{"id":3910,"date":"2013-02-28T18:57:46","date_gmt":"2013-02-28T18:57:46","guid":{"rendered":"http:\/\/www.medicalmarijuanainc.com\/?p=4308"},"modified":"2013-02-28T18:57:46","modified_gmt":"2013-02-28T18:57:46","slug":"medical-marijuana-inc-reviews-state-of-the-industry-and-prospects-for-future-growth","status":"publish","type":"post","link":"https:\/\/medicalmarijuanainc.com\/2013\/02\/28\/medical-marijuana-inc-reviews-state-of-the-industry-and-prospects-for-future-growth\/","title":{"rendered":"Medical Marijuana Inc Reviews State of the Industry and Prospects for Future Growth"},"content":{"rendered":"

SAN DIEGO,\u00a0Feb. 27, 2013\u00a0\/PRNewswire\/ —\u00a0Medical Marijuana Inc (OTC Pink: MJNA) a leading cannabis and hemp industry innovator is pleased to provide a comprehensive update to shareholders on the state of the medical cannabis and hemp industry. Many legislative actions have occurred, particularly since the November elections, which are providing significant positive momentum in our rapidly expanding markets.<\/p>\n

Marijuana within\u00a0the United States\u00a0\u2013 A Growing and Expanding Market
\nMarijuana legalization initiatives have been in full swing. In November two US States,\u00a0Colorado\u00a0and\u00a0Washington\u00a0passed laws regarding full legalization of marijuana for recreational purposes.\u00a0 Since 1996, eighteen total states and\u00a0Washington DC\u00a0have approved marijuana for medical usage.\u00a0 The list in chronological order of legalization for medical purposes includes:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Year<\/td>\nState<\/td>\nMeans<\/td>\n<\/tr>\n
1996<\/td>\nCalifornia<\/td>\nProposition 215 with 56% of the vote<\/td>\n<\/tr>\n
1998<\/td>\nAlaska<\/td>\nBallot measure and 58% of the vote<\/td>\n<\/tr>\n
1998<\/td>\nOregon<\/td>\nBallot measure # 67 with a 55% majority<\/td>\n<\/tr>\n
1998<\/td>\nWashington<\/td>\nInitiative # 692 with a 59% majority<\/td>\n<\/tr>\n
1999<\/td>\nMaine<\/td>\nBallot Question # 2 with a 61% majority<\/td>\n<\/tr>\n
2000<\/td>\nColorado<\/td>\nBallot amendment 20 with 54% of the vote<\/td>\n<\/tr>\n
2000<\/td>\nHawaii<\/td>\nBill # 17 (32-18 House and 13-12 Senate)<\/td>\n<\/tr>\n
2000<\/td>\nNevada<\/td>\nBallot Question # 9 with a 65% majority<\/td>\n<\/tr>\n
2004<\/td>\nMontana<\/td>\nInitiative 148 with 62% of the vote<\/td>\n<\/tr>\n
2004<\/td>\nVermont<\/td>\nSenate Bill # 76 (52 \u2013 10) and HB 645 (82 \u2013 59)<\/td>\n<\/tr>\n
2006<\/td>\nRhode Island<\/td>\nBill # 0710 (52 \u2013 10 House and 33 \u2013 1 Senate)<\/td>\n<\/tr>\n
2007<\/td>\nNew Mexico<\/td>\nBill # 523 (36 \u2013 31 House and 32 \u2013 3 Senate)<\/td>\n<\/tr>\n
2008<\/td>\nMichigan<\/td>\nProposal # 1 with 63% of the vote<\/td>\n<\/tr>\n
2010<\/td>\nArizona<\/td>\nProposition 203 with a 50.13% vote<\/td>\n<\/tr>\n
2010<\/td>\nNew Jersey<\/td>\nBill # 119 (48 \u2013 14 House and 25-13 Senate)<\/td>\n<\/tr>\n
2010<\/td>\nWashington DC<\/td>\nAmendment Act B18-622 (13-0 vote)<\/td>\n<\/tr>\n
2011<\/td>\nDelaware<\/td>\nBill # 17 (27-14 House and 17-4 Senate)<\/td>\n<\/tr>\n
2012<\/td>\nConnecticut<\/td>\nBill # 5389 (96-51 House and 21-13 Senate)<\/td>\n<\/tr>\n
2012<\/td>\nMassachusetts<\/td>\nBallot Question # 3 with a 63% majority<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Nine other States have pending legislation to legalize medicinal marijuana including:\u00a0Illinois,\u00a0Iowa,\u00a0Kansas,\u00a0Kentucky,\u00a0Maryland,\u00a0New Hampshire,\u00a0North Carolina,\u00a0New York\u00a0and\u00a0Oklahoma<\/p>\n

