Medical Marijuana, Inc. Enters Into Asset Purchase Agreement With MFINITY Global LLC; Appoints MFINITY President as Kannaway President
Medical Marijuana, Inc. (MJNA) announced an Asset Purchase Agreement with MFINITY Global LLC, a direct-selling company focused on natural health products. Bill Andreoli, President of MFINITY, will lead MJNA's subsidiary, Kannaway, LLC. The acquisition aims to enhance Kannaway's product offerings, featuring the Muscadine antioxidant product line, now available for sale through Kannaway's distribution channels. This strategic move aligns with MJNA's expansion through acquisitions and positions the company for growth with Andreoli's extensive experience in integrating brands.
- Acquisition of MFINITY Global aligns with company growth strategy via acquisitions.
- Bill Andreoli's leadership expected to enhance brand integration and expansion.
- Potential concerns about continuity and experience gaps due to management change.
SAN DIEGO, CA, Oct. 04, 2022 (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-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today that it has entered into an Asset Purchase Agreement with MFINITY Global LLC, a direct-selling organization focused on promoting natural health and a rewarding sales model. Additionally, Bill Andreoli, the President of MFINITY Global will become the President of Medical Marijuana, Inc. subsidiary, Kannaway, LLC.
The MFINITY product line features Muscadine, a powerful antioxidant that provides many wellness benefits. MFINITY products will be marketed and sold exclusively under the Kannaway brand and are now available for sale through Kannaway independent distributors and on Kannaway.com. The MFINITY sales force, known otherwise as Brand Ambassadors, will become Kannaway Brand Ambassadors, and will immediately have access to market and sell the world’s leading non-psychoactive, cannabis-based products.
The asset purchase aligns with Medical Marijuana Inc.’s newly implemented growth model of expansion via acquisition. The addition of newly appointed Kannaway President, Bill Andreoli, further positions the Company to pursue this strategy given Mr. Andreoli’s success in completing over a dozen acquisitions throughout his career. Medical Marijuana Inc.’s in-house manufacturing and distribution capabilities enable the company to easily add formulations and product lines from acquired companies and propel product sales through its international platform and global footprint, spanning across four continents. Medical Marijuana, Inc. is poised for growth via this acquisition strategy.
“I could not be more excited to take on my new role as Kannaway President and lead the company and its expansion strategy,” said Bill Andreoli, newly appointed President of Kannaway. “Successfully acquiring and integrating brands is something I’ve done with great success in the past and I look forward to implementing that model here at Medical Marijuana, Inc.”
“This Agreement sets Kannaway on a new and exciting course, addition via acquisition,” said Blake Schroeder, CEO of Medical Marijuana, Inc. “Our Company is well positioned for this model, and we are eager to build upon this agreement as a model for the future. We are likewise excited to add the MFINITY product line to our portfolio and to welcome the MFINITY brand ambassador team to Kannaway as we believe both will enhance our value.”
ABOUT MEDICAL MARIJUANA, INC.:
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Neuropathix. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company's flagship product Real Scientific Hemp Oil has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.
Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.'s corporate video, click here.
FORWARD-LOOKING DISCLAIMER:
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 Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
LEGAL DISCLOSURE:
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.
CONTACT:
Public Relations Contact:
Kyle Porter
CEO
CMW Media
P. 858-221-8001
mjna@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
P. (858) 283-4016
Investors@medicalmarijuanainc.com
FAQ
What is the significance of Medical Marijuana, Inc.'s acquisition of MFINITY Global?
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