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Medical Marijuana, Inc. Reports 2020 Second Quarter Financial and Operational Results; Reports Net Income of $9.7 Million

GlobeNewswire

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SAN DIEGO, CA, Aug. 25, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE ‒ Medical 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 financial results for the quarter ending June 30, 2020, and provided an overview of recent operational highlights.

Second Quarter 2020 Financial and Operational Highlights 

  • Generated $10.9 million in net revenue in second quarter of 2020;
  • GAAP Net Income was $9.7 million, as compared to a loss of $15 million for the same period in 2019;
  • Gross profit for the period ending June 30, 2020, was $8.7 million;
  • Gross Margins improved for the period, from 74.3% in the second quarter of 2019 to 79.7% in the second quarter of 2020;
  • GAAP Sales and Marketing expense decreased as a percentage of sales from 52.6% in the second quarter of 2019 to 51.9% in the same period in 2020;
  • Portfolio investment company Kannalife, Inc. was issued a Notice of Allowance from the United States Patent and Trademark Office (USPTO) on its trademark application for its patented monotherapeutic compound, “Atopidine”;
  • Subsidiary Kannaway® promoted Chief Marketing Officer Stephen Jones to President;
  • Blake Schroeder, CEO of the Company’s subsidiary Kannaway®, was honored as the Top CEO of the Year by the International Association of Top Professionals;
  • Subsidiary HempMeds® named Caroline Heinz and Raul Elizalde as co-CEOs;
  • Subsidiary Kannaway® launched the first-ever cannabidiol (CBD) fitness program, Evolve, in partnership with certified nutrition coach and Kannaway® spokesperson Dan Miller;
  • The Company and its subsidiaries received five prestigious Stevie® Awards in the 18th Annual American Business Awards®, including the Gold Stevie® Award winner for Company of the Year – Food & Beverage – Small for Medical Marijuana, Inc.;
  • Investment company AXIM® Biotechnologies, Inc. filed a utility patent application relating to a novel biomarker for the detection of cancer in blood serum and urine;
  • Subsidiary HempMeds® hired Vince DiMella as its U.S. Director of Sales and Marketing

“As the world navigates the financial and logistical burden of the COVID-19 pandemic,  our portfolio of companies has continued to not only operate, but innovate, adapt and expand,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Our sales organizations have shifted focus to online sales and virtual events that are experiencing tremendous participation. Our international operations continue to experience growth in distribution, while we push for further acceptance of CBD products in Europe and neighboring countries, where we have a significant presence. Our investment companies AXIM Biotechnologies, Inc. and Kannalife, Inc. have made many noteworthy breakthroughs during the second quarter of this year and we are excited to continue to support them in their scientific missions. Our executive leadership team continues to evolve with the additions and promotions of world-class talent at our home office. All in all, I remain extremely optimistic about the future of Medical Marijuana, Inc.’s portfolio of companies and our positioning in the global cannabis industry.”

“Like most, we experienced unprecedented challenges in the second quarter of 2020; however, I could not be prouder of how our team continued to execute throughout the pandemic and regulatory hurdles,” said Medical Marijuana, Inc. COO Blake Schroeder. “As a Company of firsts, we knew it would never be easy to introduce wellness products on a global scale but we continue to do just that. Our direct selling organization Kannaway continues to be the primary driver of revenue for our portfolio of companies, specifically in its international operations. Additionally, we have introduced first-of-its-kind wellness and sports programs with renowned experts that elevate our company and products over any of our perceived competitors. We will continue to forge ahead in our mission of bringing the highest quality, most innovative cannabinoid-based products to consumers around the world with a standard of trust and transparency.”

Financial Data: Second Quarter 2020 as Compared to First Quarter 2020
(in thousands)

Gross Revenue:
Q2 2020 – $10,986
Q1 2020 – $13,351

Cost of Goods Sold:
Q2 2020 – $2,234
Q1 2020 – $2,163

Gross Margin:
Q2 2020 – 79.7%
Q1 2020 – 83.8%

Net Income/(Loss):
Q2 2020 – $9,699
Q1 2020 – ($90,782)

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

Cannabis

Red Light Holland Reaches Distribution Agreement for iMicrodose Packs Plus Agrees to Build out an iMicrodose Media Information Centre (iMIC) with Super Smart’s Location in Tiel, The Netherlands

Newsfile

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Toronto, Ontario–(Newsfile Corp. – September 28, 2020) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (“Red Light Holland” or the “Company“), an Ontario-based corporation positioning itself to engage in the production, growth and sale of its brand of magic truffles to the legal, recreational market within the Netherlands, is pleased to announce their iMicrodose Packs (“iMicrodose Packs“) powered by Red Light Holland are expected to be available early October 2020 in PharmaDrug Inc.’s (“PharmaDrug”) wholly-owned subsidiary Interrobang Ltd.’s (doing business as Super Smart) (“Super Smart“) store in Tiel, The Netherlands, as Red Light Holland has reached a distribution agreement with Super Smart.

