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MediPharm Labs Reports Second Quarter 2020 Results, Strong Progress With International Expansion

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BARRIE, Ontario, Aug. 13, 2020 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced its financial results for the three and six months ended June 30, 2020.

“The first half of 2020 was a transformative period in which we substantially strengthened our balance sheet and liquidity, secured new international customer supply agreements and delivered material, sequential improvements in key financial and operating metrics,” said Pat McCutcheon, CEO, MediPharm Labs. “Our strategy to manufacture multiple products for multiple customers in multiple jurisdictions is on track. We are very encouraged with the pace of MediPharm Labs’ transformation from a domestic to a global company.”

“Q2 featured a 25% improvement in revenue and a strong recovery in gross profit and margin from Q1 – without a meaningful change in Canadian recreational cannabis market conditions,” said McCutcheon. “This improvement was achieved on the back of a solid increase in product deliveries, expansion of our vapes and oils SKUs, the launch of our own CBD brands and tight spending controls. At the same time, we accelerated our international growth strategy – successfully commercializing our Australian operations, increasing our total addressable market, winning contracts with customers in growing European and Asia Pacific markets, and developing exciting sales prospects with large pharma and CPG companies.”

Q2 FINANCIAL AND OPERATIONAL SUMMARY

  • Cash and equivalents balance at June 30, 2020, was $27.9 million. On June 8, 2020, the Company successfully completed a private placement for aggregate gross proceeds of $37.8 million with 50% of such amounts closing into escrow. Subsequent to quarter end, on August 6, 2020, the remaining 50% of the gross proceeds, net of certain fees, was released from escrow to further strengthen the Company’s liquidity.
  • Revenue was $13.9 million, a 25% increase over Q1 2020, due to higher volume of bulk concentrates sold and growing shipments of formulated finished products to provincial distributors throughout Canada.
  • Finished formulated product shipments grew to comprise 16% of Q2 2020 revenue, up from 13% in the Q1 2020 and nil in Q4 2019.
  • Gross profit was $2.2 million and gross margin was 16%, compared to ($10.9 million) in Q1 2020 primarily due to an inventory write down in Q1 2020.
  • Net loss before tax was $3.8 million, compared to a net loss of $22 million in Q1 2020, despite reduced average selling prices for bulk concentrates.
  • Adjusted EBITDA1 was ($2.2 million), a 66% improvement over Q1 2020 as a result of an increase in revenue and decrease in headcount and ERP implementation expenses.
  Three months ended
  June 30,
2020
  March 31,
2020
December 31,
2019
September 30,
2019
June 30,
2019
             
Revenue 13,918   11,089   32,444   43,386   31,472  
Gross profit 2,212   (10,882)   9,987   14,754   11,311  
Gross margin % 16%   (98%)   31%   34%   36%  
Net (loss)/income before tax (3,775)   (22,029)   (2,401)   5,395   4,083  
Adjusted EBITDA (1) (2,180)   (5,657)   2,661   10,066   7,700  
Adjusted EBITDA margin % (16%)   (51%)   8%   23%   24%  
             

1 See Non-IFRS Measures section of this news release

BUSINESS AND STRATEGIC HIGHLIGHTS FOR THE FIRST SIX MONTHS OF 2020

MediPharm Labs is creating footholds in medical, wellness and adult-use markets around the world. The Company has remained steadfastly committed to its goal of becoming a leading global manufacturer of pharma-quality cannabis active pharmaceutical ingredients (API) and formulated products for pharmaceutical, consumer-packaged goods (CPG) and direct to consumer brands.  To achieve this, the Company has focused on its strategic priorities:

  • Multiple-Jurisdictions: Building global strength by legally operating in multiple jurisdictions leveraging its asset-light GMP platform to maintain its competitive advantage
  • Multiple-Products: Transforming from a domestic to global CMO offering multiple products by providing end-to-end development, production and distribution of bulk API’s and finished products to capture greater share of the value chain
  • Multiple Customers: Broadening a global customer base to meet increased demand in global medical, wellness and adult-use channels
  • Strengthening capabilities and innovation through maintaining its GMP Certifications, expanding R&D Laboratory and establishing a portfolio of Clinical Trials
  • Corporate governance strengthened with new independent board members

