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New York Senator Liz Krueger will introduce a bill seeking to legalize marijuana for general use in New York state, she said on Sunday, hoping the recent passage of medical marijuana laws will help give the bill momentum.
Ms. Krueger, a Democrat representing Manhattan for more than a decade, said that in the legislative session beginning in January, she will fight for a bill modeled partly on cannabis legalization laws that recently went into effect in Washington and Colorado.
“I will push for taxation and regulation of marijuana,” she said at an unrelated campaign rally for Attorney General Eric Schneiderman. “I continue to work with experts around the country and to evaluate laws and regulations being put into place now.”
Ms. Krueger introduced a similar bill last session, but it was largely considered a liberal pipe dream, unlikely to pass a Republican-controlled Senate in a state that hadn’t yet legalized medical marijuana.
But in June the New York state Legislature passed a law that legalized medical marijuana use in some cases, and a breakaway faction of Senate Democrats that had worked as a majority coalition with the GOP said they will merge with mainline Senate Democrats, raising the likelihood that both the New York State Assembly and Senate will be run by Democrats next year.
“I see more hope in a Democratic majority for… pieces of legislation that weren’t going anywhere,” Ms. Krueger said.
She added that she has made amendments to her bill since last session after observing what was working and what wasn’t in the states where marijuana is legal.
“I knew we needed to move medical marijuana into law before people would focus on the bigger question – tax and regulation,” she said. “So I think my legislative proposal fits in very nicely with what the state has already committed to move forward with.” – source
SAN DIEGO, Aug. 5, 2014 (GLOBE NEWSWIRE) — Medical Marijuana, Inc. (OTC Pink: MJNA) is pleased to announce that one of its investment portfolio companies, KannaLife Sciences, Inc. (“KannaLife”), a bio-pharmaceutical and phyto-medical company, has been awarded its second license agreement by the National Institutes of Health (NIH) to develop a drug to treat a concussion syndrome called CTE using derivatives from medical marijuana. The license agreement is in effect through February, 2021. In addition to CTE, in June 2012, KannaLife was previously awarded an exclusive license from NIH, for the same ‘507 Patent, for the development of a target drug candidate for treating Hepatic Encephalopathy (HE).
Boston University’s website cites, “Chronic Traumatic Encephalopathy (CTE) is a progressive degenerative disease of the brain found in athletes (and others) with a history of repetitive brain trauma, including symptomatic concussions as well as asymptomatic subconcussive hits to the head.”
While the NFL is still suspending players for testing for Marijuana use, past and present players are actively throwing red flags about the effects of concussions. The issue has escalated to the point that the NFL has provided the National Institutes of Health with $30 million in research grant monies to develop a CTE drug.
The U.S. Department of Health and Human Services holds Patent #6,630,507, “Cannabinoids as Antioxidants and Neuroprotectants.” KannaLife Sciences is involved in the research and development of therapeutic agents designed to reduce oxidative stress and act as immuno-modulators and neuroprotectants and currently holds an exclusive license agreement with the National Institutes of Health — Office of Technology Transfer (NIH-OTT) for the commercialization of U.S. Patent #6,630,507, “Cannabinoids as Antioxidants and Neuroprotectants” (the “‘507 Patent”). The NIH has licensed the same patent to Kannalife Sciences to develop an FDA-approved drug for CTE through 2021.
“Kannalife is extremely pleased to have the opportunity to continue its body of research in the field of encephalopathy and brain related disorders. We hope our early pre-clinical success in HE can be a pathway to an additional solution for finding a treatment for CTE and to alleviate the debilitating effects of concussions,” states Dean Petkanas, Chairman and Chief Executive Officer of Kannalife Sciences.
KannaLife CEO, Dean Petkanas, was featured on Fox Business discussing the NIH’s research and development for CTE and in a recent Albany Times Unionarticle discussing involvement in supporting legalization of medical cannabis in New York and playing a key role in establishing standardization within the cannabis industry. KannaLife co-founder Thoma Kikis was featured on New York’s News 12 in a piece about the NIH’s agreement with the Company and recently in a Bloomberg TV News interview.
“The announcement of a new federal license on CTE research and development is groundbreaking,” states Michelle Sides, Chief Operating Officer of Medical Marijuana, Inc. “Medical Marijuana, Inc. recognized that Kannalife Sciences’ phyto-medical capabilities were ‘game changing.’ As a result, MJNA committed to Series A funding in 2013. We are thrilled at the NIH’s decision to grant an additional license to KannaLife Sciences to develop an FDA-approved CTE drug. We hope the NFL sees this opportunity to work with KannaLife in collaboration towards finding a therapeutic agent to help treat severely concussed players and retired players suffering with CTE. Finding a solution for CTE benefits NFL players past and present and it also applies to athletes participating in other professional and recreational sports.” The NFL is not the only professional sports league plagued with concussions. Current and former players in many professional contact sports leagues as well as service members and veterans also included in those raising concerns about effects of concussions. – source
A plant-based pharmaceutical company is working on developing a medical marijuana treatment for chronic traumatic encephalopathy (CTE), a degenerative disease that affects people—particularly athletes—who have suffered repeated head trauma.