Several states have also decriminalized marijuana, which typically means no prison time or criminal record for first-time possession of a small amount of marijuana for personal consumption.\u00a0 The conduct is treated like a minor traffic violation.\u00a0 This list includes:\u00a0Alaska,California,\u00a0Colorado,\u00a0Connecticut,\u00a0Maine,\u00a0Massachusetts,\u00a0Minnesota,\u00a0Mississippi,\u00a0Nebraska,\u00a0Nevada,\u00a0New York,\u00a0North Carolina,\u00a0Ohio\u00a0andOregon<\/p>\n

In the most recent example,\u00a0New York City’s marijuana decriminalization law was signed by Mayor\u00a0Michael Bloomberg.\u00a0 The US leading city’s new actions signify a change in attitude toward marijuana in general and certainly toward medicinal uses of marijuana.<\/p>\n

Starting on\u00a0March 1st<\/sup>\u00a02013, having possession of a small amount of marijuana will not necessarily mean jail time, like it does under current law.\u00a0 As long as the possessor has an ID and no outstanding warrants, the Officer will be allowed to let the offender go free.\u00a0 Statistics show that more than 50,000 people are arrested for marijuana possession in\u00a0New York City\u00a0every year.<\/p>\n

Mayor\u00a0Michael Bloomberg\u00a0said on\u00a0Thursday, February 14th,<\/sup>\u00a0“We know that there’s more we can do to keep New Yorkers, particularly young men, from ending up with a criminal record.\u00a0 It’s consistent with the law, it’s the right thing to do and it will allow us to target police resources where they’re needed most.”\u00a0 According to the Drug Policy Alliance,\u00a0New York City\u00a0spent over\u00a0$150 million\u00a0on marijuana arrests in 2010 and 2011 combined.<\/p>\n

US Federal Legislation Update<\/strong>
\nRecently two US Congressmen,\u00a0Jared Polis\u00a0(D-CO) and\u00a0Earl Blumenauer\u00a0(D-OR) have introduced two pieces of legislation to de-federalize marijuana policy while simultaneously creating a system of federal taxation of cannabis.<\/p>\n

Polis’ legislation titled\u00a0Ending Federal Marijuana Prohibition Act\u00a0would remove the DEA’s authority over marijuana and turn this regulatory authority over to the States.\u00a0 The States could then choose to allow marijuana \u2013 then to allow for medicinal or recreational use.<\/p>\n

Blumenauer’s\u00a0Marijuana Tax Equity Act\u00a0would establish a federal excise tax on marijuana sales and use.\u00a0 Together these two bills would provide a system of regulation and taxation for marijuana in states where it is legal.<\/p>\n

Both congressmen have also co-authored a report titled: The Path Forward: Rethinking Federal Marijuana Policy which outlines opportunities to reform and clarify marijuana laws at the federal level.\u00a0 A link to the document can be found here:http:\/\/polis.house.gov\/uploadedfiles\/the_path_forward.pdf<\/a><\/p>\n

More information on the two Congressional Bills:\u00a0http:\/\/polis.house.gov\/news\/documentsingle.aspx?DocumentID=318723<\/a><\/p>\n

