SAN DIEGO, July 19, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading hemp industry innovator, is pleased to update its shareholders on the status of its portfolio company, Wellness Managed Services (WMS).
Wellness Managed Services engages in the management, capitalization and development of Health and Wellness facilities, Medical Clinics and Cooperatives throughout North America.
Our Mission is to provide a comprehensive array of clinically designed Health and Wellness products and services which will be attractive to patients while meeting the demands of providing an efficient and profitable business model. We will constantly strive to provide our member facilities and their patients with the latest in quality products and support services, targeted to the specific needs of the Health and Wellness community.
Since the end of the 4th quarter 2011, Wellness Managed Services has actively been acquiring facilities and developing its portfolio of services. With the execution of the large contract announced on April 24th, 2012, Wellness Managed Services will begin to integrate the MJNA Portfolio of products and services into the various facilities in the WMS system. Click here to view the announcement: Press Release
The products and services offered to our facility partners will include:
- Dixie Elixir Branded Products
- HempMeds Rx Products, including CanChew gum
- PhytoSPHERE Systems
- Integrated seed to sale tracking solution for all products.
- Security, taxation, inventory control and management.
- Branding, marketing and product integration.
WMS is currently in negotiations for several additional facilities in Canada, California, Colorado and Arizona and will continue efforts for further expansion throughout the US and internationally during 2012.
2nd Quarter, 2012 Accomplishments
Wellness Managed Services signed a major facility management contract, as announced April 24, 2012, which is forecasted to produce $1.7 million in annual revenue
MJNA and the Wellness Managed Services division began negotiations to acquire a chain of 12 US based health and wellness facilities. These facilities will represent significant patient services and product sales opportunities. We expect these negotiations to be successfully completed in Q3, 2012.
WMS also began negotiations for the management of one of the largest cannabis education and advocacy groups in the world with a membership of nearly 180,000 Doctors and Nurses. Once concluded, this will provide a significant platform to introduce our Hemp-based, CBD-infused products to these influential medical professionals. This opportunity will give us an advantage in obtaining professional product reviews, help us with our clinical development efforts and ultimately promote increased retail sales to patients. We expect these negotiations to be successfully completed in early Q3, 2012.
Finally, WMS also began negotiations for the management of a chain of Canadian Health and Wellness facilities that are covered by Health Canada and the Canadian Health Care System. It is anticipated that all of the facilities will carry the full line of MJNA portfolio company products and that some of the specific HempMeds Rx products may be covered under Canadian medical insurance. We expect these negotiations to be successfully completed later in 2012.
RECENT MJNA PRESS RE: WELLNESS MANAGED SERVICES
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.
For more information, please visit the company's website at: www.MedicalMarijuanaInc.com.
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.
Investor Relations Contact:
Stuart T. Smith
SOURCE Medical Marijuana, Inc.