Medical Marijuana Inc (OTCMKTS:MJNA) reported that its portfolio firm HempMeds has finalized a deal with U.S. manufacturer firm for sourcing of its Gold Label CBD hemp oil brand. The sourcing deal is for a minimum of $2.5 million for a twelve month period. As per the report, the first two months of the deal have been sold, shipped and processed.
Medical Marijuana reported that the new manufacturer formulated natural CBD hemp oil products for both pets and people and marks an additional new revenue source for the company. Stuart W. Titus, the CEO said that they have been working meticulously on developing a proper sales and distribution program.
It is part of company’s strategy to scale and cultivate HempMeds’ sales and get new revenue stream for the Company. The new deal markets the second major deal the company has finalized in the past few months. Medical Marijuana stated that the first deal was the initiation of Korea sales channels and now with the U.S. manufacturer they completed the second deal. The company has been working hard to secure and advance additional large scale supply deals so as to diversify sales channels.
Hemp is widely stated as a “super food” and “whole food.” Medical Marijuana’s CBD hemp oil is obtained from the mature stalk of the plant and is stated a food nutrient offering the benefits of CBD without the psychotropic and euphoric effects of THC. A pioneer and industry innovator at the global level, Medical Marijuana portfolio firm is the primary marketing and sales unit for company. Hemp oil products are available to ship to all fifty U.S. states, and in more than 40 countries in the world.
In last trading session, the stock price of Medical Marijuana Inc (OTCMKTS:MJNA) dropped 5% to close the trading session at $0.0380.