SAN DIEGO, CA--(Business Wire – Aug 30, 2011) - Medical Marijuana Inc (PINKSHEETS: MJNA) is pleased to announce its results for its quarter ended June 30, 2011. Under new management since the close of the first quarter, the company’s revenue increased over 900% from the first quarter from $20,425 to $184,234. The increase in revenue is due to several product pre-launches, these pre-launch sales were products and services deployed in conjunction with CannaBANK. In addition to an increase in revenue the company posted an increase in assets in excess of seven hundred percent (700%) from the close of the previous quarter from $74,346 to $572,255. Medical Marijuana Inc also decreased its liabilities by over fifty percent (50%), from $207,158 to $91,370 while the Hemp Network membership has held steady at nearly seven thousand (7,000) members.
“We are happy with our quarterly results, our revenue was strong, and the decrease in debt and increase in assets are a good start. New management has been in place for just over a full quarter and the results show great progress. In transition periods it takes time to gather momentum, in this transition we have been able to gather that momentum quickly and can now focus on corporate communication. Due to a tremendous amount of inquiries we are appointing a new Investors Relations firm to handle the influx of calls and give our partners and investors even better communication. We appreciate the continued support from our shareholders.” Said Michael Llamas, President of Medical Marijuana Inc.
ABOUT MEDICAL MARIJUANA INC
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.
Medical Marijuana Inc.
2665 Ariane Drive Suite 207
San Diego, CA 92117