SAN DIEGO, April 24, 2012 /PRNewswire/ -- Medical Marijuana Inc (OTC: MJNA) is pleased to announce its wholly owned subsidiary Wellness Managed Services has signed an additional management contract which is expected to increase annual revenue by $1,700,000. The company's 4th quarter revenue increased in excess of 100% over the prior quarter from $198,812.60 to $430,139.36. Since new management has been in place at the close of the first quarter 2011, to the close of the fourth quarter 2011, company revenue had increased an accumulative 3941%, and quarter over quarter since the first quarter 2011 have had a compounded quarterly increase of 101%. With the execution of this additional management contract and its accompanying $1,700,000 in additional revenue this will keep that compounded quarterly increase on track. Wellness Managed Services, which engages in the management and development of Health and Wellness facilities throughout North America, has actively been acquiring and developing its services since the end of the 4th quarter 2011 and is in negotiations for several additional facilities in Canada, California, Colorado and Arizona.
With the close of this additional managed service contract we can now start integrating our full portfolio of products and services such as:
Dixie Elixirs Brad Products
"We are not just getting our feet grounded in our business plans and our growth has been exceptional. With the closing of additional management contracts, the added revenue increases and shell space for additional production branding and distribution, these contracts not only provide the increase in revenue but also a platform to launch our additional products, services and technology, to captive audience who is in need for them. I look forward to updating our shareholders on our pending transactions and would like to thank them for their continued support and our team for their exceptional performance and dedication. 2012 has started off on the right foot, we expect to post our 1st quarter results for 2012 no later than the 15th of May." stated Michael Llamas President, Medical Marijuana Inc.
ABOUT MEDICAL MARIJUANA INC
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.
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SOURCE Medical Marijuana Inc.