During the second quarter, MediPharm Labs made strong progress against its strategic priorities as highlighted below:

Building Global Strength (multiple jurisdictions)

  • Successfully commercialized MediPharm Labs Australia Pty. Ltd. (“MediPharm Labs Australia”) in June 2020 with first revenue generated of approximately $625,000.
  • MediPharm Labs Australia entered into 12 customer agreements since January 1, 2020 to supply products in Australia, New Zealand, Germany, UK and Denmark (see examples below).
  • Expanded sales pipeline of new prospective customers in Asia Pacific and Latin America and entered advance supply partnership negotiations with a leading pharmaceutical company.

Transforming from a Domestic to Global CMO (multiple products)

  • Broadened product categories (including bulk API, formulated CBD and THC tincture bottles, sublingual sprays, vaporizer cartridges, integrated disposable vape pens, and lotions, creams and gel topicals) for medical, wellness and adult-use segments.
  • A fourfold increase in Stock Keeping Units (SKUs) to 60 in Q2 from Q1 2020 with many new SKUs in development in Q3.
  • Completed large shipment of bulk API and 35,000 units of finished formulated products to MediPharm Labs Australia to meet demand for GMP supply in Australia
  • Established a 99%+ CBD Isolate process with first commercial sales in process.
  • Expanded range of vape products with unique botanically derived terpene flavour profiles.
  • Launched MediPharm Labs own branded line of CBD products and increased breadth of offerings to fill a demand gap in the marketplace for high quality and high potency products.
  • Introduced uniquely formulated, high-potency oils for medical and adult use as part of ongoing expansion of its pharma-quality product portfolio. Available nationally at Medical Cannabis by Shoppers™ and to select cannabis retailers and distributors in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.

    ° MediPharm Labs CBD25 Regular Formula, formulated with high purity and value pricing
    ° MediPharm Labs CBD50 Plus Formula, high potency formula
    ° MediPharm Labs CBD25:5 Release Formula, a high-CBD, low-THC regular strength formulated cannabis oil

Broadening Global Customer Base (multiple customers)

  • Secured first European white-label agreement with specialist pharmaceutical company Therismos Limited (Cannaray) to supply a range of cannabis oil products meeting high-quality standards.
  • Agreed to supply pharmaceutical-quality, white-label, cannabis oil products to New Zealand’s Helius Therapeutics Limited, a biotechnology company.
  • Agreed to supply white-label, cannabis oil products to Cannasouth Plant Research New Zealand Limited.
  • Agreed to supply white label pharmaceutical-quality cannabis oil products to Burleigh Heads Cannabis Pty Ltd., an Australian wholesaler to medical patients and pharmacies across Australia via the online CanView marketplace.
  • Agreed to supply formulated cannabis oil products to Beacon Medical Australia Pty. Ltd., a subsidiary of VIVO Cannabis Inc. First shipments completed in Q2.
  • Signed a multi-faceted strategic manufacturing agreement with biopharmaceutical company Avicanna Inc. that will leverage MediPharm Labs specialized contract manufacturing capabilities to produce Rho Phyto™ medical cannabis products under license for commercial sales through Medical Cannabis by Shoppers™ and Pura Earth™ Health & Wellness line for adult-use channels.
  • Introduced the highly anticipated Ace Valley Vapes to consumers and shipped 3 SKUs to several markets across Canada as previously announced under a white-label agreement with AV Cannabis Inc.
  • Formed a supply arrangement with Argentia Gold Corporation to bring premium cannabis-infused products to leading retailers in Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick. Shipped first products in Q2.
  • Commenced filling and packaging services for COVE™ and Spinach™ adult-used brands under a multi-year manufacturing agreement with Cronos Group Inc.

