Medical Marijuana, Inc.

Medical Marijuana, Inc.
Public
Traded as OTC Pink: MJNA
Industry Pharmaceutical
Founder Bruce Perlowin
Headquarters San Diego, California, U.S.
Products Pharmaceutical products
Subsidiaries HempMeds
Red Dice Holdings
KannaLife
Axim Biotechnologies
Kannaway
MPSI
CanChew
RSHO
Dixie Botanicals
Canipa Holdings
Wellness Managed Services
Holy Grail Vapes
Website medicalmarijuanainc.com

Medical Marijuana, Inc. (OTC: MJNA), was founded in March 2009 for the purpose of providing business solutions and partnerships to the medical marijuana and related consumer products industry. The company was founded by Bruce Perlowin, who also served as Chief Executive Officer until 2011.[1] Medical Marijuana, Inc. was the first public company to enter the legalized, medical marijuana business.[2]

Medical Marijuana, Inc. serves as an investment partner and parent company in several related ventures and subsidiaries, including KannaLife,[3] Real Scientific Hemp Oil (via subsidiary HempMeds), Cibaderm, Cibdex, Dixie Botanicals, and through their Red Dice Holdings partnership, Dixie Elixirs.[4]

The company was named by Money magazine as one of the largest in the medical marijuana and hemp field.[5] It was also featured, along with Perlowin, on a 2009 CNBC special program entitled Marijuana Inc.[6]

History

Shortly after going public, Medical Marijuana, Inc. hired agents to market their solutions to Collective/Co-ops in California. In the state of California, medical marijuana dispensaries are legally known as Collective/Co-ops. The company began working with California Collective/Co-ops to develop a Stored Value system. This system makes use of closed-loop debit cards, called Stored Value Cards. The customer tenders cash to the marijuana dispensary clerk who loads the card for the customer using their point of sale, which will also recognize the marijuana dispensary location, as well as tax rates for the appropriate government agencies.

In the fall of 2014, Medical Marijuana Inc. filed a lawsuit against Stewart Environmental, after an investigative report was published by the research company. The lawsuit was relating to findings about some of the hemp products owned and managed by Medical Marijuana Inc.[7]

Medical Marijuana Inc. announced in January 2015 that they would be acquiring Kannaway. The acquired Kannaway is a multi-level marketing operation, specialising in hemp and medical marijuana products. The acquisition of Kannaway was for an undisclosed amount, but it was stated that the company had an estimated value of $242 million at the time.[8] At the time of MJNA's acquisition, it was said Kannaway had a distribution network of over 10,000 salespeople throughout the United States.[9] As a subsidiary of Medical Marijuana Inc., it was said that Kannaway salespeople could receive up to a 30% increase in revenue from direct sales.[8]

As part of the deal, the company announced it would become the parent company of hemp oil manufacturers, Dixie Botanicals. As part of the acquisition, they moved their base from Colorado to San Diego, California.[10]

Following publications suggesting that Medical Marijuana's subsidiaries and their products contained high levels of heavy metals, the company won the case against Stewart Environmental. The Colorado based lab admitted to accidentally releasing lab results, which were eventually published on social media. The findings claimed “significant levels of toxic solvents” in products, but the court found these results to be entirely inaccurate. Medical Marijuana were awarded $100 million in damages following the case. David Stewart of Stewart Environmental also issued a written statement and video, highlighting the lab's mistakes of releasing preliminary results.[7]

Management

Bruce Perlowin served as CEO until 2011. The current Chief Operating Officer and Chairman is Michelle Sides, and President is Tripp Keber.[11] Keber is also the CEO of Dixie Elixirs,[6] which operates dispensaries and markets consumer-grade products (beverages, baked goods, etc.) in Colorado, where recreational marijuana use has been decriminalized at the state level.

Subsidiaries

Dixie Botanicals

Dixie Botanicals manufacturer products, which are predominantly over-the-counter products. The majority of their products contain naturally-occurring cannabidiol (CBD). It became a subsidiary of Medical Marijuana Inc. when Kannaway was acquired by the company in 2015.[10] Dixie Botanicals decided to move their base from Colorado to California in 2015, following their acquisition.[12]

Dixie Botanicals provides a range of hemp-based products including hemp oils and also capsules.[10]

References

  1. ↑ "Executive Profile Bruce M. Perlowin". Bloomberg Businessweek. Retrieved 9 January 2015.
  2. ↑ "Medical Marijuana, Inc., Formerly Club Vivanet (PINKSHEETS: CVIV), Today Announced That It Is the First Public Company to Enter the Legalized, Medical Marijuana Business and Has Changed Its Name to Medical Marijuana, Inc.". Marketwire. March 31, 2009. Archived from the original on December 12, 2009. Retrieved January 9, 2015.
  3. ↑ Leland, John (October 31, 2014). "For Pot Inc., the Rush to Cash In Is Underway". The New York Times. Retrieved 9 January 2015.
  4. ↑ "Portfolio". medicalmarijuanainc.com. Retrieved 9 January 2015.
  5. ↑ Lim, Paul J. (July 8, 2014). "7 Marijuana Stocks for a Buzzworthy (But Risky) Pot-folio". Money. Retrieved 9 January 2015.
  6. 1 2 "Marijuana Inc.". CNBC. 2009. Retrieved 9 January 2015.
  7. 1 2 "Settlement Reported in $100-Million "Hemp Oil Hustlers" Project CBD Lawsuit". Cannabis News Center. April 27, 2015.
  8. 1 2 Fairley, Juliette (January 23, 2015). "Medical Marijuana Inc. Acquires Kannaway, the 'Amway of Hemp and CBD Products'". MainStreet.
  9. ↑ "Medical Marijuana, Inc. Signs Definitive Agreement to Acquire Kannaway, LLC". General Hemp. January 22, 2015.
  10. 1 2 3 "Hemp Oil Company Dixie Botanicals Relocating to California". Cannabis News Center. February 16, 2015.
  11. ↑ "Leadership". medicalmarijuanainc.com. Retrieved 9 January 2015.
  12. ↑ Purves, Hilde (February 25, 2015). "Medical Marijuana Inc to shift cannabis brand Dixie Botanicals from Colorado to California".
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