{"id":580,"date":"2022-03-10T17:15:51","date_gmt":"2022-03-10T17:15:51","guid":{"rendered":"https:\/\/medicalmarijuanainc.com\/?p=1013618"},"modified":"2022-03-10T17:15:51","modified_gmt":"2022-03-10T17:15:51","slug":"medical-marijuana-inc-satisfies-major-outstanding-convertible-debt","status":"publish","type":"post","link":"https:\/\/medicalmarijuanainc.com\/2022\/03\/10\/medical-marijuana-inc-satisfies-major-outstanding-convertible-debt\/","title":{"rendered":"Medical Marijuana, Inc. Satisfies Major Outstanding Convertible Debt"},"content":{"rendered":"

SAN DIEGO, CA, March 10, 2022 (GLOBE NEWSWIRE) — via\u00a0NewMediaWire<\/a>\u00a0\u2013\u00a0Medical Marijuana, Inc.<\/a>\u00a0(OTC: MJNA) (the \u201cCompany\u201d), the first-ever publicly traded cannabis company in the United States that launched the world\u2019s 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\u2019s goal of cleaning up its balance sheet through establishing more profitable operations and removing pressure caused by debt sellers.<\/p>\n

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\u2019s current debt schedule.<\/p>\n

\u201cEliminating 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,\u201d said Medical Marijuana, Inc. CEO Blake Schroeder. \u201cConvertible 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\u2019s growth.\u00a0 We believe that this work, paired with the reduction in liabilities including convertible debt, can unlock additional shareholder value.\u201d<\/p>\n

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,\u00a0Hong Kong<\/a>\u00a0and\u00a0South Africa<\/a>, among others. The Company\u2019s 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.<\/p>\n

About Medical Marijuana, Inc.<\/strong><\/p>\n

We are a company of firsts\u00ae<\/a>. Medical Marijuana, Inc. (MJNA<\/a>) 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\u00a0Kannaway\u00ae<\/a>\u00a0and\u00a0HempMeds\u00ae<\/a>; 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\u00a0AXIM\u00ae Biotechnologies, Inc<\/a>.<\/a>\u00a0and\u00a0Neuropathix<\/a>, Inc. Medical Marijuana, Inc. was named a top CBD producer by\u00a0CNBC<\/a>\u00a0in 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\u00a0Real Scientific Hemp Oil<\/a>\u2122 has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.<\/p>\n

Medical Marijuana, Inc.’s headquarters is in San Diego, California, and additional information is available at\u00a0OTCMarkets.com<\/a>\u00a0or by visiting\u00a0www.medicalmarijuanainc.com<\/a>. To see Medical Marijuana, Inc.’s corporate video,\u00a0click here<\/a>.\u00a0<\/strong><\/p>\n

FORWARD-LOOKING DISCLAIMER<\/strong><\/p>\n

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.<\/p>\n

FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE<\/strong><\/p>\n

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.<\/p>\n

LEGAL DISCLOSURE<\/strong><\/p>\n

Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.<\/p>\n

CONTACT:<\/b>
\nPublic Relations Contact:
\nKathryn Brown
\nAccount Director
\nCMW Media
\nP. 858-264-6600
\nkathryn@cmwmedia.com
\n<\/a>www.cmwmedia.com<\/a><\/p>\n

Investor Relations Contact:
\nP. (858) 283-4016
\nInvestors@medicalmarijuanainc.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SAN DIEGO, CA, March 10, 2022 (GLOBE NEWSWIRE) — via\u00a0NewMediaWire\u00a0\u2013\u00a0Medical Marijuana, Inc.\u00a0(OTC: MJNA) (the \u201cCompany\u201d), the first-ever publicly traded cannabis company in the United States that launched the world\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3,2],"tags":[],"class_list":["post-580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","category-press-releases"],"yoast_head":"\nMedical Marijuana, Inc. 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