Medical Marijuana, Inc. Subsidiary Kannaway® Included on New FSA List of CBD Novel Food Applicants

Rhea-AI Summary

Medical Marijuana, Inc. (OTC: MJNA) announced that its subsidiary, Kannaway®, has been listed by the UK Food Standards Agency (FSA) as having submitted Novel Foods applications for its CBD products. This listing allows Kannaway® to continue marketing its products in the UK, pending final toxicology results. In 2021, the UK CBD market reached £690 million, making it the second-largest globally. CEO Blake Schroeder emphasized the company's pioneering role in the European cannabis market since 2018, anticipating updates from the FSA regarding validated status.

Positive

• Kannaway® is listed by the UK FSA for Novel Foods applications for its CBD products.
• The UK CBD market was valued at £690 million in 2021, indicating strong market potential.
• CEO highlighted significant revenue growth in Europe since establishing operations in 2018.

Negative

• Kannaway® products are currently marked as 'Awaiting Evidence' pending final toxicology results.

SAN DIEGO, CA, April 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 its subsidiary Kannaway® has been included on the recently published list of brands that have submitted Novel Foods applications to the UK Food Standard Agencies (FSA) for their cannabidiol (CBD) products.

According to the Association for the Cannabinoid Industry (ACI), the UK’s total sales of CBD products in 2021 was £690 million, making it the second-largest market for consumer CBD, only slightly behind the U.S.

This new list contains the names of products that were on the market before February 13, 2020, and have demonstrated a comprehensive toxicological approach to confirm safety. The FSA states that any companies on this list can continue to market their products within the UK, and those that are not should discontinue all sales. 

Kannaway® products on the FSA website now have ‘Awaiting Evidence' status meaning the FSA is awaiting the final toxicology results and are satisfied with all the other evidence submitted. Once received, and if successful, the Company will progress to the final ‘Validated’ status. 

“We are proud to continue to pioneer the cannabis industry in Europe, including in the U.K.,” said Medical Marijuana, Inc. CEO Blake Schroeder. “We established operations in Europe in 2018, becoming the first direct selling company to sell CBD there, and have since been able to experience tremendous revenue growth in the market. We look forward to future updates from the FSA on receiving our validated status.”

Kannaway® has warehousing facilities in both the U.S. and Europe and recently received Certified Drug-Free approval from the Banned Substances Control Group (BSCG), a leading third-party certification and testing provider of dietary supplements and natural products. The Company is also a member of the European Industrial Hemp Association (EIHA).  

About Kannaway®

Kannaway® is a network sales and marketing company specializing in the sales and marketing of hemp-based botanical products. Kannaway® currently hosts weekly online sales meetings and conferences across the United States, offering unique insight and opportunities to sales professionals who are desirous of becoming successful leaders in the sale and marketing of hemp-based botanical products.

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 in 2019. 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:
Kathryn Brown
Account Director
CMW Media
P. 858-264-6600
kathryn@cmwmedia.com

FAQ

What are the latest developments for Medical Marijuana, Inc. (MJNA) regarding CBD products in the UK?

Medical Marijuana, Inc. announced that its subsidiary, Kannaway®, is listed by the UK FSA for Novel Foods applications, allowing them to market CBD products while awaiting final toxicology results.

What is the current status of Kannaway® products with the UK Food Standards Agency?

Kannaway® products are currently marked as 'Awaiting Evidence', meaning the FSA is waiting for final toxicology results to validate their status for continued marketing.

How significant is the UK market for CBD products according to Medical Marijuana, Inc.?

The UK CBD market reached £690 million in 2021, making it the second-largest market globally for consumer CBD products.

When did Kannaway® establish operations in Europe?

Kannaway® established operations in Europe in 2018 and became the first direct selling company to sell CBD products there.