Dean Petkanas, the chief executive of KannaLife Sciences, expects the federal government to pave the way for medical marijuana within two years, he told Varney & Co. on Monday.
KannaLife Sciences, which focuses on using plants to develop treatments, just signed a license agreement with the National Institutes of Health (NIH) to allow the company to sell cannabis-derived medicines approved by the Food and Drug Administration (FDA).
The deal allows West Hills, N.Y.-based KannaLife Sciences to move forward with treatments for CTE.
“We’re really looking at the athlete brain,” Thomas Kikis, the company’s chief visionary officer, told FoxNews.com. Their goal is to create a treatment that is both preventative and therapeutic for those already diagnosed with CTE.
Petkanas said early research from the company’s scientific team has shown “positive results for nerve protection.” He also responded to criticism over the treatments in development, saying most synthetic medicine already comes from nature.
“The anecdotal value has been there. Science is taking it a step forward,” Petkanas said during an interview with FOX Business Network’s Charles Payne.
CTE was at the center of a class-action lawsuit against the National Football League. The lawsuit, filed by retired NFL players, alleged that the league concealed the effects of concussions. An initial $765 million settlement was rejected by a federal judge for offering insufficient funds to compensate players. A new agreement that includes an uncapped monetary award fund received preliminary approval last month.
According to Petkanas, the company expects to file an investigational new drug application with the FDA at the beginning of 2015, then move to phase 1 clinical trials.
Petkanas said certain dangerous treatments have slipped under the FDA’s radar, noting how synthetics can be very potent. Substance abuse and other issues need to be addressed going forward, he added.
“This is where as we open up the marketplace…we can get some critical review and feedback from doctors,” Petkanas explained. – source
SAN DIEGO, July 29, 2014 (GLOBE NEWSWIRE) — Kannaway, LLC, the first hemp lifestyle network marketing company to offer cannabidiol (CBD)-rich hemp botanical products, recently announced the availability of “GoKway,” its new business-builder platform, that is included in Brand Ambassadors’ tool kits. This robust suite of resources combines pre-approved content and a wide variety of cutting-edge outbound messaging options for advertising Brand Ambassadors’ network marketing business opportunities from any computer or mobile device. The software solution is designed by and provided through NaXum Online Marketing Services, LLC (NaXum).
“This software play will catapult our growth,” states Jeff Rogers, CEO of Kannaway. “Kannaway selected NaXum based on the Company’s ability to immediately grasp our organization’s vision and rapidly deliver strategic sales resources to empower the growth of our Brand Ambassadors. NaXum’s customized software solutions are remarkable. Kannaway is extremely proud of the easy-to-use GoKway business-building platform and we can already see that our Brand Ambassadors are benefiting from it.”
Ben Dixon, CEO of NaXum, states, “It is an honor for NaXum to support the online business-builder requirements of Kannaway’s Brand Ambassadors. Kannaway has assembled an all-star team of network marketing leaders who are establishing CBD-rich hemp oil products in the relationship marketing space. We understand that Kannaway’s Brand Ambassadors need innovative resources to assist their efforts with creating awareness of CBD-rich hemp oil products. GoKway empowers Brand Ambassadors to share ‘Done-For-You compliant social media content’ and replicated Google™ Hangouts plus features including: sms texting, auto-responders, email broadcasting, social media-coded share tools, contact management from any device, video email, live chat and much more. Our goal is to provide the resources necessary for Kannaway’s Brand Ambassadors to easily, virtually, and virally grown their network marketing business.”
Brand Ambassadors can visit their back offices and click on the Brand Ambassador Tools to immediately access their new GoKway business builder tools. The GoKway mobile site opens like an app on any mobile smart phone. – source
Alongside the plethora of small-scale medical marijuana dispensaries dotting the San Diego business landscape, some bigger, public players have entered the market as well, and say they’re only prepared to grow — so long as the government lets them.
“A big struggle now is we are on OTC — good luck calling the New York Stock Exchange and being listed as a cannabis company,” said Andrew Hard, director of public relations for HempMeds and its San Diego-based parent company, Medical Marijuana Inc., (OTCMKTS: MJNA) the world’s largest distributor of CBD-rich hemp-oil — distinctively not marijuana — with a growing portfolio of related companies.
“And you’ve got to keep in mind that this is while cable news shows blast like crazy ‘Invest in cannabis!’ But there is still a stigma out there — for a cannabis business to be listed on the New York Stock Exchange is like climbing Mt. Everest now,” Hard said.
