$MJNA Medical Marijuana, Inc. Reports Year End 2016 Financial Results and Operational Highlights - Product Sales by Quarter Increased 66% Q1-Q4
SAN DIEGO, May 2, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTC PINK: MJNA), the first-ever publicly traded cannabis company in the United States, today announced financial results for the quarter and year ending December 31, 2016, and provided an overview of recent operational highlights. The Company continued to show strong growth throughout the year, as 2016 revenue increased quarter over quarter by 66% from Q1 to Q4 and Net Comprehensive Income increased to $171,387,975 which is 731% higher than 2015. The company had net revenue of $8,003,943 in 2016.
"As the No. 7 investor in Medical Marijuana, Inc., I'm proud to say we are on course for a historic 2017," Medical Marijuana, Inc. CEO Dr. Stuart Titus said. "From groundbreaking research conducted on the Company's products in Latin America during 2016, to substantial market cap growth by the Company's major investments and the development of new proprietary molecules and IP by portfolio companies, shareholders have a lot to be excited about."
Titus continued, "Medical Marijuana Inc. is a holding company with diversified assets that include nutraceutical sales divisions, as well as investments in early stage pharmaceutical development companies - all in the emerging cannabinoid space. We continue to believe in the future of the botanical as well as the pharmaceutical side - the growth in the Company's net assets in the past year only furthers our belief in our long term strategies to build shareholder value."
Medical Marijuana, Inc. had a positive year of growth in 2016, both with the Company's investments and wholly owned subsidiaries, including international expansion, new patent and trademark filings, sweeping new executive team appointments, new licensing agreements, and unprecedented developments in clinical research -- both for the Company's investment companies and flagship product Real Scientific Hemp Oil™ (RSHO™).
Fourth Quarter and 2016 Highlights
During 2016, Medical Marijuana, Inc. and its investments and subsidiaries achieved the following milestones and significant events:
INVESTMENT HIGHLIGHTS
1) AXIM Biotechnologies
Medical Marijuana, Inc is a major investor in AXIM Biotechnologies (AXIM), owning 22,669,125 shares of the cannabinoid research and development biotech company. AXIM achieved significant growth and milestones in the past year including a closing share price of $8.70 as of December 31, 2016, which is an increase of 2,618% from December 31, 2015. In addition to this significant increase in value, AXIM Biotechnologies achieved the following milestones:
Received one new patent from the USPTO for its cannabinoid chewing gum, covering chewing gum as a delivery mechanism for all cannabinoids, including THC.
Filed 4 new patent applications - 62/328,467 for "chewing gum with cannabinoid and nicotine," 62/427,797 for "chewing gum with cannabinoid and gabapentin," 62/410,469 "chewing gum with opioid and cannabinoid," and 62/411,067 "suppositories comprising cannabinoid."
AXIM's intellectual property portfolio now includes 11 patent applications in various stages of approval.
AXIM now has registered 18 trademarks nationally and internationally, with 5 more trademark applications pending, all based on products formulated by AXIM.
AXIM received positive pharmacokinetic (PK) data results on its CanChew Plus® CBD Gum. AXIM also signed an LOI with a major US API company for development of dronabinol (synthetic THC)-based functional chewing gum.
AXIM signed contracts with Quay Pharma in the UK for development and manufacturing of a number of new pharmaceutical products.
The Company also completed a proof of concept study on its AX-1602, a dermatological product in patients with psoriasis and atopic dermatitis at the Maurits Clinic, The Hague, The Netherlands.
AXIM entered into clinical trials on treating irritable bowel syndrome (IBS) with the company's CanChew Plus® 50mg CBD gum at Wageningen University in the Netherlands with 40 patients.
The Company also signed a land purchase agreement for building of its R&D and manufacturing facility with the city of Almere, The Netherlands.
AXIM signed distribution contracts for CanChew Plus® and MedChew® Rx with Rafa Pharmaceuticals, for distribution in Israel.
AXIM also signed a distributorship agreement with ICC (International Cannabis Corporation, ICC.V) for distribution of its products in South America.
Medical Marijuana, Inc. is the original investor in AXIM Biotechnologies and its predecessor CanChew Biotechnologies, LLC and is very pleased to see that the Company's investment is paying off through these significant increases.