Marijuana Legalization Fiscal Impact<\/strong>
\nGiven projections by\u00a0Washington State\u00a0in their Fiscal Impact Report, they estimate that the total revenue generated by the State, from marijuana legalization, could be as high as\u00a0$1.9 billion\u00a0over five years.\u00a0 The same report estimates the annual State revenues to exceed half a billion dollars starting in FY 2015 but are expected to be about half a million dollars in FY 2013.\u00a0 In effect, in two years this\u00a0Washington State\u00a0market is expected to grow by a factor of 1,000.<\/p>\n

Washington’s projections include sales of cannabis only and do not account for cannabinoid-based pharmaceuticals, hemp-derived supplements, cosmeceuticals \/ nutraceuticals, edibles, etc.\u00a0 Extrapolating these projections throughout the nation gives analysts the impression that this is a market in its total infancy.<\/p>\n

In\u00a0Colorado\u00a0things could get further amplified, as the State will apparently allow for “Pot Tourism”.\u00a0 In Washington one is required to be a state resident in order to purchase marijuana and the financial projections above are based on those assumptions.\u00a0 However in\u00a0Coloradothe current trend from the legislative task force on marijuana is that the State will allow for out-of-state residents to also purchase marijuana.\u00a0 The caveat is that this marijuana must stay or be consumed within\u00a0Colorado’s borders.\u00a0 Given this, the financial projections may significantly escalate versus that for Washington.\u00a0 A link to an article from the Denver Post is here:http:\/\/www.denverpost.com\/news\/marijuana\/ci_22623624\/pot-tourism-colo-marijuana-regulators-ok-idea?IADID=Search-www.denverpost.com-www.denverpost.com<\/a><\/p>\n

Even with a purchasing cap placed on tourists, many experts are calling for at least a doubling of the\u00a0Washington\u00a0projections for\u00a0Colorado, given the marijuana tourism aspect.\u00a0 That would place annual State tax revenues in excess of\u00a0$1 billion\u00a0by 2015 from marijuana products alone, much less from all the ancillary products such as found in smoke shops, cannabis edible products or the cannabis oils used with electronic cigarettes.<\/p>\n

MMJ Business Daily mentions in an article from\u00a0Feb 20, 2013: “If the state (Colorado) actually adopts this (marijuana tourism) proposal, the initial market for marijuana would skyrocket beyond initial estimates of\u00a0$1 billion, possibly doubling or even tripling that number and leading to thousands of new jobs.\u00a0 Link:\u00a0http:\/\/mmjbusinessdaily.com\/2013\/02\/20\/marijuana-tourism-could-generate-billions-in-additional-revenues-for-cannabis-industry-in-colorado\/<\/a><\/p>\n

Furthering the nationwide momentum for marijuana legalization, on\u00a0Thursday Feb 21st<\/sup>\u00a0a\u00a0Maryland\u00a0lawmaker introduced a bill (House Bill # 1453) to legalize recreational marijuana sales for adults 21 years and older.\u00a0 Just like\u00a0Colorado, the\u00a0Maryland\u00a0bill would create a system to tax and regulate marijuana like alcohol is presently regulated.\u00a0 The measure would direct the Maryland Comptroller to license marijuana retail stores, wholesale and testing facilities.\u00a0 The bill creates an excise tax of\u00a0$50\u00a0per ounce on wholesale sales and directs certain proceeds to fund treatment programs involved with alcohol, tobacco and drug abuse.<\/p>\n

Along with\u00a0Maryland’s action on\u00a0Feb 21, similar legislation was also introduced on this date in\u00a0Maine\u00a0to legalize marijuana for adult consumption.\u00a0 This now brings a total of six states (Maine,\u00a0Maryland,\u00a0New Hampshire,\u00a0Pennsylvania,\u00a0Rhode Island\u00a0and\u00a0Vermont) with pending legislation to legalize marijuana for recreational purposes.\u00a0 The winds of reform are clearly favorable and MJNA is poised to take advantage of the positive legislative moves throughout the country.<\/p>\n

Medicinal Marijuana Around the World<\/strong><\/p>\n

Around the globe, there are more and more countries recognizing the medicinal values of marijuana \u2013 many have either decriminalized marijuana or approved it for medical usage.<\/p>\n