Strengthening Capabilities and Innovation

  • Achieved Therapeutic Goods Administration (“TGA”) GMP certification of and secured a Licence to Manufacture Therapeutic Goods for MediPharm Labs Australia to create a global pharmaceutical-quality supply chain qualified to serve new emerging medical markets internationally.
  • Implemented SAP ERP systems at MediPharm Labs’ flagship Canadian facility improving demand planning, procurement efficiencies and to meet qualification requirements set out by large pharmaceutical and consumer packaged goods companies.
  • Completed construction of upgraded Quality Control Laboratory for in-house testing of input materials, Work-in-Process and Finished Goods; and completed construction of a dedicated R&D Laboratory in Barrie, Ontario facility to accelerate process optimizations, product innovations and advance medical cannabis science.
  • Products were selected by University Health Network and Medical Cannabis by Shoppers to participate in ground-breaking study of blockchain technology to track medical cannabis products from seed to sale.

Corporate Governance and Board Independence

  • Appointed former Nestlé Canada President and CEO, Shelley Martin, former President of Janssen Inc., Chris Halyk, and Chief Operating Officer of BMO Capital Markets, Chris Taves, to Board of Directors strengthening governance and independence.
  • Marufur Raza resigned from the Company’s Board of Directors effective August 12, 2020. He has been replaced as Chair of the Company’s audit committee by Chris Taves.

LOOKING AHEAD

The Company is in the early stages of substantially increasing its addressable global market based on its ability to serve customers from its multi-jurisdictional, GMP-certified and fully licensed manufacturing footprint. While COVID-19 and the slow development of the retail marketplace in Canada makes it difficult to forecast near-term performance, the Company is confident that the maturation of its international growth strategy, diversification of its customer base and increased emphasis on the creation and distribution of finished formulated products for medical and wellness segments will lead to long-term growth and value creation.

To maximize its competitive advantages, and ensure its international transformation continues to gain momentum, the Company will execute on the following near-term priorities:

Diversifying and igniting growth by:

  • Developing quality earnings from a wide spectrum of international cannabis markets including medicinal, recreational and wellness with emphasis on Europe, Asia-Pacific and South America.
  • Increasing the breadth (number of product formats) and depth (SKUs per product format) of its finished formulated product capabilities so that it can drive sales throughout the Canadian and Australian domestic channels and into other international markets.
  • Pursuing European GMP certification.
  • Delivering high-quality consumer packaged products under white label agreements with leading LPs, biopharmaceutical and consumer products companies.
  • Commercializing the isolation and fractionation of specific cannabinoids previously achieved at R&D scale.
  • Broadening medicinal and wellness applications by entering into clinical trials.
  • Further broadening its in-house branded product portfolio and capturing consumer market share with new branded products.

Maintaining liquidity and financial strength by:

  • Capitalizing on the value of the Company’s international supply chain (including procurement sources) and build out of its multi-jurisdictional manufacturing capability to realize cost and production efficiencies.
  • Closely managing all expenses through a continuation of cost containment measures implemented in Q1 and Q2.
  • Realizing the value of substantial capital investments made over the past three years while deploying new capital judiciously.

The Company’s consolidated financial statements and management’s discussion and analysis for the three and six months ended June 30, 2020 are available on SEDAR and on www.medipharmlabs.com.

Q2 2020 CONFERENCE CALL AND WEBCAST

The Company will host a conference call and audio webcast on Thursday, August 13, 2020 at 8:30 a.m. eastern time to discuss its results and outlook.

Participants are asked to dial in approximately 10 minutes before the start of the call using one of the following numbers: Toll-free: 1-833-502-0471; International: +1 2367142179.

An audio webcast will be available in the Events section of the MediPharm Labs’ Investor Relations website https://ir.medipharmlabs.com/news-events or by visiting the following link: https://event.on24.com/wcc/r/2396284/F4C00F984F456423A382BAA28AAD1997

Conference Call Webcast Replay

A replay will be available approximately one hour after the call ends by dialing: Toll-free: 1-800-585-8367; International or (416) 621-4642. Conference ID: 7466989.