Red Light Holland has also reached an agreement with Super Smart to build and set up an iMicrodose Media Information Centre (“iMIC“) in Super Smart’s Tiel location, expected to be ready before the end of 2020.

“Super Smart’s vision and iMicrodose’s vision truly align,” said Todd Shapiro, CEO and Director of Red Light Holland. “Both companies are focused on educating, informing and modernizing the psychedelic industry within the Netherlands. We are very excited to soon have another store where our product is sold to expand our exposure and marketplace. Equally as important, we are proud to set up our first iMicrodose Media Information Centre – iMIC – where we plan on eventually providing Super Smart with our Virtual Reality Headset where consumers can truly learn about our iMicrodose packs and the origins of the product, as well as hope to receive important customer feedback, as we want to give all consumers a voice for important information gathering and responsible-use feedback via our planned iMIC activation.”

“Red Light Holland has definitely already taken initial steps to modernize the industry, in the Netherlands, and we are so pleased to reach an agreement to house their responsible use product in our Tiel, Location, expected in Early October, 2020,” added Dan Cohen, CEO of PharmaDrug. “Together we want to elevate the industry, educate consumers and intelligently target all Adult Demographics for potential increased sales via new customers with an informational, technological and modern approach.”

Super Smart’s Tiel location is located in Central Netherlands and is the only smart shop within a 75 kilometre radius. iMicrodose Packs powered by Red Light Holland are expected to be in Smart Shop’s Tiel store in October, 2020.

Cannot view this image? Visit: https://i0.wp.com/grassnews.net/wp-content/uploads/2020/09/red-light-holland-reaches-distribution-agreement-for-imicrodose-packs-plus-agrees-to-build-out-an-imicrodose-media-information-centre-imic-with-super-smarts-location-in-tiel-the-netherlands.jpg?w=740&ssl=1

iMicrodose Packs powered by Red Light Holland

To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/2017/64718_a8f225a094f53bdb_001full.jpg

About Red Light Holland Corp.

The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal, recreational market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.

For additional information on the Company:
Todd Shapiro
Chief Executive Officer & Director
Tel: 647-204-7129
Email: todd@redlighttruffles.com
Website: https://redlighttruffles.com/

About PharmaDrug Inc.

PharmaDrug Inc., is building an international controlled substance and natural medicine company with a focus on Europe. PharmaDrug Inc., owns 80% of Pharmadrug GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the EU. The Company also owns 100% of Super Smart, an early-stage retail company focused on consolidating the fragmented Dutch smartshop market. Smartshops are retail establishments in The Netherlands that specialize in the sale of psychoactive substances including psychedelic truffles.

For further information, please contact:
Daniel Cohen, Chairman and CEO

dcohen@pharmadrug.co
(647) 202-1824

Forward-Looking Statements

Neither the Canadian Securities Exchange (the “CSE”) nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control.

Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward- looking statements contained herein include, but are not limited to, anticipated timeline with respect to iMicrodose products being available in Super Smart’s Store in Tiel and Red Light Holland and the anticipated timeline of the build out of the iMic, and Red Light’s plans to offer Virtual Reality Headset. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward- looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that iMicrodose products will be in Super Smart’s Tiel Location by October, 2020, nor are their guarantees that their Media Information Centre will be activated before the end of 2020. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64718

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MariMed Announces Participation at Canaccord Genuity’s US Cannabis Symposium on September 30, 2020

GlobeNewswire

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NORWOOD, Mass., Sept. 28, 2020 (GLOBE NEWSWIRE) — MariMed Inc. (MRMD:OTCQX) (the “Company” or “MariMed”), a leading multi-state cannabis and hemp operator focused on health and wellness, today announced that the Company’s CEO, Bob Fireman, and CFO, John Levine, will present at Canaccord Genuity’s US Cannabis Symposium on Wednesday, September 30, 2020 at 10:30 a.m. ET on Track 1.

Additionally, MariMed’s management will participate in investor meetings during the conference to discuss the Company’s consolidation strategy and growth trajectory. Investors interested in meeting with management should contact Canaccord representative Nadine Miller at nmiller@cgf.com.

Bob Fireman, Chief Executive Officer of MariMed, said, “MariMed’s growth is accelerating, as we continue to expand our adult-use consumer market share throughout the U.S. and launch innovative new products across our growing number of retail locations. We look forward to sharing some of the reasons behind our increased cannabis revenues and other recent accomplishments, at this leading industry event hosted by Canaccord.”

This one-day event will feature senior management teams representing every facet of the U.S. cannabis industry; including multi-state operators, technology providers, brand owners, hemp producers, oil extractors and ancillary products businesses.

To be added to the email distribution list, please email MRMD@kcsa.com with “MRMD” in the subject.