Countries that have legalized medical marijuana for prescription by a physician include:\u00a0Canada,\u00a0the Netherlands,\u00a0Germany,\u00a0Austria,Finland,\u00a0Italy,\u00a0Spain,\u00a0Israel,\u00a0Portugal\u00a0and most recently the\u00a0Czech Republic<\/p>\n

Countries that are considering or have considered legalizing recreational marijuana include:\u00a0Uruguay,\u00a0Guatemala, Mexico<\/p>\n

In\u00a0Uruguay\u00a0President\u00a0Jose Mujica\u00a0had considered fully legalizing marijuana as a way to curtail drug trafficking and begin to rein in the illegal drug cartels that have wreaked havoc with many citizens.\u00a0 Although President Mujica has recently offered a slowdown in order to educate the Congress and the populace, he steadfastly endorses legalization.\u00a0 More info here:\u00a0http:\/\/articles.timesofindia.indiatimes.com\/2012-11-19\/india\/35204451_1_cultivation-marijuana-uruguayan-president-jose-mujica<\/a>
\nand here:
\nhttp:\/\/abcnews.go.com\/ABC_Univision\/News\/uruguayan-president-time-ripe-marijuana-legalization\/story?id=18029022<\/a><\/p>\n

In\u00a0Guatemala, President\u00a0Otto Perez Molina\u00a0broke new ground by proposing legal regulation of marijuana in September 2012.\u00a0 A link can be found here:\u00a0http:\/\/www.tokeofthetown.com\/2012\/09\/guatemalas_president_lets_legalize_drugs.php<\/a><\/p>\n

After the\u00a0November 2012\u00a0ballot victories in\u00a0Colorado\u00a0and Washington States, the country of\u00a0Mexico\u00a0has decided to explore legalization of marijuana.\u00a0\u00a0Mexico\u00a0has suffered mightily in the war on drugs and the new President,\u00a0Enrique Pena Nieto\u00a0says that the recent victories in the US “could bring us to rethinking the strategy.”\u00a0 More information here:http:\/\/www.yakimaherald.com\/photosandvideos\/internationalphotos\/708287-8\/mexico-considers-marijuana-legalization-after-ballot-wins-in<\/a><\/p>\n

Billionaire businessman\u00a0Richard Branson\u00a0has weighed in on the cannabis issue.\u00a0 He believes that it should be taxed and regulated at the federal level and has given personal testimony to the UK Parliament about his vision for cannabis.\u00a0 This testimony was as part of a global commission on drug policy that included five ex-country presidents and former UN Secretary General\u00a0Kofi Annan.\u00a0 Portions of his testimony are highlighted here:\u00a0http:\/\/www.guardian.co.uk\/politics\/2012\/jan\/24\/cannabis-tax-branson-mps-virgin<\/a><\/p>\n

US Industrial Hemp<\/strong>
\nLegislation is also underway to legalize the growing of industrial hemp. The following states have made industrial hemp legal but have not begun to grow it because of resistance from the federal Drug Enforcement Agency (DEA):\u00a0North Dakota,\u00a0Maine,\u00a0Hawaii,\u00a0Kentucky,\u00a0Maryland,Oregon,\u00a0California,\u00a0Montana,\u00a0West Virginia\u00a0and Vermont<\/p>\n

The\u00a0Kentucky\u00a0Senate has passed recently (February 14, 2013) an additional bill regarding industrial hemp.\u00a0 The vote was 31 \u2013 6 in favor of the bill that would license farmers to grow industrial hemp, hoping to force the federal government to legalize the crop at least within the State.\u00a0 Supportive Kentucky lawmakers hailed the move.\u00a0 “Industrial hemp won’t make us high but it might make us happy” said Sen.\u00a0Kathy Stein\u00a0(D-Lexington).<\/p>\n

Colorado\u00a0will soon have legislation on industrial hemp as well and full legalization of hemp was included along with the passage of Amendment 64 on\u00a0Election Day\u00a02012 which legalized marijuana within the State.<\/p>\n