NON-IFRS MEASURES

Adjusted EBITDA is not a recognized performance measure under IFRS, does not have a standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is included as a supplemental disclosure because Management believes that such measurement provides a better assessment of the Company’s operations on a continuing basis by eliminating certain non-cash charges and charges or gains that are nonrecurring. Adjusted EBITDA is defined as net loss excluding interest, taxes, depreciation and amortization, share-based compensation, non-cash, non-recurring expense and one-time inventory write downs. Adjusted EBITDA has limitations as an analytical tool as it does not include depreciation and amortization expense, interest income and expense, taxes, share-based compensation and transaction fees. Because of these limitations, Adjusted EBITDA should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results as reported under IFRS. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is operating income (loss). The above is a reconciliation of the Company’s operating loss to Adjusted EBITDA. See “Reconciliation of non-IFRS measures” in the Company’s Management’s Discussion and Analysis for the period ended June 30, 2020 for additional information.

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and fully commercialized its Australian extraction facility increasing the Company’s total addressable markets outside of Canada. MediPharm Labs Australia was established in 2017.

For further information, please contact:
Laura Lepore, VP, Investor Relations and Communications
Telephone: 416-913-7425 ext. 1525
Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

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Christina Lake Announces Commencement of Trading on the CSE

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VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”), a premier producer of high-quality, low-cost, sun-grown cannabis flower, oil cannabinoids, as well as hemp-based extracts and derivatives, serving domestic and international markets, is pleased to announce that its common shares will begin trading on the Canadian Securities Exchange (“CSE”) at 9:30 am EDT on Thursday October 1, 2020 under the ticker symbol “CLC”.

In October 2018, CLC began its roadmap to becoming one of the largest firms in the country for outdoor cannabis cultivation and extraction by purchasing a cultivation building and fully-serviced 32-acre site in the Christina Lake region of British Columbia. CLC received approval for a standard cultivation license from Health Canada in early 2019, with a research and development license granted in the beginning of 2020. In summer 2020 the Company began harvesting more than 22,500 plants of eight unique cannabis strains, which is expected to yield a minimum of 22,500 kg/49,500 lb. With over 30 full-time staff members and seasonal workers, CLC is also the largest employer in its region. To date, the Company’s successive investment rounds have raised a total of approximately CAD $16,000,000, which enables CLC to maintain a reserve of funds for ongoing operations.

Nicco Dehaan, a founder of the Company and its Chief Operating Officer commented, “Having been part of CLC from the beginning, I am very proud of the progress made since 2018 for both the Company and the cannabis industry in general. We were very confident in the amount of growth potential this industry had, and we knew Christina Lake would be the perfect region in which to conduct outdoor growing of cannabis. As with any regulated industry, there were many hoops to jump through in order to obtain license approvals and build out a compliant operating structure. Further, applying to have CLC’s equity traded on a public stock exchange introduces a whole other set of requirements to meet and satisfy on an ongoing basis. Between obtaining our licensed producer status from Health Canada, hiring on full-time personnel for several key professional roles, and beginning to harvest our first crop for the 2020 growing season, receiving approval for trading on the CSE is an excellent addition to our momentum as we prepare to bring our first crop to market. We look forward to a productive Q4 2020, with very exciting developments to be had in 2021 and beyond.”

About Christina Lake Cannabis Corp.

Christina Lake Cannabis Corp is a Licensed Producer of cannabis under the Cannabis Act which also received a Research and Development License from Health Canada on May 20, 2020. CLC’s facility is comprised of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, as well as research facilities, and a facility dedicated to processing and extraction. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and expects to produce 22,500 kg or more from its 32-acre facility before developing its adjacent 99-acre expansion property, which will bring its cultivation footprint to over 4.35 million square feet or over 88,000 kg of low-cost, high-quality, sun-grown cannabis annually.

