SOURCE: Medical Marijuana Inc

February 03, 2010 07:20 ET

Medical Marijuana Inc Appoints New President and Reduces Capitalization Structure

LOS ANGELES, CA--(Marketwire - February 3, 2010) - Medical Marijuana Inc (PINKSHEETS: MJNA) announced that the company has restructured its corporate staff to position the company to manage the growth of Medical Marijuana Inc.

Mr. Don Steinberg was brought in as President to assist in the administration of Medical Marijuana Inc Educational Symposiums, Expos and with the Educational Centers now being planned across America.

As President of Medical Marijuana Inc, Mr. Steinberg brings a life-long career in international sales and marketing with over 40 years experience developing and running successful businesses.

From the stock market perspective, Mr. Steinberg developed software programs for Trading Option Volatility and implemented these programs at all of the Option Exchanges in the US. With his background of managing floor traders, this gives him a keen insight into the stock market. Mr. Steinberg is also experienced with taking companies public onto the OTCBB. He is now actively involved in the process of moving MJNA onto the OTCBB as a fully-reporting company.

Working with Bruce Perlowin, Chairman of MJNA, they created "Global COM 2000" in 1993. This became one of America's fastest-growing Phone Card Companies, with companies like 7-11 placing cards in their stores for the first time. In the mid 1990s, Mr. Steinberg co-founded with Bruce Perlowin "One World Communications," the largest International multi-level marketing telecommunications sales force in the world. Don then went on to create Club Vivanet, which provides agents with a variety of global opportunities.

It is this kind of management team -- one able to keep up with and manage this kind of growth that Don Steinberg is both an expert in and very experienced in -- along with his 17 year working relationship with Bruce Perlowin that makes him the perfect person to take the reins as President of Medical Marijuana, Inc.

Bruce Perlowin stated, "I am also proud that Jim Scheltema is on board as our General Counsel and acting CFO as he is a qualified CPA and Lawyer. He will work together with Billy Martin and David Tobias who, as Directors, have worked with Don and I successfully in past business endeavors."

Don Steinberg stated, "Bruce and I have worked together for many years and I look forward to once again creating a great business with value for our customers, shareholders and employees."

As one of his first actions as the President, Mr. Steinberg has reduced the authorized shares in the Company's corporate charter from 5 billion shares of common stock to 300 million shares of common stock.

The new corporate structure is:

Bruce Perlowin -- Chairman and CEO & Director

Don Steinberg -- President & Director

Jim Scheltema -- General Counsel & Acting CFO (licensed CPA and Lawyer) & Director

Billy Martin -- Chief Technology Officer & Director

David Tobias -- Vice President & Director


Our Educational Symposium Series provides insight for anyone interested in entering the emerging Medical Marijuana industry. Lectures are provided by eminent leaders in the legal, business, and agricultural sectors. MJNA business protocol modules include Marketing, Accounting and Tax Compliance. Other modules include California Laws and Ordinances, Trademarks and Patents, with special attention given to compliance issues related to extended Caregiver and Co-Op models. How-to instructions from some of the best Cannabis growers, use of Cannabis in the kitchens, legal experts, journalists and business professionals have enabled an unprecedented course of informational dialogue to move forward.


Medical Marijuana Inc has developed a suite of solutions to deliver an efficient and secure infrastructure for the Medical Marijuana Industry which provides the tools to industry operators to effectively manage their businesses with the confidence they are in full compliance.


Medical Marijuana Inc's Turnkey Collective Solution ensures that collectives operate within the guidelines of all laws and regulations regarding the tracking of the cannabis from grow cycle to final distribution. By employing Medical Marijuana Inc's closed loop tracking system, it can be shown to authorities and collectives alike that the source of their supply was an active member of the collective.


The Stored Value Platform System provides verifiable solutions to manage the difficult task of revenue and taxation collection. The customers of the dispensary are issued a plastic debit card or medical revenue card. The ease of access to certifiably secure transactions lessens the risk of loss at each level of the transaction.


Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding medical marijuana industry. 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.