World’s First-Ever Publicly Traded Cannabis Company Appoints Longtime Board Member as New CEO
SAN DIEGO, CA – March 14, 2023 – Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), a holding company with operating assets dedicated to the cannabis and hemp industries, along with portfolio investments in companies in the biotechnology industry, announced today the appointment of Dr. Timothy R. Scott as its new Chief Executive Officer, President, and Chairman of the Board. Dr. Scott takes the helm of the organization after serving on the Company’s board since 2015, as well as for several years on the Boards of both of the entities that comprise the Company’s investment holdings, signaling a thorough understanding of the Company’s operating subsidiaries and portfolio investments. Dr. Scott had recently taken an advisory role within the Company, having accepted a position as the Chief People Officer, before accepting this new role of CEO.
Dr. Scott’s appointment follows the acceptance by the Board of Directors of the resignation of Blake N. Schroeder who served as the Company’s CEO, President and Chairman of the Board since 2021 and served in other executive roles going back to 2016. Mr. Schroeder will continue to serve on the boards of the Company’s portfolio investments; Axim Biotechnologies, Inc. (OTCQB: AXIM) and Neuropathix, Inc. (OTCQB: NPTX). In addition, he will provide consulting and advisory services to Neuropathix.
“I want to personally thank Blake for his many years of service and dedication to our organization,” newly appointed CEO of Medical Marijuana, Inc. Dr. Timothy R Scott said. “We are pleased that he will remain a part of the MJNA family through his board memberships with our portfolio investments and his advisory role with Neuropathix, which we believe can be significantly supported and advanced by Blake’s involvement and his contacts in the biotech space.”
Dr. Scott added: “Our Company, along with other companies in the state and federally legal cannabis business, has faced increased competition that has lead to decreasing sales and tighter margins. We expect to see substantial consolidation in the industry and are positioning the Company to take advantage of this by undertaking significant financial and operational restructuring efforts to increase efficiencies, preserve and increase cash flow, incentivize key employees, and increase our portfolio investments. I believe these efforts will enable the Company to grow more quickly and profitably as we move forward. We have among the highest quality products in the industry, a diversified distribution platform, with significant barriers to entry for would-be competitors, and experienced leaders in our two key operating subsidiaries, HempMeds and Kannaway. In addition, the Company believes that its portfolio investments Neuropathix, Inc. (symbol; NPTX) and Axim Biotechnologies, Inc. (Symbol: AXIM) have significant untapped value, and we continue to be extremely positive for the outlook of these companies and their respective technology and intellectual property.”
Headquartered in Vista, California, Medical Marijuana Inc. is the first-ever publicly traded cannabis company in the United States that launched the world’s first cannabis-derived nutraceutical products, brands and supply chain, and remains one of the world’s leading manufacturers and suppliers of hemp-derived CBD. Its portfolio of operating assets includes HempMeds, which was the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and continues to expand its market share in those regions, as well as Kannaway, the world’s first direct selling company dedicated to the hemp CBD wellness space. Since its inception, Kannaway has expanded to over 40 countries and directly impacts the lives of thousands of brand ambassadors through its value-build sales platform. Beyond these operating assets, Medical Marijuana Inc. holds significant debt and equity investments in two companies in the biotechnology space (Axim Biotechnologies, Inc. and Neuropathix, Inc.).
About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with two distinct operating 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. Medical Marijuana, Inc. was named a top CBD producer by CNBC and 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. In addition, as a result of its holdings in Neuropathix, Inc. the Company is invested in cannabinoid-based clinical research and botanical drug development. Also, the Company has significant holdings in AXIM® Biotechnologies, Inc., which is engaged in the manufacture and sale of FDA-cleared dry eye disease (DED) diagnostic tests and recently filed a patent for a fentanyl neutralizing antibody test that may have application in reducing fentanyl overdose deaths.
Medical Marijuana, Inc.’s headquarters is in Vista, 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. Products manufactured by the Company and distributed in the United States are 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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