For more information about CLC, please visit: www.clcannabis.com

On behalf of Christina Lake Cannabis Corp.:

“Joel Dumaresq”

Joel Dumaresq, CEO and Director

Jamie Frawley
Investor Relations
jamie@clcannabis.com
416-268-9432

Robyn Rabinovich
Media Inquiries
robyn.rabinovich@hkstrategies.ca
416-413-4775

Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.

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Greene Concepts’ Subsidiary, Water Club, Signs Joint Venture Deal with New World Health and Wellness to Market New Hemp Line Products to 300 Million Amazon Customers

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Marion, North Carolina–(Newsfile Corp. – September 29, 2020) – Greene Concepts Inc. (OTC Pink: INKW) is pleased to announce it has finalized and signed a joint venture agreement between its’ wholly owned subsidiary the Water Club and New World Health and Wellness whereby New World Health and Wellness will produce a new line of hemp-based products for the Water Club. These new products are aptly named “Be Hemp” and Greene Concepts will sell these to the 300 Million Amazon Customers through its Water Club subsidiary.

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BE HEMP

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As announced in the May 22, 2020 press release, the Water Club is Greene Concepts’ wholly owned subsidiary and is a subscription service for multiple products so consumers may directly order and receive these goods at their chosen location. The manufacturer New World Health and Wellness, a Washington-based manufacturer, is a brick and mortar retailor and online distributor of hemp-based wellness products having previously established an alliance with Greene Concepts this past June (see June 9, 2020 press release).

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NWH & Wellness

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David Day, CEO of New World Health and Wellness shares, “We are happy and excited about this joint venture with Greene Concepts and by creating a product line for them that connects to their new Amazon.com strategy. The Water Club will have customers who may directly purchase or subscribe to the recurring purchase of their new hemp-based line “Be Hemp”. Our goods, made out of the purest natural hemp, help the masses with numerous physical ailments to include chronic pain, stress, inflammation, anxiety, sleep and heart health and are legalized for distribution throughout the country in all 50 states. We are excited to partner with Greene Concepts in this manner, I believe this initiative coupled with the recently announced Amazon deal will greatly increase Greene Concepts’ revenues and price per share.”

Mr. Day continues, “The Greene Concepts Water Club exponentially increases our footprint in the Hemp industry as we offer healthy solutions for people and pets (from our canine Hemp line). One of my prized vendors, Stay Cool, is also participating in the Water Club and will offer Kava and Hemp beverage lines to present healthy alternatives to the public. Our products, derived from the purest natural Hemp, are developed with a centric based focus on assisting the body’s own natural healing properties. I am personally committed to the Water Club’s success.”

Lenny Greene, CEO of Greene Concepts states, “Our new Amazon.com strategy is offering 300 million Amazon customers “Be-Hemp” products in addition to our “BE Water” artesian water line. We have on the drawing board and plan on partnering with New World Health and Wellness to develop multiple consumer products. We are extremely pleased to announce these new products available under the Greene Concepts product line and thank New World Health and Wellness for producing them for us. Each of our customers can purchase these new products and have complete confidence that the ingredients are natural, tested and highly beneficial. The creams and roll-on provide fast-acting relief to skin, joints, bones and muscles plus they have a refreshing scent. The results thus far have been outstanding and we anticipate fast-paced sales and revenue growth through our association with Amazon.com as more and more consumers become aware of the superb health benefits offered with the new “Be Hemp” line of products.”

Lenny Greene, CEO of Greene Concepts continues, “According to Grandview Research, the global Hemp market was valued at USD 4.6 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 22.2% from 2019 to 2025. The demand for Hemp Products for medical and wellness purposes is high due to its healing properties, which is the key factor driving the growth of the market.” (see here).

