SAN DIEGO, CA, March 10, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today that it has satisfied and retired two of its three major outstanding debt liabilities, eliminating over $10 million of principal debt from its balance sheet. The satisfaction of the debt eliminates long-standing liabilities and aligns with the Company’s goal of cleaning up its balance sheet through establishing more profitable operations and removing pressure caused by debt sellers.
As of February 28, 2022, two promissory notes equaling $10,184,598 in principle have been satisfied and retired with only one remaining promissory note on the Company’s current debt schedule.
“Eliminating the primary convertible notes due to Atlas Science, LLC was one of the most important goals I put in place as I took over the position of CEO,” said Medical Marijuana, Inc. CEO Blake Schroeder. “Convertible notes that mature and allow for share selling in the open market puts unnecessary pressure on our stock price and increases the volatility of the market for our stock. Eliminating it had to be done. Our board remains committed to further improving the fundamentals of our business while furthering the Company’s growth. We believe that this work, paired with the reduction in liabilities including convertible debt, can unlock additional shareholder value.”
In recent months the Company has been heavily focused on the expansion of its international operations. Medical Marijuana, Inc. and its subsidiaries have opened new facilities in Japan, Hong Kong and South Africa, among others. The Company’s operating assets in Japan, Mexico, and Brazil continue to see explosive growth, each achieving their respective largest revenue months in Company history within the last year.
About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Neuropathix, Inc. Medical Marijuana, Inc. was named a top CBD producer by CNBC in 2019. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company’s flagship product Real Scientific Hemp Oil™ has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc.’s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.’s corporate video, click here.
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.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
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