SAN DIEGO, April 12, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC: MJNA) is pleased to announce it has acquired an 80% stake in PhytoSPHERE Systems from CannaBANK Inc. CannaBANK through its wholly owned subsidiary PhytoSPHERE Systems recently acquired from PharmaSphere, LLC the right to purchase the exclusive worldwide license for all cannabis, hemp and cannabinoid based products under terms previously announced.
"With the purchase of PhytoSPHERE Systems, this truly sets us apart and solidifies our company's future in the cannabis based compound industry. PhytoSPHERE Systems is the only organic provider of pharmaceutical grade raw ingredients for the nutraceutical, pharmaceutical and over the counter medical cannabinoids markets. We appreciate the continued support of our shareholders and look forward over the next few weeks on updating the market on several transactions related to PhytoSPHERE," stated Michael Llamas, President of Medical Marijuana Inc.
ABOUT PHARMASPHERE, LLC
PharmaSphere, LLC is a biotechnology company that utilizes the TerraSphere technology to produce high-value, plant-based biocompounds for pharmaceutical and nutraceutical markets. Using the TerraSphere System allows PharmaSphere to achieve full environmental containment and controlled growth conditions, which result in increased production and reduced per-unit costs compared to traditional production methods.
ABOUT CANNABANK INC
CannaBANK Inc. is a private equity firm specializing in the capitalization and development of hemp based businesses.
ABOUT MEDICAL MARIJUANA INC (OTC: MJNA)
Our mission is to be the world's premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate, invest in and purchase value-added sustainable companies, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, pay homage to the visionaries and activists of the past and present, and provide the platform from which the industry can emerge into a global sustainable economy for all. Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
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), products and statements are not intended to diagnose, treat, cure, or prevent any disease
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SOURCE Medical Marijuana Inc.