On\u00a0Friday February 21st<\/sup>\u00a0California\u00a0introduced legislation to both the State House and Senate (S.B. 566 and A.B. 1137) to legalize industrial hemp production in the State.\u00a0 The legislation notes that\u00a0California\u00a0already imports “tens of thousands of acres’ worth of hemp seed, oil and fiber products that could be produced by\u00a0California\u00a0farmers at a more competitive price.”\u00a0\u00a0California\u00a0Governor Brown has supported changes in federal law \u2013 previously he has stated “Products made from hemp \u2013 clothes, food and bath products \u2013 are already legally sold inCalifornia\u00a0every day.\u00a0 It is absurd that hemp is being imported into the state, but our farmers cannot grow it.”<\/p>\n

Article:\u00a0http:\/\/www.rawstory.com\/rs\/2013\/02\/24\/hemp-legalization-bills-introduced-to-california-legislature\/<\/a><\/p>\n

In\u00a0Massachusetts, a bill to legalize hemp was recently refilled by state Rep.\u00a0Chris Walsh\u00a0(D-Framingham) that would legalize regulated production of the hemp plant in Massachusetts.\u00a0 More here:\u00a0http:\/\/www.metrowestdailynews.com\/features\/x1522326785\/Hemp-proponents-call-for-crops-legalization<\/a><\/p>\n

In\u00a0Washington State, a bill to legalize industrial hemp was introduced on\u00a0Feb 13\u00a02013 by State Rep.\u00a0Matt Shea\u00a0(H.B. 1888) which would permit the development of an industrial hemp industry within the state.\u00a0 More info:\u00a0http:\/\/www.examiner.com\/article\/wash-state-lawmakers-attempt-to-legalize-industrial-hemp<\/a><\/p>\n

Industrial Hemp Around the World<\/strong>
\nThe world-leading producer of hemp is\u00a0China, with smaller production in\u00a0Europe,\u00a0Chile\u00a0and\u00a0North Korea. Over thirty countries produce industrial hemp, including\u00a0Australia,\u00a0Austria,\u00a0Canada,\u00a0Chile,\u00a0China,\u00a0Denmark,\u00a0Egypt,\u00a0Finland,\u00a0France,\u00a0Germany,\u00a0Great Britain,\u00a0Hungary,\u00a0India,Italy,\u00a0Japan, Korea,\u00a0Netherlands,\u00a0New Zealand,\u00a0Poland,\u00a0Portugal,\u00a0Romania,\u00a0Russia,\u00a0Slovenia,\u00a0Spain,\u00a0Sweden,\u00a0Switzerland,\u00a0Thailand,\u00a0Turkeyand\u00a0Ukraine.<\/p>\n

The\u00a0United Kingdom and\u00a0Germany resumed commercial production in the 1990s. British production is mostly used as bedding for\u00a0horses; other uses are under development. Companies in\u00a0Canada, the UK,\u00a0the United States\u00a0and\u00a0Germany, among many others, process hemp seed into a growing range of\u00a0food\u00a0products and\u00a0cosmetics; many traditional growing countries still continue to produce\u00a0textile-grade fiber.<\/p>\n

In\u00a0Canada, commercial production of hemp has been permitted since 1996 under licenses and authorization issued by health Canada.\u00a0 It is expected that hemp will contribute over\u00a0$100 million\u00a0to the Canadian economy.\u00a0\u00a0France\u00a0is the largest hemp producer in\u00a0Europe\u00a0where specialty pulp is used for cigarette and other “rolling” papers.\u00a0 It has been estimated that 11,000 hectares of land were used for hemp cultivation in\u00a0Europe\u00a0during 2010 (about 26,000 acres).<\/p>\n

Medical Marijuana Inc. spends millions of dollars annually to grow and harvest industrial hemp overseas.\u00a0 Most of this hemp is used for our specialty high concentration Cannabidiol (CBD) hemp oil, which is produced via a proprietary extraction process.\u00a0 MJNA hopes to soon have industrial hemp cultivation operations and production facilities in\u00a0the United States, although it remains to be seen whether the specialty high concentration Cannabidiol (CBD) cultivar will grow well here.<\/p>\n

