SOURCE: Medical Marijuana, Inc.

August 13, 2009 04:20 ET

Medical Marijuana, Inc. Begins Procedures to Be Quoted on OTC Bulletin Board

MARINA DEL REY, CA--(Marketwire - August 13, 2009) - Medical Marijuana, Inc. (PINKSHEETS: MJNA) announced today that it is undertaking the necessary measures to position its stock for quotation on the regulated, OTC Bulletin Board (OTC BB). This includes having retained a PCAOB-registered CPA firm to begin preparing, according to GAAP, to have the company's financial statements audited.

This move is being done as part of Medical Marijuana's effort to become a fully transparent corporation, one that will be attractive to a wider audience and more sophisticated investment interest. OTC BB quotation status for MJNA will also enable market makers to make their own markets in our stock -- greatly enhancing MJNA shareholder liquidity.

The OTC Bulletin Board is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information for over-the-counter (OTC) securities. An OTC equity security generally is any equity that is not listed or traded on NASDAQ or a national securities exchange.

Although the OTCBB does not have any listing requirements per se, to be eligible for quotation on the OTCBB, issuers must remain current in their filings with the SEC. Market Makers are not permitted to begin quotation on the OTCBB of any security whose issuer has not met this filing requirement.

Medical Marijuana, Inc. will be providing further updates to its shareholders as various milestones related to the process are met.


Medical Marijuana, Inc. is the first public company to recognize the vast and unequaled opportunities that exist in the rapidly expanding medical marijuana industry. The scientific recognition of marijuana as a powerful medicine, and as an effective, non-narcotic pain reliever, has brought legalized marijuana use to the forefront of mainstream discussion thus opening the door for safe and lucrative investment opportunities.

Medical Marijuana, Inc. has developed a suite of turnkey business and management solutions for the fledgling medical marijuana collective industry in California. The growing number of other states that have legalized the use of medical marijuana have yet to establish a system for the legalized commercial production and sale of the medicine. These regions are also strong potential targets for Medical Marijuana, Inc.'s products and services down the road. It is likely that other states will follow California's basic lead as the Golden State more specifically defines the regulations and protocol that are shaping the supply-side of the legal medical marijuana sector.

Tax Collection

The Stored Value Platform System will provide verifiable solutions to manage the difficult task of revenue and taxation collection. The "Point of Sale" (POS) system will recognize the dispensary's tax ID number, state and local tax rates and then provide "Automated Clearing House" (ACH) settlement of the taxes to the proper financial institutions. 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.

Internal Management

All collectives/dispensaries in the U.S. are cash businesses. This presents a number of challenges. Dispensary owners risk employee theft and possible competition for sales with unsupervised employees. Our stored value card also eliminates the risks of carrying cash. For the investor looking to open more than one dispensary, this card allows him the ease of mind of knowing all transactions are accounted for in all of his locations.


Medical Marijuana, Inc. is developing a suite of solutions to deliver an efficient and secure infrastructure for the Medical Marijuana Industry that will provide the tools to industry operators to effectively manage their businesses with the confidence that they are in full compliance.


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.

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