Medical Marijuana Inc (OTCMKTS:MJNA) has been granted patent for the world’s first Cannabinoid gum. The news comes at a time when the company faces a lawsuit from former board members, who claim that present owners of the company used fraud and deception to gain control. MJNA is known as an innovative company in the medical marijuana industry, a view that it has confirmed with recent developments.
Stuart Titus, the CEO of MJNA, was thrilled by the news and congratulated his team on gaining its first patent after months of hard work. The benefit of having cannabis infused chewing gum is that it is classified as a food; hence it does not require a prescription to buy. The company has assured its customers that the gum is non-addictive and would be available in all 50-states.
Additionally, Axim Bio-Technologies has reached an agreement with the company to develop and use the gum for medicinal purposes. The trials for the study are already underway, with a special focus on pain management.
Additionally, the present owners have been targeted in a lawsuit by ex-board members, William Martin and David Tobias. The filing states that Michal Llamas approached the then owners of the company in 2010. Llamas offered to take control of MJNA, in return for ten debt-free properties. Additional patents, products and technology were also presented to the members. The deal was forwarded with Mr. Llamas acquiring 260 million MJNA shares. Mr. Martin and Tobias were to receive 30 million shares each from the deal.
Once the deal was finalized, it was revealed that the debt-free properties were involved in a number of litigations, with none of the 60 million shares reaching either of the board members. The ex-members are now seeking to receive the promised 60 million shares and make Mr. Llamas pay for monetary damages, including interests.
Medical Marijuana Inc (OTCMKTS:MJNA) fell 1.23% on May 27th’s session to close at $0.08. The stock saw tremendous trading with 1.78 billion shares changing hands.