HempMeds, Medical Marijuana Inc (OTCMKTS:MJNA) portfolio firm and the firm’s master distributor reported that it is expanding its reach through HempMeds South Korea. It is an exclusive distributor firm responsible for sales and marketing of the company’s cannabidiol hemp oil products. The initial purchase order is worth $2 million with an additional $3 million being needed by the end of 2015. Under the terms of the deal, the sales through 2016 should amount up to $25 million with benchmark growth through 2018.
Medical Marijuana, a leading firm in industrial hemp industry, sources, assesses, acquires and invests in value-added entities with a focus on industrial hemp. With the new deal, the company has paved way for strong performance in the coming years. As per a report by IANS, Asia that has a current population of over 4 billion will continue to hold the position of the most populous continent in the coming years. South Korea’s population stands at 49.3 million and, depending on the market size, its economy ranks eleventh globally by nominal GDP and thirteenth by purchasing power parity.
Stuart W. Titus, PhD, the CEO said that Medical Marijuana team is extremely delighted to report the expansion of HempMeds in Asia with the first marketing deal being in South Korea. The industrial hemp is making a comeback in the global economy. It suggests that adding South Korea in the distribution team will allow worldwide customers to get easier access to cannabidiol hemp oil products. The CBD hemp oil is derived from the hemp plant and is stated as a food nutrient offering the benefits of CBD without the euphoric/psychotropic effects of THC.
In last trading session, the stock price of Medical Marijuana Inc (OTCMKTS:MJNA) jumped more than 12% to close the trading session at $0.0470. The gains came at a share volume of 6.76 million compared to monthly average share volume of 6.06 million.