Medical Marijuana, Inc.
| Company type | Public |
|---|---|
| Industry | Pharmaceutical, Cannabis |
| Founded | 2009 |
| Headquarters | California , United States |
Key people | Blake Schroeder (Chairman, CEO, President), Stuart Titus (former CEO) |
| Products | Hemp-derived products, including Real Scientific Hemp Oil and hemp-based consumer goods like shampoo |
Medical Marijuana, Inc. (traded OTC under the ticker MJNA) functions as a holding corporation overseeing subsidiaries that manufacture and distribute a range of hemp-derived products.
History
During 2011 and 2012, the company experienced financial losses but achieved profitability in 2013, largely attributed to a sole contract obtained by one of its subsidiaries. In the same year, MMI partnered with CannaVEST, an exchange-traded fund, to invest in Kannalife Sciences Inc., a firm established to commercialize cannabidiol (CBD) neuroprotective technologies developed by the NIH. By 2016, Kannalife was engaged in creating innovative CBD analogs designed with improved pharmaceutical characteristics.
In 2014, MMI initiated legal action against Project CBD and Stewart Environmental Labs following a report that accused one of its subsidiaries' hemp oil of containing harmful solvents. Stewart Environmental resolved the matter through settlement, whereas Project CBD filed an anti-SLAPP motion in 2015.
Also in 2014, MMI revealed it was under investigation by the SEC, coinciding with alerts from the Financial Industry Regulatory Authority regarding scams involving marijuana penny stocks. A Forbes article from 2015 exposed links among CannaVEST, investment funds tied to a real estate Ponzi scheme, the private equity firm General Hemp, and MMI’s subsidiary PhytoSphere.
After restructuring leadership in 2015, Stuart Titus was appointed as CEO. The company’s primary operations were conducted through HempMedsPX, which sold products produced by other subsidiaries. As of 2015, hemp oil was procured from Denmark. The company’s leading product was "Real Scientific Hemp Oil," retailed around $169 for a 3-gram bottle as a dietary supplement; additional offerings included various hemp-based consumer items such as shampoo.
In 2021, Blake Schroeder replaced Titus as Chairman, CEO, and President of Medical Marijuana, Inc. Schroeder also holds the CEO position at Kannaway, LLC, which is part of MJNA’s portfolio.