SAN DIEGO, CA--(Marketwired - November 09, 2016) - Medical Marijuana, Inc. (OTC PINK: MJNA), the first-ever publicly traded cannabis company in the United States, today announced that it applauds the passage of medical marijuana provisions across the country, which has turned into the largest electoral victory for marijuana reform since 2012, when Colorado and Washington first approved recreational marijuana.
On U.S. election day Nov. 8, California's Proposition 64 passed, making California the largest state to legalize marijuana for recreational use. The 62-page law, formally known as the Control, Regulate and Tax Adult Use Act, or the Adult Use of Marijuana Act, allows up to one ounce of marijuana flower or eight grams of cannabis concentrates for adults 21 and older, the personal cultivation of up to six marijuana plants and the industrial cultivation of hemp. The recreational use California marijuana market is estimated to reach $35 billion by 2020 based on Colorado economic growth predictions.
In addition, voters in Massachusetts and Nevada have passed recreational use of marijuana in their respective states, while Florida, North Dakota, and Arkansas approved medical marijuana initiatives. The combined estimated legal marijuana markets for these states is in excess of $2 billion, with the total market surpassing $7 billion this year and over $40 billion by 2020. Additionally, the Company applauds any other successful marijuana legalization reform efforts.
"This sweeping passage of cannabis reform is a major win for the cannabis industry," said Chief Executive Officer of Medical Marijuana, Inc. Dr. Stuart Titus. "The voters have spoken and they've made it clear that they are ready for cannabis reform."
"The passing of California's proposition 64 is a win-win for California, the state in which our Company is headquartered and for the already booming cannabis industry, the newest multibillion-dollar industry in the U.S.," added Dr. Titus.
"Our Company promotes access to all cannabinoids, including THC, as we recognize the potential social and medical advantages in all of the cannabis plant's properties," added Dr. Titus. "We believe this new legalization in California will increase access to cannabis and end the incarceration of low-level and non-violent drug offenders. It is an exciting time to be involved in the cannabis industry and we will continue motivating cannabis reform, educating doctors and lawmakers on the benefits of cannabinoids and creating products that can safely and reliably provide our customers with the cannabinoids they seek."
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 details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s video statement, click here. Shareholders are also encouraged to visit the Medical Marijuana, Inc. Shop for discounted products.
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 FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.