SAN DIEGO, Feb. 8, 2013 -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today announced the release of its audited fourth quarter financial statements. The Company earned net income of approximately $3.2 million on record gross revenues of $5.2 million for the quarter ended December 31, 2012. This represents a gross revenue increase of over 1100 percent quarter-over-quarter when compared to revenue of $430,140 for the quarter ended December 31, 2011. Additionally, confirming the strong growth of the Company's core business, revenue increased approximately $2.2 million and net income rose by over $2.0 million when compared to the most recent third quarter 2012. Revenues for 2012 totaled $12.38 million and net income was $7.1 million.
As previously announced, the Company retained the accounting firm of Anthony W. Imbimbo & Associates to perform the audit of its financial accounting records. Imbimbo & Associates focused initially on auditing the fourth quarter results to meet the filing deadline of February 15, 2013. With that completed, the firm will turn its attention to auditing each prior quarter to obtain a full 24 months of audited financial statements.
In addition to the Operational Highlights previously announced on January 22, 2012, the Company has realized a variety of significant milestones which are described in the audit report, as well as detailed below:
-Sold its high concentrate Hemp CBD oil for approximately $35 million, receiving its first installment payment of $4,500,000. The Company will continue to receive installment payments though-out 2013.
-Canipa Holdings, the 80% owned European subsidiary received approval to sell hemp oil and hemp based medicinal products in Romania (Not for sale in the US).
- The Company received an opinion letter from counsel stating that it is legal to import, export and sell hemp products in the United States while using the word "cannabidiol" in its name, labeling and marketing materials.
- CanChew Biotechnologies, the 50% owned subsidiary, received 47,000,000 shares of the Company's common stock to self- fund and secure the clinical development and trials in 2013 for European FDA equivalent medical drug approval.
- The Company has finalized and made its first installment payment for the acquisition of a New York based biotechnology company that has been assigned the National Institute of Health's' (NIH) patent on the therapeutic use of cannabinoids.
- The Company has completed and submitted all documentation necessary for a market tier up listing (OTC).
- Finally, the Company and its counsel have submitted all required documentation and legal opinion letters for the removal of the Depository Trust Corporation (DTC) imposed "chill".
"2012 was an exciting and challenging year for the Company. We are especially pleased to be able to meet our earlier commitment of providing our shareholders audited financials and positioning the Company for eventual uplisting." said Michelle Sides , Chairman of Medical Marijuana, Inc. Sides went on to say, "The strength of our financial results along with the impressive achievements described above should give new and existing shareholders confidence that MJNA will be a dominant player in this fast growing industry."
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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.
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. For more information, please visit the company's website at: www.MedicalMarijuanaInc.com.
INVESTOR RELATIONS CONTACT :STUART T. SMITHSMALLCAPVOICE.COM, INC.P. 512-267-2430F. 512-267-2530SKYPE: SMALLCAPVOICE.COMAIM: SMALLCAPVOICE7
SOURCE Medical Marijuana, Inc.