Subject: Market Reacts Favorably to MJNA Record Revenues

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Market Reacts Favorably to MJNA Record Revenues
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Medical Marijuana Inc. (Pink Sheets: MJNA)


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Change (%): + 0.0282 (23.50)

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Medical Marijuana Inc. Reports Record Fourth Quarter 2012 Revenue and Income

Revenue Up Over 1100 Percent from Prior Year

SAN DIEGO, Jan. 22, 2013 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today is pleased to pre-announce its fourth quarter earnings. The company earned net income of approximately 3.39 million dollarson gross revenues of 5.10 million dollars for the quarter ended December 31, 2012. This represents a gross revenue increase of over 2.0 million dollars compared to the prior quarter ended Sept 30, 2012. When compared to the same quarter ended December 31, 2011 this represents revenue increase of 4.5 million dollars and over 1,100 percent.

Operational and development highlights

Operating highlights of the quarter were as follows:

  • Continued the expansion of its Red Dice Holdings Dixie Elixirs & Edibles brand nationally and in Colorado through additional market penetration and product development.
  • Developed wholesale sales relationships for Dixie X Hemp based CBD wellness products in California, Arizona, New Mexico and Washington.
  • Dixie brand received national exposure on 60 Minutes, CNN, and the Nightly Business Report on PBS, increasing public awareness.
  • PhytoSPHERE Systems produced over 550 million milligrams of Hemp CBD oil for MJNA product sales and third party contracts, representing a 50% increase in production from the prior quarter.
  • PhytoSPHERE Systems proprietary extraction technology helped the Company produce cost effective, high value CBD oil with concentrations of up to 80% in volume.
  • Company began negotiations to purchase a US based laboratory to manage R&D and product development for PhytoSPHERE Systems and other MJNA portfolio companies.
  • CanCHEW Bio-Technologies launched free product trial and market survey of its over-the counter (OTC) CBD chewing gum. Over 1,500 applicants registered for the trial.
  • The Company finalized plans for CanCHEW European clinical trials beginning 2013. MJNA will provide $4.7 million in funding for this research.
  • The Company continued to explore several potential acquisition and investment opportunities in established cannabis and hemp related businesses.

In addition, since the close of the second quarter, Medical Marijuana, Inc. has retained accounting firm Anthony W. Imbimbo & Associates to perform the audit of its financial records. The Company completed all of the pre-audit work during Q4. Initially Imbimbo & Associates will audit the fourth quarter results and file those financial statements on or before February 15, 2013.

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