SAN DIEGO, June 21, 2018 /PRNewswire/ — Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, announced today that it has signed a non-binding Letter of Intent (LOI) with Salvation Botanicals, Ltd., (“Salvation”) to bring its internationally recognized cannabis products to the quickly growing Canadian cannabis market.
According to Deloitte, the legal cannabis industry in Canada has the potential to generate over $4 billion in recreational sales within its first year. It’s also been estimated that total estimated consumer spend could surge by as much as 58% and regular cannabis users will increase purchases by 22% under the new legislation.
Medical Marijuana, Inc. produces industry-leading cannabidiol (CBD) brands including Real Scientific Hemp Oil™ (RSHO™), Dixie Botanicals® and Cannabis Beauty Defined® in the United States for distribution internationally. Under the terms of the LOI, Salvation will leverage its licensing and production capabilities to bring Medical Marijuana, Inc.’s experience and leading international research to the Canadian market. The LOI is subject to final approval of the products for sale under the laws and regulations of Canada.
“We’re excited to announce this collaboration with a company that is known for dedication to the production of trustworthy and reliable cannabis-based products,” said Medical Marijuana, Inc. CEO Stuart Titus. “We feel confident that the company’s analytics and science focus will provide us with the best products available in Canada.”
Titus continued, “We’re also excited to expand our product offerings from exclusively CBD products to now include tetrahydrocannabinol (THC) products as well, giving us the opportunity to utilize the entire cannabis plant and its many beneficial cannabinoids.”
Salvation Botanicals is a leader in the evolving cannabis market. The company was founded on a commitment to the science of standardization and consumer protection through analytical testing and