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Medical Marijuana Inc.'s Subsidiary, PhytoSPHERE Systems, Signs the Largest Production Contract in Company History Valued at $7.5 Million
Date:8/7/2012

SAN DIEGO, Aug. 7, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC: MJNA) a leading hemp industry innovator, is pleased to inform its shareholders that it has recently finalized a corporate contract to produce and deliver its Hemp Stalk Cannabidiol (CBD) Oil to a leading agricultural raw ingredients production company.  This agreement, MJNA's and PhytoSPHERE Systems largest contract to date, calls for the production and delivery of 300 Kilograms of the CBD Essential Oil, valued at $7,500,000 USD.

CBD Essential Oil Contract Highlights

The term of the contract is twelve (12) months and calls for the production and delivery of 300 Kilograms of the CBD Essential Oil at a price of $25,000 per kilogram, or $7.5 million in total contract value. 

The Industrial Hemp necessary to produce the CBD Oil has been planted at an undisclosed licensed location in a country that allows legal Industrial Hemp production.  Harvesting of the crop is expected mid-October 2012. PhytoSPHERE anticipates beginning production of the CBD Oil in November using Medical Marijuana Inc.'s newest extraction technology. This technology assures the highest concentration of CBD Oil extraction along with the highest level of purity and consistency in the product.

Contract terms state that PhytoSPHERE Systems will receive a ten percent (10%) non-refundable deposit, which has already been paid, along with three monthly non-refundable five percent (5%) production milestone payments, the first of which will be paid in August 2012. The balance or seventy five percent (75%) of the contract will be paid over the remaining 9 months of the agreement once
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SOURCE Medical Marijuana Inc.
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