2) Kannalife Sciences
Medical Marijuana, Inc. also owns 16.7% of portfolio company Kannalife Sciences Inc., a late-stage biotechnology company involved with the pharmaceutical development of new therapeutic compounds based on cannabinoids. Kannalife has garnered a licensing agreement with the United States National Institutes of Health (NIH) for two indications: (1) Hepatic Encephalopathy (HE) and secondly for traumatic head injury, known as (2) Chronic Traumatic Encephalopathy (CTE). In addition to these licensing agreements, Kannalife Sciences achieved the following milestones in 2016:
Announcement of a patent on a new CBD-like compound named KLS-13019 which eliminates the limitations of CBD for a greater "drug-likeness."
KLS-13019 was found to be 50-fold more potent and greater than 400-fold safer than CBD and exhibited a profile consistent with improved oral bioavailability. This discovery of the body of science behind KLS-13019 was published by the American Chemical Society.
Kannalife received the first-ever DEA permit granted to a US-based company to import pharmaceutical-grade cannabidiol to continue their feasibility studies to help treat HE and CTE. The company's NIH license to research a treatment for CTE was also featured in a major article by Sports Illustrated.
Kannalife successfully produced formulations of CBD and KLS-13019 pharma-grade products to be used in clinical programs with CRO partners Catalent and Normaco respectively.
Kannalife progressed in their clinical development plan through completion of a feasibility study at Temple University for treatment of Hepatic Encephalopathy.
The Company also identified and patented 17 new novel cannabidiol-like compounds.
Medical Marijuana, Inc. expects to see significant advancements in Kannalife Science's clinical development programs in the near future heading into 2017, using Kannalife's proprietary technology and exclusive agreements with the National Institutes of Health and the DEA.
OPERATIONAL HIGHLIGHTS
Medical Marijuana, Inc. is an investment portfolio, whereas its business is to support the Company's investments and subsidiaries. Medical Marijuana, Inc. investments and subsidiaries saw a year of massive international expansion and product development in 2016.
1) HempMeds
Medical Marijuana, Inc.'s wholly owned subsidiary HempMeds is the portfolio's predominate consumer brand and saw a year of massive expansion and continued growth for its line of cannabidiol (CBD) hemp oil products. After receiving the first-ever import permit from Brazil for Real Scientific Hemp Oil™ (RSHO™) in 2014, HempMeds® accomplished the first-ever import permits for its RSHO™ and RSHO-X™ products from the federal governments of Mexico and Paraguay in 2016. In addition to these achievements, HempMeds achieved the following milestones:
SAN DIEGO, May 2, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTC PINK: MJNA), the first-ever publicly traded cannabis company in the United States, today announced financial results for the quarter and year ending December 31, 2016, and provided an overview of recent operational highlights. The Company continued to show strong growth throughout the year, as 2016 revenue increased quarter over quarter by 66% from Q1 to Q4 and Net Comprehensive Income increased to $171,387,975 which is 731% higher than 2015. The company had net revenue of $8,003,943 in 2016.
"As the No. 7 investor in Medical Marijuana, Inc., I'm proud to say we are on course for a historic 2017," Medical Marijuana, Inc. CEO Dr. Stuart Titus said. "From groundbreaking research conducted on the Company's products in Latin America during 2016, to substantial market cap growth by the Company's major investments and the development of new proprietary molecules and IP by portfolio companies, shareholders have a lot to be excited about."
Titus continued, "Medical Marijuana Inc. is a holding company with diversified assets that include nutraceutical sales divisions, as well as investments in early stage pharmaceutical development companies - all in the emerging cannabinoid space. We continue to believe in the future of the botanical as well as the pharmaceutical side - the growth in the Company's net assets in the past year only furthers our belief in our long term strategies to build shareholder value."
Medical Marijuana, Inc. had a positive year of growth in 2016, both with the Company's investments and wholly owned subsidiaries, including international expansion, new patent and trademark filings, sweeping new executive team appointments, new licensing agreements, and unprecedented developments in clinical research -- both for the Company's investment companies and flagship product Real Scientific Hemp Oil™ (RSHO™).
Fourth Quarter and 2016 Highlights
During 2016, Medical Marijuana, Inc. and its investments and subsidiaries achieved the following milestones and significant events:
INVESTMENT HIGHLIGHTS
1) AXIM Biotechnologies
Medical Marijuana, Inc is a major investor in AXIM Biotechnologies (AXIM), owning 22,669,125 shares of the cannabinoid research and development biotech company. AXIM achieved significant growth and milestones in the past year including a closing share price of $8.70 as of December 31, 2016, which is an increase of 2,618% from December 31, 2015. In addition to this significant increase in value, AXIM Biotechnologies achieved the following milestones:
Received one new patent from the USPTO for its cannabinoid chewing gum, covering chewing gum as a delivery mechanism for all cannabinoids, including THC.
