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Medical Marijuana, Inc. Reports Record First Quarter 2013 Revenue and Income
Date:4/11/2013

SAN DIEGO, April 11, 2013 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today is pleased to pre-announce its fourth quarter earnings.  The company earned net income of approximately $5.52 million on gross revenues of $8.45 million for the quarter ended March 31, 2013.  This represents a gross revenue increase of over $3.35 million when compared to the prior quarter ended December 31, 2012. When compared to the same quarter ended March 31, 2012 this represents revenue increase of $6.68 million.

Operational and development highlights

Operating highlights of the quarter were as follows:

  • Expanded its portfolio of innovated cannabinoid based phyto-medical companies with an investment in KannaLife Sciences. KannaLife Sciences, Inc. is a late stage bio-pharmaceutical and phyto-medical Company involved in the research and development of novel new therapeutic agents designed to reduce oxidative stress, and act as immuno-modulators and neuroprotectants.
  • KannaLife Sciences currently holds an exclusive license with National Institutes of Health – Office of Technology Transfer ("NIH-OTT") for the Commercialization of U.S. Patent 6,630,507 "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent").
  • Dixie brand received national exposure in Fortune Magazine, Boston Globe, Martha's Vinyard Times , USA Today, Fast Company, Channel 5 Boston, increasing public awareness for the company and its brands.
  • Dixie brand continued product development and captured additional market share. Currently Dixie addresses an estimated 90% of the addressable market b the number of available accounts in Colorado.
  • PhytoSPHERE Systems signed a licensing agreement with CannaVest Corp. (OTC: Canv) for the excl
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SOURCE Medical Marijuana, Inc.
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