Medical Marijuana’s Prospects for 2013 and Beyond<\/strong>
\nIn 2012 Medical Marijuana Inc’s Red Dice Holdings team built the\u00a0Colorado\u00a0market with the Dixie Elixirs family of products. The Company has captured a 90% market share with the Dixie products being sold in over 500 retail locations. During 2013, we expect to increase market share by developing licensing agreements in selected states across\u00a0the United States\u00a0as well as in countries around the world. The Company is currently negotiating licensing agreements and distribution contracts in\u00a0California, Arizona Washington and the\u00a0District of Columbia.<\/p>\n

Internationally many similar opportunities exist to bring the MJNA portfolio of products to countries that have legalized medicinal marijuana.\u00a0 With the recent legalization of medical marijuana in the\u00a0Czech Republic, Medical Marijuana Inc. is uniquely poised to provide its line of products throughout the country. The Company is well established in the\u00a0Czech Republic\u00a0and has been developing beneficial distribution relationships for some time.<\/p>\n

In serving the non-marijuana community, the Red Dice Holdings team has developed several dietary and cosmecuetical products under the Dixie Botanicals brand. These products are legally sold within the US and throughout the world.\u00a0 The Dixie Botanicals products are infused with the Company’s unique high concentration Cannabidiol (CBD) hemp oil; ranging from 25mg to 500mg of Cannabidiol (CBD).\u00a0 The Company expects sales to increase significantly through the development of new sales channels, market awareness and a broader understanding of the health and wellness benefits derived from the Dixie Botanicals products.<\/p>\n

MJNA has spent the past year building its brand and product platform.\u00a0 Today the Company has the most recognizable name brands in the industry.\u00a0 The core business focuses on the Dixie brand of products, Wellness Managed Services and CanChew Biotechnologies.\u00a0 Dixie is expected to have substantial growth through licensing and the acquisition, development and distribution of additional products.\u00a0 Wellness Managed Services focuses on growth through the acquisition of retail health and wellness facilities and management contracts. CanChew\u00a0Biotechnologies is purely focused on its “Over the Counter” (OTC) product line, starting its clinical trials and expanding on its patents and intellectual property.<\/p>\n

To illustrate the growth potential, Medical Marijuana Inc recently announced in their annual report growth projections for 2013 and 2014.\u00a0 For 2013, MJNA forecasts revenue to be\u00a0$47 million\u00a0with operating cash flows of\u00a0$32 million\u00a0and has the potential to increase revenues in 2014 to\u00a0$155 million\u00a0with operating cash flows of approx.\u00a0$96 million.<\/p>\n

FORWARD-LOOKING DISCLAIMER
\nThis 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.\u00a0 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.<\/p>\n

About Medical Marijuana, Inc.<\/strong><\/em>
\nOur mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit.\u00a0 We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value.\u00a0 For more information, please visit the company’s website at:\u00a0\u00a0www.MedicalMarijuanaInc.com<\/a>.<\/p>\n

Corporate Contact:\u00a0\u00a0\u00a0<\/strong>
\nMedical Marijuana, Inc.
\nToll Free:\u00a0888-OTC-MJNA\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(888-682-6562)
\nwww.medicalmarijuanainc.com<\/a>
\nwww.facebook.com\/mjnainc<\/a><\/p>\n

Investor Relations Contact:\u00a0\u00a0<\/strong>
\nStuart T. Smith
\nSmallCapVoice.Com, Inc.
\nP. 512-267-2430
\nF. 512-267-2530
\nSkype: SmallCapVoice.com
\nAIM: SmallCapVoice7<\/p>\n

SOURCE Medical Marijuana Inc. \t<\/p>\n","protected":false},"excerpt":{"rendered":"

SAN DIEGO,\u00a0Feb. 27, 2013\u00a0\/PRNewswire\/ —\u00a0Medical Marijuana Inc (OTC Pink: MJNA) a leading cannabis and hemp industry innovator is pleased to provide a comprehensive update to shareholders on the state of the medical cannabis and hemp industry. 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