World’s first publicly traded cannabis company appoints longtime board member as new CEO
SAN DIEGO, CA – March 14, 2023 – Medical marijuana, Inc. (OTC: MJNA) (“the Company”), a holding company with operating assets dedicated to the cannabis and hemp industries, along with investments in companies in the biotechnology industry, today announced the appointment of Dr. Timothy R. New CEO, President, and Chairman of the Board. Dr. Scott heads the organization after serving on the company’s board of directors since 2015, as well as for several years on the boards of directors of each of the two entities that make up the company’s investments, which indicates a thorough understanding of the company’s operating subsidiaries and portfolio. investments. Dr. Scott had recently assumed a consulting role within the company, having accepted the position of Chief Human Resources Officer, before accepting this new role as CEO.
Dr. Scott’s appointment follows the Board’s acceptance of the resignation of Blake N. Schroeder who has served as the Company’s Chief Executive Officer, President and Chairman of the Board since 2021 and held other executive positions dating back to 2016. Mr. Schroeder will continue to serve on the boards of directors of the Company’s investment portfolio; Axim Biotechnologies, Inc. (OTCQB: AXIM) and Neuropathix, Inc. (OTCQB: NPTX). In addition, he will provide consulting and advisory services to Neuropathix.
“I want to personally thank Blake for his many years of service and dedication to our organization,” said Dr. Timothy Scott, newly appointed CEO of Medical Marijuana. “We are pleased that he will continue to be part of the MJNA family through his membership on the Board of Directors with our portfolio investments and advisory role with Neuropathix, which we believe can be significantly supported and enhanced by Blake’s involvement and connections in the biotech space.”
Dr. Scott added, “Our company, along with other state and federal legal cannabis businesses, faced increased competition that drove down sales and narrowed margins. We expect to see significant consolidation of the industry and are positioning the Company to capitalize on this through significant financial and operational restructuring efforts to increase efficiency, maintain and increase cash flow, motivate key employees, and increase our portfolio investments. I believe these efforts will enable the company to grow faster and more profitably as we move forward. We have among the highest quality products in the industry, a diversified distribution platform, with high barriers to entry for potential competitors, and experienced leaders in our two major operating companies, HempMeds and Kannaway. In addition, the Company believes that its portfolio investments in Neuropathix, Inc. (symbol; NPTX) and Axim Biotechnologies, Inc. (symbol: AXIM) has significant untapped value, and we remain very positive about the outlook for these companies and their companies. Technology and related intellectual property.
Medical Marijuana Inc. is headquartered in Based in Vista, California, the first publicly traded cannabis company in the United States that launched the world’s first hemp-derived products, brands, and supply chain, it remains one of the world’s leading hemp-derived CBD manufacturers and suppliers. Its portfolio of operating assets includes HempMeds, which was the first company to obtain historic import permits for CBD products from the governments of Brazil, Mexico, Argentina and Paraguay and continues to expand market share in those regions, as well as Kannaway, the world’s first direct selling company dedicated to the cannabis CBD wellness space . Since its inception, Kannaway has expanded to more than 40 countries and directly impacts the lives of thousands of brand ambassadors through its value-building sales platform. In addition to these operating assets, Medical Marijuana Inc. Significant debt and equity investments in two biotechnology companies (Axim Biotechnologies, Inc. and Neuropathix, Inc.).
About Medical Marijuana, Inc.
We are Firsts®. Medical marijuana, Inc. (MJNA) is a cannabis company with two distinct operating business units in the non-psychoactive cannabis space: a global portfolio of hemp-based nutritional brands led by Kanawee® And HempMeds®; Leader in sourcing high quality, legal, non-psychoactive cannabis products derived from industrial hemp. Medical Marijuana, Inc. As the best CBD product by CNBC It was also the first company to obtain historic import authorizations for CBD products from the governments of Brazil, Mexico, Argentina and Paraguay and is a leader in the development of international markets. The company’s main product Real scientific hemp oil It has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy. Additionally, as a result of its holdings in Neuropathix, Inc. The company has invested in cannabis-based clinical research and plant-based medicine development. Also, the company has large holdings in AXIM® Biotechnologies, Inc.which is involved in the manufacture and sale of FDA-approved dry eye disease (DED) diagnostic tests and recently filed a patent for a fentanyl-neutralizing antibody test that may have application in reducing fentanyl overdose deaths.
Medical Marijuana, Inc. is headquartered in In Vista, California, additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. Watch the Medical Marijuana, Inc. 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 Act of 1934, and is subject to the safe harbor laws established by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and are subject to risks and uncertainties. These forward-looking statements by definition involve risks, uncertainties and other factors, which could cause the actual results, performance or achievements of Medical Marijuana, Inc. to differ. materially from the data presented here.
Disclosure to the Food and Drug Administration (FDA)
These statements have not been evaluated by the Food and Drug Administration. Products manufactured and distributed by the Company in the United States are not intended to diagnose, treat, cure, or prevent any disease.
Medical Marijuana, Inc. does not sell or distribute any products that violate the US Controlled Substances Act.