About New World Health and Wellness

Founded by David and Julie Day, the New World Health and Wellness CBD retail store opened its doors in 2019 as the only Hemp retailor in the Marysville, WA area near Seattle. The store offers numerous Hemp whole-body wellness products to include pain relief, oils and tinctures, pet care, edibles, and skin care. With a company goal of educating the community on the healing properties of Hemp to help others achieve better health, New World Health and Wellness develops brands to better enable and strengthen both the mind and body.

https://newworldhealthandwellness.com/

About Amazon

Amazon is a titan of e-commerce and is the go-to site for online shoppers and merchants alike. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit https://www.aboutamazon.com/ and follow @AmazonNews. (Source: https://ir.aboutamazon.com/overview/default.aspx).

About Greene Concepts, Inc., Mammoth Ventures, Inc. and Water Club, Inc.:

Greene Concepts, Inc. (http://www.greeneconcepts.com) is a publicly traded company. Through its recently acquired wholly owned subsidiary, Mammoth Ventures Inc., the Company has entered the specialty beverage and bottling business and is an emerging leader in the global scientifically formulated beverage industry. Through its subsidiary Water Club, Inc. we intend to pursue subscription-based delivery of water and scientifically formulated beverages directly to the consumers home and market the convenience of this service thru social media affiliate marketing partners.

Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company’s current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Greene Concepts, Inc.

Investor Relations
info@inkway.com

Lenny Greene
lenny@greeneconcepts.com
559-434-1000

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64844

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Medical Marijuana, Inc. Becomes First Company to Reach Two-Year Milestone in High-Level CBD Hemp Oil Stability Study

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SAN DIEGO, Sept. 29, 2020 (GLOBE NEWSWIRE) — via NewMediaWireMedical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that the Company has reached a two-year milestone for long-term stability testing on its flagship THC-free cannabidiol (CBD) oil product Real Scientific Hemp Oil-X™ (RSHO-X™). The stability study was conducted in strict compliance with FDA/ICH guidelines (Q1A-R2).

The study was outsourced to one of the most qualified cGLP/cGMP compliant Contract Research Organizations (CROs) with ISO 17025 accreditation and certification.

“As a Company of Firsts, we are excited to announce that we now have the first CBD hemp oil product on the market to have a proven two-year shelf life. This is the gold standard within the industry for shelf life and, just like many of the testing benchmarks and methods that we have developed for the industry, we believe that other CBD companies will begin testing their products for a similar stability standard and together we will further legitimize the CBD industry,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We will continue to look for new and innovative ways to prove our products’ safety and efficacy.”

The stability study tested several samples of RSHO-X™ CBD oil, which was also exposed to various environmental conditions and temperatures that may be experienced in various locations throughout the world. The samples, which were tested for appearance, odor, specific gravity, viscosity, package compatibility, and complete microbial characteristics, showcased that the product is stable at the end of a two-year time period and has identical CBD concentrations to what existed at the beginning of the study.

Also, the study was performed using fully validated, proprietary analytical UPLC-PDA and LC-MS/MS methods reflecting the specificity and selectivity toward RSHO-X™, including data elements and parameters such as accuracy, precision, repeatability, ruggedness, system suitability, linearity, specificity, dilution integrity, and dynamic range.

The test results showed no change (no more than 5%) in the CBD content and other specifications that were observed and the container closure system was faultless at both long-term and accelerated test conditions. The product also tested negative for any harmful microbes or toxins and the positive 24-month, long-term stability test results suggest that RSHO-X™ is a stable formulation and example for the industry.

About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company’s flagship product Real Scientific Hemp Oil has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.

Medical Marijuana, Inc.’s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.’s corporate video, click here.

Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.’s shop.

FORWARD-LOOKING DISCLAIMER
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. This product is not intended to diagnose, treat, cure, or prevent any disease.

LEGAL DISCLOSURE
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.

CONTACT:
Public Relations Contact:
Andrew Hard
Chief Executive Officer
CMW Media
P. 858-264-6600
andrew.hard@cmwmedia.com
www.cmwmedia.com

Investor Relations Contact:
P. (858) 283-4016
Investors@medicalmarijuanainc.com

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