SAN DIEGO, Calif., 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 chains, announced today today that it had satisfied and removed two of its three major outstanding debts, eliminating more than $10 million of principal debt from its balance sheet. Debt settlement eliminates long-standing liabilities and aligns with the Company’s goal of cleaning up its balance sheet by establishing more profitable operations and eliminating pressure from debt sellers.
As of February 28, 2022, two promissory notes tentatively equivalent to $10,184,598 have been satisfied and withdrawn with only one promissory note remaining on the Company’s current debt schedule.
“Eliminating major convertible notes owed to Atlas Science, LLC was one of the most important goals I set in place when I took over as CEO,” said the CEO of Medical Marijuana, Inc. ., Blake Schroeder. “Convertible bonds that mature and allow shares to be sold on the open market put unnecessary pressure on our stock price and increase market volatility for our shares. It needed to be eliminated. Our Board of Directors remains committed to further improving the fundamentals of our business while promoting the company’s growth. We believe that this work, together with the reduction of liabilities, including convertible debt, can unlock additional value for shareholders.”
Over the past few months, the Company has been strongly focused on expanding its international operations. Medical Marijuana, Inc. and its subsidiaries opened new facilities in Japan, hong kong and South Africa, among others. The company’s operating assets in Japan, Mexico and Brazil continue to experience explosive growth, with each achieving their respective largest revenue months in company history over the past year.
About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct non-psychoactive cannabinoid business units: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in providing the highest quality non-psychoactive legal cannabis products derived from industrial hemp; and a clinical research and development sector for cannabinoid-based botanical drugs led by its pharmaceutical investment companies and partners, including AXIM® Biotechnologies, Inc.. and NeuropathixInc. Medical Marijuana, Inc. was named one of the top CBD producers 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 developing markets international. The company’s flagship product Genuine Scientific Hemp Oil™ has been used in several successful clinical studies in Mexico and Brazil to understand its safety and effectiveness.
Medical Marijuana, Inc. is headquartered in San Diego, CA and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To view the Medical Marijuana, Inc. 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 these articles. This document contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. These 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 differ materially 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 products that violate the US Controlled Substances Act.
Contact with Investor Relations:
T. (858) 283-4016
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