Unless, Hard says, you’re a pharmaceutical company such as GW Pharmaceuticals, which works with cannabis and cannabidiol products and is listed on Nasdaq and the London Stock Exchange.
“Is that the only way or route American people want companies to be listed on the New York Stock Exchange?” Hard asked. “Probably not, but part of the story then becomes: Be a pharmaceutical company, deal in synthetics, which is what GW Pharmaceuticals is doing, and there you go — publicly traded stock over $100.”
Medical Marijuana Inc., which began trading in March 2009, is a particularly interesting case given that despite its name, it doesn’t actually sell marijuana. Its products and those of its eight portfolio companies — including HempMeds, dispensary security business MPSI in Murrieta and Kannaway, which offers a high-end line of CBD beauty products — deal only with cannabidiol-rich hemp oil, which is illegal to grow in the United States but legal to import and sell in all 50 states and 40 countries.
CBD-rich hemp oil can be taken orally or vaped, but is not smoked, and contains less than 1 percent THC, the component of marijuana that creates the high, or psycho-altered state, that has it on the controlled substance list.
Hard said this differentiation between the products Medical Marijuana Inc. sells and invests in and marijuana itself has been helpful in a number of ways, though the company still faces challenges in addition to the stigma and federal law keeping these cannabis companies out of larger stock markets.
For instance, the banking problem plaguing medical marijuana dispensaries in the 23 states and District of Columbia in which they’re legal and legal recreational-use stores in Colorado and Washington is alleviated in part since CBD oil is legal under federal law.
Even in states where they are legal, medical marijuana shops can’t deposit checks or pay employees via direct deposit at federally insured banks and are therefore forced to deal almost exclusively in cash — a big target on any company, and a reason Medical Marijuana invested in MPSI in the first quarter of 2014 — Medical Marijuana Inc. has a bit more flexibility.
A specific concern to the hemp oil business is the Food and Drug Administration’s decision to classify CBD-rich hemp oil as a food or nutritional supplement, and subject it to the corresponding regulations. Though “medical” is in the company’s name and in that of its subsidiary HempMeds, Hard said that because of this FDA classification, no salesperson can make any sort of medical claims regarding the product at all — a bit of a hard sell when that is, ostensibly, its whole purpose.
“No representative of our company will say ‘This does that, or has this benefit,’” Hard said. “The FDA does not recognize CBD even though there’s research on it, and it effects our day-to-day operations and what sales reps tell customers on the phone — they won’t answer questions about the product for that reason. It’s the stance of the federal government and we follow that and are compliant because we are an upstanding San Diego company and care about being reflected well in all eyes.”
To that end, Hard said, the company now occupies four buildings in the San Diego area and employs 52 people. He said that might expand since Medical Marijuana Inc. is in the final stage of closing a $6.8 million deal with Dixie Holdings to acquire the well-known brand’s hemp business, Dixie Botanicals, and relocate those facilities to San Diego starting Aug. 1.
Medical Marijuana Inc.’s total portfolio is valued at $194 million. – source
SAN DIEGO, July 8, 2014 (GLOBE NEWSWIRE) — Medical Marijuana Inc. (OTC Pink: MJNA), a leading cannabis and industrial hemp industry innovator, today announced the release of its quarterly financial and shareholders report (Post 06/30/2014 – OTC Markets). The Company had product sales revenues of $4.01 million compared to $1.94 million for the prior quarter. Below are the Company’s first quarter 2014 operating and developmental highlights.
Operating highlights for the first quarter are as follows:
HempMedsPX(TM) posted revenues of $4,017,774 in Q1, up from $1,943,005 in Q4.
HempMedsPX(TM) was the first cannabidiol (CBD)-rich hemp oil company to be accepted by the American Herbal Products Association (AHPA) for membership. The AHPA is the only national trade association that is focused primarily on herbs and botanicals and herbal products. In addition to AHPA membership, HempMedsPX(TM) is a sponsor of the AHPA.
Medical Marijuana Inc. and HempMedsPX(TM) supported the American Academy of Anti-Aging Medicine (A4M) as a Platinum Elite Sponsor, expanding brand awareness to the organization’s membership base of more than 26,000 medical and healthcare professionals.
HempMedsPX(TM) signed a two-year supplier agreement with a home-based business company, Kannaway, LLC.
HempMedsPX(TM) sponsored and participated in the 5th Annual U-T Successful Living Expo, a San Diego event focused on the unique health and wellness concerns of the 55-and-older demographic. In support of this event, information about CBD from hemp was shared with more than 350,000 San Diego Union-Tribune (U-T) Sunday newspaper subscribers and 70,000 U-T email subscribers through print and online advertising.
HempMedsPX(TM) presented “What’s the Buzz about CBD?” during the expo, informing attendees about an alternative to medical marijuana.
