SAN DIEGO, June 21, 2018 /PRNewswire/ — Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, announced today that it has signed a non-binding Letter of Intent (LOI) with Salvation Botanicals, Ltd., (“Salvation”) to bring its internationally recognized cannabis products to the quickly growing Canadian cannabis market.
According to Deloitte, the legal cannabis industry in Canada has the potential to generate over $4 billion in recreational sales within its first year. It’s also been estimated that total estimated consumer spend could surge by as much as 58% and regular cannabis users will increase purchases by 22% under the new legislation.
Medical Marijuana, Inc. produces industry-leading cannabidiol (CBD) brands including Real Scientific Hemp Oil™ (RSHO™), Dixie Botanicals® and Cannabis Beauty Defined® in the United States for distribution internationally. Under the terms of the LOI, Salvation will leverage its licensing and production capabilities to bring Medical Marijuana, Inc.’s experience and leading international research to the Canadian market. The LOI is subject to final approval of the products for sale under the laws and regulations of Canada.
“We’re excited to announce this collaboration with a company that is known for dedication to the production of trustworthy and reliable cannabis-based products,” said Medical Marijuana, Inc. CEO Stuart Titus. “We feel confident that the company’s analytics and science focus will provide us with the best products available in Canada.”
Titus continued, “We’re also excited to expand our product offerings from exclusively CBD products to now include tetrahydrocannabinol (THC) products as well, giving us the opportunity to utilize the entire cannabis plant and its many beneficial cannabinoids.”
Salvation Botanicals is a leader in the evolving cannabis market. The company was founded on a commitment to the science of standardization and consumer protection through analytical testing and the development of stringent production processes. Salvation has developed high-volume production methods based on their understanding of high-quality, standardized cannabinoid products.
“We are honored to bring the Medical Marijuana Inc. products and research pedigree to the Canadian market,” said Salvation Botanicals CEO Cliff Wiltshire. “Our companies have pioneered the industry on either side of the border and we welcome the opportunity to bring our common vision closer together. We share a commitment to delivering the highest-quality products and bringing the benefits of cannabis to the market.”
About Medical Marijuana, Inc.
We are a company of firsts®. 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 details on Medical Marijuana, Inc.’s portfolio and investment companies, visit www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.’s corporate video, click here.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.’s shop.
About Salvation Botanicals, Ltd.
Salvation Botanicals is a private company based in Vancouver Island, British Columbia, that is dedicated to the testing and production of high quality standardized cannabinoid products for the international cannabis market. Salvation operates one of the first analytics laboratories in Canada, accredited by Health Canada to test cannabis and derivatives.
Salvation Botanicals holds a Dealer’s License under the Controlled Substances Act, with authority to extract and produce oil within Health Canada guidelines. In 2016 Health Canada granted Salvation a Hemp Processing License (HPL) permitting production and sale and export of seed & grain and its derivatives.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed transaction; the terms and conditions of the proposed private placement; use of funds; and the business and operations of the Company after the proposed change of business. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the cannabis industry in North America. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Salvation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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.
Medical Marijuana, Inc. does 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.
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SOURCE Medical Marijuana, Inc.