About MariMed:
MariMed Inc., a multi-state cannabis operator, is dedicated to improving the health and wellness of people through the use of cannabinoids and cannabis products. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. The Company is at the forefront of science and innovation through research developed by its lab technicians and medical advisors resulting in industry-leading products and brands, including “Betty’s Eddies™”, “Nature’s Heritage™”, “Bourne Baking Co.”, and “Kalm Fusion”. These precision dosed products are focused on specific symptoms and conditions and are licensed and distributed across the country.

For additional information, visit marimedinc.com.

Important Caution Regarding Forward-Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc. that is based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events, including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement and changes in the economic environment. Additional risk factors are included in the Company’s public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “hoped,” “anticipated,” “believed,” “planned, “estimated,” “preparing,” “potential,” “expected,” “looks” or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.

All trademarks and service marks are the property of their respective owners.

Company Contact
Jon Levine, CFO
MariMed Inc.
Tel (781) 559-8713

Media Contact
Abigail Diehl
MariMed Inc.
adiehl@marimedinc.com

Annie Graf
KCSA Strategic Communications
agraf@kcsa.com

Investors
KCSA Strategic Communications
Scott Eckstein / Elizabeth Barker
MRMD@kcsa.com

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Cannabis

PharmaDrug’s Super Smart Reaches Distribution Agreement with Red Light Holland for iMicrodose Packs and for Red Light Holland to Build out an iMicrodose Media Information Centre (iMIC) with Super Smart’s Location in Tiel, The Netherlands

Newsfile

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Toronto, Ontario–(Newsfile Corp. – September 28, 2020) –  PharmaDrug Inc. (CSE: BUZZ) (OTC PINK: LMLLF) (“PharmaDrug” or the “Company“) is pleased to announce that its wholly-owned subsidiary Interrobang Ltd. (doing business as Super Smart) (“Super Smart“) has reached a distribution agreement with Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC:TRUFF) (Red Light Holland”) for Red Light Holland’s iMicrodose Packs (“iMicrodose Packs“). The iMicrodose Packs are expected to be available in Super Smart’s first Slim Winkel store, located in Tiel, in early October 2020.

Red Light Holland has also definitively agreed to build and set up an iMicrodose Media Information Centre (“iMIC”) in Super Smart’s Tiel location, expected to be ready before the end of 2020.

“Super Smart’s vision and iMicrodose’s vision truly align.” Said Todd Shapiro, CEO and Director of Red Light Holland. “Both Companies are focused on educating, informing and modernizing the psychedelic industry within the Netherlands. We are very excited to soon have another Store where our product is sold to expand our marketplace. Equally as important, we are proud to set up our first iMicrodose Media Information Centre – iMIC – where we will eventually provide Super Smart with our Virtual Reality Headset where consumers can truly learn about our iMicrodose packs and the origins of the product, as well as receive important customer feedback, as we want to give all consumer’s a voice for important information gathering and responsible use feedback via our iMIC activation.”

“Red Light Holland has definitely already taken initial steps to modernize the industry in the Netherlands and we are so pleased to house their responsible use product in our Tiel location, expected in early October 2020.” Added Daniel Cohen, CEO and Chairman of PharmaDrug. “Together we want to elevate the industry, educate consumers and intelligently target all Adult Demographics for potential increased sales via new customers with an informational, technological and modern approach.” 

Super Smart’s Tiel location is located in Central Netherlands and is the only smart shop within a 75 Kilometre radius. iMicrodose Packs powered by Red Light Holland are expected to be in Super Smart’s Tiel store in October 2020.

Cannot view this image? Visit: https://i2.wp.com/grassnews.net/wp-content/uploads/2020/09/pharmadrugs-super-smart-reaches-distribution-agreement-with-red-light-holland-for-imicrodose-packs-and-for-red-light-holland-to-build-out-an-imicrodose-media-information-centre-imic-with-super-smar.jpg?w=740&ssl=1

Pictured: iMicrodose Packs powered by Red Light Holland

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6479/64728_520c24e9846129e7_001full.jpg

About Red Light Holland Corp.

The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal, recreational market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.

For additional information on the Company:

Todd Shapiro
Chief Executive Officer & Director
Tel: 647-204-7129
Email: todd@redlighttruffles.com
Website: https://redlighttruffles.com/

About PharmaDrug Inc.

PharmaDrug Inc. is building an international controlled substance and natural medicine company with a focus on Europe. The Company owns 80% of Pharmadrug GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the EU. The Company also owns 100% of Super Smart, an early-stage retail company focused on consolidating the fragmented Dutch smartshop market. Smartshops are retail establishments in The Netherlands that specialize in the sale of psychoactive substances including psychedelic truffles.

For further information, please contact:

Daniel Cohen, Chairman and CEO
dcohen@pharmadrug.co
(647) 202-1824

Caution Regarding Forward-Looking Information:

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Forward looking statements in this press release relate to the integration of the Smart Shop business, anticipated volume growth in the Company’s German business and the introduction by the Company of its own brand of medical cannabis. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to locate additional supply of medical cannabis, owning interests in companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth; regulatory and political change. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64728

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