The Company was the only hemp CBD exhibitor at the HIGH TIMES Medical Cannabis Cup, Los Angeles and received an overwhelmingly positive reception by attendees February 8-9.
On March 20, Medical Marijuana Inc. announced that the Company signed a memorandum of understanding (MOU) to develop a joint venture with LiveWire Ergogenics, Inc. under the name of HempWire, LLC. The CBD-rich hemp oil used in HempWire products is sourced from HempMedsPX.
Medical Marijuana Inc. announced on March 31 that due to the exponential growth of its subsidiary company HempMedsPX(TM), the Company is moving to a larger multi-building campus location in the Scripps Poway Parkway area of San Diego. The current Morena Blvd. location will serve as administrative offices for other Medical Marijuana Inc. subsidiaries.
Media exposure expanded significantly in the first quarter. Media coverage included:
Trade shows and expos featuring products from HempMedsPX(TM) included:
Continuing the Company’s community outreach efforts, the Company donated to MyCompassion.org, and efforts to create awareness of CBD-rich hemp oil expanded throughout the Midwest in March. In addition, HempMedsPX(TM) supported AutismOne’s global annual conference during which AutismOne promoted HempMedsPX(TM) via multiple radio broadcasts on VoiceAmerica.
Wellness Managed Services
Medical Marijuana Inc.’s subsidiary Wellness Managed Services launched a joint venture with MPS Security under the brand MPS International (MPSI) on January 1, 2014.
Operational highlights from Q1 include the following:
MPSI acquired a $250,000 (annual revenue expectation) security account for the Denver Mart in Denver, CO.
Began providing security to four dispensaries and retail marijuana stores.
Purchased two armored trucks for the Denver location.
Hired three new representatives: Two in Colorado and one in Washington.
Q1 CBD-rich hemp oil product sales totaled approximately $45,000
In addition to these highlights, MPSI expanded their service offerings to include security consultative services.
Sales of CanChew gum for Q1 were $47,730, down from $57,620 in Q4. The reason for the decrease in sales was due to a transition period fromHempMedsPX(TM) handing all marketing and sales over to CanChew’s internal team, which is also transitioning to a different approach. CanChew’s new strategy involves direct-to-consumer television and advertising, the company has been evaluating several different advertising and media partners for those direct-to-consumer campaigns.MedChewRX, a cannabis-based THC/CBD pharmaceutical drug, made tremendous progress with its clinical trials developed in Europe this year. A more detailed update is expected from CanChew Biotechnologies in Q3 or Q4, depending on continued clinical progress. In addition, CanChew Biotech has been seeking international product registration and approvals to open up additional international markets for their product.
Red Dice Holdings
Medical Marijuana Inc. and Dixie Holdings, the owner of Dixie Elixirs and Edibles, one of America’s first revolutionaries in cannabis-infused edibles, topicals and tinctures, agreed to settle a year-old dispute and execute a mutually beneficial Asset Purchase and Settlement Agreement.
While financial terms of the settlement were not disclosed, the core elements were as follows:
Dixie Holdings (DH) agreed to sell its interest in Red Dice Holdings (RDH) to Medical Marijuana Inc. (MJNADH) also agreed to purchase its brand and all intellectual property from RDH pertaining to Dixie Elixirs and Edibles, enabling DH to develop and expand its family of THC-infused products, and;As part of the sale of RDH, MJNA will own the brand and IP specific to Dixie Botanicals, allowing it to focus that brand specifically on hemp-derived CBD-based products.
A statement from MJNA
Medical Marijuana Inc. is extremely pleased to announce a Q1 performance that has exceeded expectations, and we apologize for the delay in releasing this report. Due to restructuring, preparing for relocation to new offices and acquisition of 100% of Red Dice Holdings, the release of Q1 financials was, unfortunately, delayed. Investors can rest assured that Q2 financials will be released on time.
The Company is incredibly proud of the success of HempMedsPX(TM) through its strategic partnerships, public relations and marketing endeavors; investors can look forward to continued success in 2014. This subsidiary has spearheaded the Company’s objectives and vision since its inception, and continues to be the driving force behind the extraordinary growth of the MJNA family of companies.
We are committed to growing our contributions/sponsorships so that we may give back both to the local community and to those who benefit the most from our products. Everyone at MJNA and HempMedsPX(TM) feel compelled to make a difference in the world, and are honored that we have been afforded the opportunity to do so. We couldn’t be more proud of the diverse and dynamic group of people we have assembled to not only develop and market industry-leading products and services, but also to bring the greater possibilities of hemp and CBD-rich hemp oil to the mainstream.
We continue to seek qualified and driven individuals for the Company’s rapid expansion, and ask that anyone who is interested in being part of an established company in a cutting-edge industry to submit their resume to HR@hempmedspx.com. – source