Medical Marijuana, Inc. Announces Production and Warehouse Facility Expansion; Adds State-of-the-Art Manufacturing Capability and Hemp License
SAN DIEGO, Sept. 04, 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
cannabis-derived nutraceutical products, brands and supply chain, announced today the expansion of its production and warehouse facility, further vertically integrating the Company’s supply chain,
enabling broader product R&D and internal manufacturing.
The Company has added 1,100 square feet of production area to its 16,000-square-foot facility. The facility continues to meet cGMP requirements and is registered with the FDA as well as the local authorities.
Medical Marijuana, Inc. will produce, encapsulate and package 80 percent of all of its products, such as cannabidiol (CBD)-based topicals, liquids, capsules, and powders, in-house.
“This was a strategic and important decision for us -- to develop and utilize our resources to their greatest potential and find new ways to create value for our portfolio of companies,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “This facility will decrease our dependence on third-party manufacturers and allows for us to oversee our supply chain, from seed-to-sale. We are able to decrease turnaround times on products, allow for management of run rates and timelines that are company controlled, and creates a whole new opportunity to significantly grow and manage our business.”
In addition to having the ability to manufacture its own high-quality hemp cannabidiol (CBD) products and other supplements, this facility allows Medical Marijuana, Inc. to create an additional revenue source by working with other companies to create, manufacture, brand and distribute a broad array of cannabis and non-cannabis food and nutritional supplement-based products as well as personal care products.
“We created the first hemp-derived CBD product and pipeline in the world and expanding our own internal manufacturing and product development capabilities is a testament to the success we have experienced to date. We continue to be a leader in the CBD industry and providing the infrastructure for its supply was a natural progression. Beyond adding additional quality controls and oversight, this facility helps to improve our operations by reducing our cost of goods expenses and increasing margins. Beyond our own brands and products, we look forward to offering our manufacturing expertise and services to other companies who are looking to add to their portfolio, which is a new revenue stream for us,” said Medical Marijuana, Inc. COO Blake Schroeder.