Medical Marijuana, Inc. Signs Agreement with Salvation Botanicals, Ltd. to Bring Company's Expertise to Canada
SAN DIEGO, Sept. 12, 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 contract with Canadian extraction and formulation company Salvation Botanicals, Ltd. ("Salvation") to manufacture products in Canada.
According to a recent report by Deloitte, Canadians are expected to spend up to $7 billion on cannabis products in 2019, exceeding Canadian liquor sales projected to be $5 billion. Deloitte also projects that overall cannabis consumption is set to increase by up to 35 percent.
"We're thrilled to sign this agreement and bring our expertise into the Canadian market, especially with a respected partner such as Salvation Botanicals," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "The Canadian cannabis market is projected to skyrocket over the next year and we are looking forward to providing the Canadian market with the best products available."
Medical Marijuana, Inc. produces industry-leading cannabidiol (CBD) brands including Real Scientific Hemp Oil™ (RSHO™), Dixie Botanicals® and Cannabis Beauty Defined®. With this latest entry into the Canadian market, Medical Marijuana, Inc. through Salvation Botanicals will be introducing several new THC-based products in Canada as well, utilizing the entire cannabis plant and its many beneficial cannabinoids, something the company is excited about and a new first for the company.
"We are delighted to celebrate this new international opportunity and be at the forefront of Canada's new recreational market," said Medical Marijuana, Inc. Director of Canadian Operations Kenneth Smith. "Salvation Botanicals is a highly reputable company in Canada and we believe that together we can become leaders in cannabis education during this time of historic transition."
Salvation Botanicals 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. The Company operates a fully Licensed Analytics Laboratory to test cannabis and derivative products for LP's, ACMPR Growers and Canadian Cannabis Patients. Salvation holds a Narcotics Dealer's license as well as hemp import/export license from Health Canada.
"Recognizing the commitment that Medical Marijuana, Inc. has to our shared goals, we have the opportunity to produce innovative cannabis-based products, including CBD that will positively impact the Canadian market," said Salvation Botanicals CEO Cliff Wiltshire. "The alignment of Salvation Botanicals and Medical Marijuana Inc. in the cannabis industry will provide a real win for consumers."
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.
SOURCE Medical Marijuana, Inc.
Company Codes: OTC-PINK:MJNA