Exclusive Distribution Agreement Details Initial Order and Annual Increases
SAN DIEGO, Aug. 12, 2015 (GLOBE NEWSWIRE) — HempMeds®, an MJNA portfolio company and the Company’s master distributor, is pleased to announce to shareholders and the public that it is expanding sales through HempMeds® South Korea, an exclusive distributor, responsible for marketing and sales of the Company’s cannabidiol (CBD) hemp oil products.
The initial purchase order of products is $2,000,000 USD with an additional $3,000,000 USD being required by the end of 2015. Further requirements, under the terms of the contract, require sales through 2016 totaling up to $25,000,000 USD with benchmark increases through 2018. Medical Marijuana, Inc. (OTC Pink:MJNA), an industrial hemp industry innovator sources, evaluates, invests in and acquires value-added companies with a focus on industrial hemp.
A report by IANS just published by Yahoo! India News states: Asia, with a current population of 4.4 billion, is likely to remain the most populous continent, with its population expected to peak around the middle of the century at 5.3 billion.
South Korea’s population is 49.3 million and, in terms of market size, the nation’s economy ranks 11th in the world by nominal GDP and 13th by purchasing power parity (PPP).
“We are extremely pleased to announce the establishment of HempMeds® in Asia with our first marketing opportunity being in South Korea,” explains Stuart W. Titus, PhD and Chief Executive Officer of Medical Marijuana, Inc. “As we are seeing the return of industrial hemp to the global economy, adding South Korea as an authorized distribution hub allows worldwide consumers easier access to CBD hemp oil products.”
Hemp is widely regarded as a “whole food” and “super food.” Medical Marijuana, Inc.‘s cannabidiol (CBD) hemp oil is derived from the mature stalk of the hemp plant andis considered a food nutrient delivering the benefits of cannabinoids without the psychotropic/euphoric effects of THC. Hemp oil products from HempMeds® are readily available to ship to all 50 U.S. states, districts and territories plus more than 40 countries around the world.
“To augment our efforts in South America and South Korea, we are exploring opportunities to further expand our international distribution efforts,” concludes Dr Titus.
For more information on HempMeds® and their all-natural hemp oil products, visit: www.hempmeds.com. The Company invites the public to get involved in the conversation of the expanding cannabis industry with HempMeds® through the Company’s social media websites on Facebook and Twitter.
The Company is committed to consistently providing the highest-quality CBD hemp oil products on the market. For details on Medical Marijuana, Inc.’s portfolio and investment companies, visit www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.’s video statement, click here.
HempMeds® offers mainstream marketing, sales, customer service, and logistics for the cannabis industry. HempMeds® is a corporate portfolio company of Medical Marijuana, Inc. (OTC Pink:MJNA) and the Company’s exclusive master distributor and contracted marketing company. In addition to handling sales and distribution, HempMeds® is the communication hub for the Medical Marijuana Inc. portfolio of companies.
About Medical Marijuana, Inc.
Our 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. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For more information, please visit the company’s website at: www.MedicalMarijuanaInc.com
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
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.
Medical Marijuana Inc. and HempMeds do not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
For further information, please contact: Public Relations contact: Andrew Hard Spokesperson CMW Media P. 858-380-5478 Corporate contact: Medical Marijuana, Inc. Toll Free: 888-OTC-MJNA (888-682-6562) www.medicalmarijuanainc.com www.facebook.com/mjnainc Investor Relations: GH Investment Advisors 550 West "C" Street, Ste. 2040 San Diego, CA 92101 Nick Massalas Office: (858) 264-6500 Toll Free: (877) 964-6463