Oxford, MS 4/1/2011 (Penny PayDay) -- Medical Marijuana, Inc. (PINK:MJNA) yesterday announced, in a press release, that it has been assigned a second asset and management contract from CannaBANK. This second debt-free, income producing asset transferred from the Hemp Deposit & Distribution Corp. (HDDC) d/b/a CannaBANK, Inc. services the needs of health and wellness members in the greater Sacramento area. As I write, shares of Medical Marijuana were down 17 percent at $0.15 per share on volume of more than 1.3 million shares compared to its average daily volume of 947,000 shares. The company has a market cap of $37 million and a 52-week range between $0.03 and $0.23 per share.
According to the press release, HDDC purchased the facility and invested an additional amount in excess of $750,000 to bring the facility up to CannaBANK standards. The facility is estimated to generate in excess of $4 million in net profits annually. The facility has been fully operational since January 1, 2011.
Operations Director Jordanne Brenkwitz stated, "CannaBANK estimates the creation of 28 new, regional positions and anticipates another 23 to be created during the following two years. The transition has allowed the proprietary concepts that MJNA has been incubating to manifest through the power of CannaBANK."
For more information, please visit: www.medicalmarijuana.com.
According to the press release, CannaBANK's mission is to help create a sustainable economy which in turn helps create a sustainable planet offering health and economic freedom through education and awareness.
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