of Hemp from its microclimate fields throughout Europe starting this month.  These high value hemp oils will allow the company to continue to build upon its family of revolutionary Hemp Oil wellness products. The Hemp Industries Association (HIA) estimates that the total value of annual sales of all hemp products in the U.S. is estimated to be approximately $452 million.

In Colorado, Amendment 64 will allow adults 18 and over to possess limited quantities of marijuana, buy it from state-regulated outlets and also create a recreational-marijuana retail industry, which The Aspen Times calls "a game changer..." The amendment calls for the adoption of state regulations for the recreational marijuana industry by July 1 2013 and for the Legislature to enact the excise tax and plan for its collection by Jan. 1, 2017.

According to recent surveys, Colorado and Washington's marijuana ballot measures are both winning. A recent SurveyUSA poll asked likely Colorado voters about Amendment 64 and revealed a five-point advantage in favor of the bill at 48 percent to 43 percent. In Washington, Initiative 502 was up 56-37 percent in the poll with 7 percent undecided, according to a November 1 Seattle Times story.
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SOURCE Medical Marijuana, Inc.
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