March 17, 2011 13:12 ET
FOOTHILL RANCH, CA–(Marketwire – March 17, 2011) – Medical Marijuana Inc (PINKSHEETS: MJNA) is proud to announce the signing of a LOI with Hemp Deposit Distribution Corp (HDDC), a Delaware based Co., d/b/a CannaBANK. HDDC is slated to become a subsidiary of Medical Marijuana Inc (MMI) The LOI calls for an administrative restructure with HDDC being issued a controlling majority of the common stock of the company, the current officers of MMI resigning, and HDDC shareholders electing a new Board. The Hemp Network will remain as an operating division of the Company. MMI will increase the amount of authorized capital shares to accommodate the additional issuance of shares to HDDC based on the assets of the subsidiary (HDDC).
President Donald Steinberg stated, “CannaBANK has shown true leadership and have proven they have the vision to take the medical cannabis industry to the next level. They have provided an opportunity for many others to share in the growth of this new and exciting industry. CannaBANK has management and skill sets in place to set the standards as the industry leader.”
Jordanne Brenkwitz, Operation Director of CannaBANK, was equally upbeat saying “The timing is perfect for a strategic move and this merger will allow CannaBANK an increased platform to take transparency, value, education and compliance within the industry to the next level.”
ABOUT MEDICAL MARIJUANA INC
Medical Marijuana Inc (www.medicalmarijuana.com) 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.
CannaBANK’s mission is to help create a sustainable economy which in turn helps create a sustainable planet offering health and economic freedom through education and awareness.
ABOUT THE HEMP NETWORK
The Hemp Network® was established to provide hemp and wellness related products to a wide marketplace with the use of network marketing to create massive distributionwww.thehempnetwork.com.
The Hemp Network has been formed to provide a marketing vehicle for massive global distribution of these new products and services as they hit the market, which is imperative to capture market share. The Hemp Network is now the launching pad for thousands of new ideas that people worldwide have in this giant emerging industry.
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.