San Diego, CA, March 10, 2022 (GLOBE NEWSWIRE) – via NewMediaWire – Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first publicly traded cannabis company in the United States to launch the world’s first cannabis-derived products, brands and supply chain, today announced that it is satisfied and has withdrawn two of its three major debt obligations, and is canceling More than $10 million of principal debt is off its balance sheet. Fulfilling debt eliminates long-term obligations and is in line with the company’s goal of cleaning up its balance sheet by creating more profitable operations and removing pressure from debt sellers.
As of February 28, 2022, two promissory notes equal to $10,184,598 are satisfied and retired with only one promissory note remaining in the company’s current debt schedule.
“One of the most important goals I set when I took over as CEO was to get rid of the initial convertible notes because of Atlas Science, LLC,” said Blake Schroeder, CEO of Medical Marijuana. “Convertible notes that mature and allow shares to be sold in the open market put undue pressure on our stock prices and increase market volatility for our stock. Eliminating it had to be done. Our Board of Directors remains committed to improving our business fundamentals while boosting company growth. We believe That this business, combined with a reduction in liabilities including convertible debt, can unlock additional value for shareholders.”
In recent months, the company has focused heavily on expanding its international operations. Medical Marijuana, Inc. has opened. and its subsidiaries new facilities in Japan, Hong Kong And the South Africa, among other things. The company’s operating assets in Japan, Mexico and Brazil continue to grow exponentially, each with its largest months of revenue in the company’s history over the past year.
About Medical Marijuana, Inc.
We are Firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabis space: a global group of cannabis-based food brands led by Kannawi® And the HempMeds®; A leader in sourcing high-quality, legal, non-psychoactive cannabis products derived from industrial hemp; and the sector of cannabis-based clinical research and development of plant-based medicines led by pharmaceutical investment firms and partners including AXIM® Biotechnologies, Inc. And the Neuropathics, Inc. Medical Marijuana, Inc. was selected. As the best CBD product ever CNBC In 2019. It was Medical Marijuana, Inc. Also the first company to obtain historic import permits for CBD products from the governments of Brazil, Mexico, Argentina and Paraguay and is a pioneer in developing international markets. The company’s main product Real scientific hemp oil™ has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc. is headquartered in. in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To watch a video of Medical Marijuana, Inc. , 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 law created by those sections. This material contains statements about expected future events and/or financial results of a forward-looking nature and subject to risks and uncertainties. These forward-looking statements by definition include risks, uncertainties and other factors, which could cause Medical Marijuana, Inc.’s actual results, performance or achievements to differ. materially from the data contained herein.
Disclosure by the Food and Drug Administration (FDA)
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.