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Medical Marijuana Inc.
Last:
Price: 0.0305
Change (%): + 0.003 (10.91)
Volume: 3,522,980 |
Pink Sheets: MJNA |
Medical Marijuana Inc.'s Subsidiary, PhytoSPHERE Systems, Signs the Largest Production Contract in Company History Valued at 7.5 Million Dollars
SAN DIEGO, Aug. 7, 2012 /PRNewswire/ - Medical Marijuana Inc. (OTC: MJNA) a leading hemp industry innovator, is pleased to inform its shareholders that it has recently finalized a corporate contract to produce and deliver its Hemp Stalk Cannabidiol (CBD) Oil to a leading agricultural raw ingredients production company. This agreement, MJNA's and PhytoSPHERE Systems largest contract to date, calls for the production and delivery of 300 Kilograms of the CBD Essential Oil, valued at 7,500,000 USD dollars.
CBD Essential Oil Contract Highlights
The term of the contract is twelve (12) months and calls for the production and delivery of 300 Kilograms of the CBD Essential Oil at a price of 25,000 dollars per kilogram, or 7.5 million dollars in total contract value.
The Industrial Hemp necessary to produce the CBD Oil has been planted at an undisclosed licensed location in a country that allows legal Industrial Hemp production. Harvesting of the crop is expected mid-October 2012. PhytoSPHERE anticipates beginning production of the CBD Oil in November using Medical Marijuana Inc.'s newest extraction technology. This technology assures the highest concentration of CBD Oil extraction along with the highest level of purity and consistency in the product.
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PhytoSPHERE Systems, a Medical Marijuana Inc Portfolio Company, to Bring Production Facilities to Europe through Canipa Holdings.
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