SAN DIEGO, Nov. 2, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC: MJNA), the leading hemp industry innovator, announces that its Portfolio of Companies are well positioned independent of the final results in the November 6 decisions in Colorado and Washington to legalize recreational marijuana for adults 21 and over, as well as, the Pending Decision in the Ninth District Court of Appeals.
MJNA continues to focus its company's growth on its strong market position as provided first and foremost by its PhytoSPHERE Systems, LLC providing production of high grade hemp oil with the harvesting of 1,000 acres of Hemp from its microclimate fields throughout Europe starting this month. These high value hemp oils will allow the company to continue to build upon its family of revolutionary Hemp Oil wellness products. The Hemp Industries Association (HIA) estimates that the total value of annual sales of all hemp products in the U.S. is estimated to be approximately $452 million.
In Colorado, Amendment 64 will allow adults 18 and over to possess limited quantities of marijuana, buy it from state-regulated outlets and also create a recreational-marijuana retail industry, which The Aspen Times calls "a game changer..." The amendment calls for the adoption of state regulations for the recreational marijuana industry by July 1 2013 and for the Legislature to enact the excise tax and plan for its collection by Jan. 1, 2017.
According to recent surveys, Colorado and Washington's marijuana ballot measures are both winning. A recent SurveyUSA poll asked likely Colorado voters about Amendment 64 and revealed a five-point advantage in favor of the bill at 48 percent to 43 percent. In Washington, Initiative 502 was up 56-37 percent in the poll with 7 percent undecided, according to a November 1 Seattle Times story. If passed, 502 would license and regulate marijuana production, distribution and possession for people 21 and over. It would also remove state criminal and civil penalties for limited possession of marijuana, impose an excise tax on marijuana sales and earmark some revenue for substance abuse prevention, research and education.
As numerous sources indicate, the economic factors of passing these bills are compelling. According to the Associated Press, analysts project that tax revenue could generate somewhere between $5 million and $22 million a year in Colorado alone. Economist Christopher Stiffler at the Colorado Center on Law and Policy says the number could be as large as $60 million dollars added to state coffers by 2017.
For MJNA's Red Dice Holdings LLC and its licensee, Dixie Elixirs brand, a positive vote has the potential to increase the product's current customer base from approximately 104,000 registered patients in Colorado to in excess of one million customers in the state. If the legislation is successful in Washington, Red Dice Holdings, LLC will seek additional licensing agreements with properly authorized manufacturers in the state. This licensing could expose the Dixie brand products to hundreds of thousands of potential customers there as well. Regardless of the Colorado Amendment 64 outcome, the brand will remain positively positioned, as 60 Minutes stated on its Oct. 22 episode, as "the leading manufacturer of edibles in the industry."
As the company expands, MJNA will continue to grow its family of nationally branded Hemp products both through acquisition and in-house development. Another example is the company's CanChew Biotechnologies subsidiary, which will be launching a market test of its CanChew Gum later this month.
According to market research data compiled by SPINS, combined U.S. hemp food and body care sales grew in sampled stores by 7.3%, or $2.98 million, over the previous year ending December 26, 2011 to a total of $43.5 million. The Agricultural Marketing Resource Center points out that food and fiber uses for industrial hemp have increased over 300 percent in the past few years. Hemp is a crop that can be grown for food and non-food purposes such as body care and supplements. As a result of its numerous nutritional benefits, many new products contacting Hemp seeds and oils are flooding the marketplace.
"While we are watching the legislative initiatives in Colorado and Washington with great interest, as a company we continue to be focused on bringing our federally legal Hemp Oil Wellness products to a national market. In addition to our CanChew product line, we have significant product development underway to take advantage of what we believe is a revolutionary and high growth market opportunity," says Ted Caligiuri, President and CEO of MJNA.
About Medical Marijuana, Inc.
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.
Medical Marijuana Inc. does not grow, sell or distribute any substances that violate United States Law or the controlled substance act.
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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.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration (FDA). These products and statements are not intended to diagnose, treat, cure, or prevent any disease.
Investor Relations Contact:
Stuart T. Smith
SOURCE Medical Marijuana, Inc.