Filed 4 new patent applications - 62/328,467 for "chewing gum with cannabinoid and nicotine," 62/427,797 for "chewing gum with cannabinoid and gabapentin," 62/410,469 "chewing gum with opioid and cannabinoid," and 62/411,067 "suppositories comprising cannabinoid."
AXIM's intellectual property portfolio now includes 11 patent applications in various stages of approval.
AXIM now has registered 18 trademarks nationally and internationally, with 5 more trademark applications pending, all based on products formulated by AXIM.
AXIM received positive pharmacokinetic (PK) data results on its CanChew Plus® CBD Gum. AXIM also signed an LOI with a major US API company for development of dronabinol (synthetic THC)-based functional chewing gum.
AXIM signed contracts with Quay Pharma in the UK for development and manufacturing of a number of new pharmaceutical products.
The Company also completed a proof of concept study on its AX-1602, a dermatological product in patients with psoriasis and atopic dermatitis at the Maurits Clinic, The Hague, The Netherlands.
AXIM entered into clinical trials on treating irritable bowel syndrome (IBS) with the company's CanChew Plus® 50mg CBD gum at Wageningen University in the Netherlands with 40 patients.
The Company also signed a land purchase agreement for building of its R&D and manufacturing facility with the city of Almere, The Netherlands.
AXIM signed distribution contracts for CanChew Plus® and MedChew® Rx with Rafa Pharmaceuticals, for distribution in Israel.
AXIM also signed a distributorship agreement with ICC (International Cannabis Corporation, ICC.V) for distribution of its products in South America.
Medical Marijuana, Inc. is the original investor in AXIM Biotechnologies and its predecessor CanChew Biotechnologies, LLC and is very pleased to see that the Company's investment is paying off through these significant increases.
2) Kannalife Sciences
Medical Marijuana, Inc. also owns 16.7% of portfolio company Kannalife Sciences Inc., a late-stage biotechnology company involved with the pharmaceutical development of new therapeutic compounds based on cannabinoids. Kannalife has garnered a licensing agreement with the United States National Institutes of Health (NIH) for two indications: (1) Hepatic Encephalopathy (HE) and secondly for traumatic head injury, known as (2) Chronic Traumatic Encephalopathy (CTE). In addition to these licensing agreements, Kannalife Sciences achieved the following milestones in 2016:
Announcement of a patent on a new CBD-like compound named KLS-13019 which eliminates the limitations of CBD for a greater "drug-likeness."
KLS-13019 was found to be 50-fold more potent and greater than 400-fold safer than CBD and exhibited a profile consistent with improved oral bioavailability. This discovery of the body of science behind KLS-13019 was published by the American Chemical Society.
Kannalife received the first-ever DEA permit granted to a US-based company to import pharmaceutical-grade cannabidiol to continue their feasibility studies to help treat HE and CTE. The company's NIH license to research a treatment for CTE was also featured in a major article by Sports Illustrated.
Kannalife successfully produced formulations of CBD and KLS-13019 pharma-grade products to be used in clinical programs with CRO partners Catalent and Normaco respectively.
Kannalife progressed in their clinical development plan through completion of a feasibility study at Temple University for treatment of Hepatic Encephalopathy.
The Company also identified and patented 17 new novel cannabidiol-like compounds.
Medical Marijuana, Inc. expects to see significant advancements in Kannalife Science's clinical development programs in the near future heading into 2017, using Kannalife's proprietary technology and exclusive agreements with the National Institutes of Health and the DEA.
OPERATIONAL HIGHLIGHTS
Medical Marijuana, Inc. is an investment portfolio, whereas its business is to support the Company's investments and subsidiaries. Medical Marijuana, Inc. investments and subsidiaries saw a year of massive international expansion and product development in 2016.
1) HempMeds
Medical Marijuana, Inc.'s wholly owned subsidiary HempMeds is the portfolio's predominate consumer brand and saw a year of massive expansion and continued growth for its line of cannabidiol (CBD) hemp oil products. After receiving the first-ever import permit from Brazil for Real Scientific Hemp Oil™ (RSHO™) in 2014, HempMeds® accomplished the first-ever import permits for its RSHO™ and RSHO-X™ products from the federal governments of Mexico and Paraguay in 2016. In addition to these achievements, HempMeds achieved the following milestones:
