Welcome!

Web 2.0 Authors: Victoria Livschitz, Lori MacVittie, Pat Romanski, Liz McMillan, Larry Dragich

News Feed Item

Medical Marijuana Inc. Anticipates Increased Opportunities For Its Portfolio Company with Colorado Voters Passage of Amendment 64, Becoming First State to Legalize Marijuana for Recreational Use

SAN DIEGO, Nov. 7, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC: MJNA), a leading hemp industry innovator, commends the millions of Colorado voters who helped pass Amendment 64 by about 66 percent in the November 6 elections. The positive vote, which crossed partisan lines, marked history by making Colorado the first state in the U.S. to remove prohibition and legalize marijuana for recreational use for adults over 21. The decision will allow large-scale commercial production and sales, is expected to bring both jobs and significant tax revenue to the state economy. The regulation will be overseen by Colorado's Department of Revenue.

According to The Denver Post, "The amendment will allow those 21 and older to purchase up to one ounce of the drug at specially regulated retail stores. Possession would be legal but not public use. Adults could grow up to six marijuana plants at home. It sets up a direct challenge to federal drug law, which regulates it as an illegal substance. Federal authorities have not said how they will respond."

State criminal penalties for possessing the drug won't disappear until the election is certified, which could take up to two months, and questions about regulation and enforcement still need to be worked out, according to The Denver Post, which also states that the first recreational stores would be slated to open in January 2014 and would be separate from existing medical marijuana dispensaries.

In addition to Amendment 64 passing, voters in Fort Collins, CO approved an ordinance that would allow medical marijuana businesses to once again operate in the city. The vote came a year after a city election that shut down the businesses. The ordinance allows dispensaries to reopen, but it includes some restrictions, such as capping the number of dispensaries at one per 500 registered medical marijuana patients, according to The Coloradoan. Additionally, voters in Berthoud showed support Tuesday for Herb's Medicinals, the town's only medical marijuana dispensary, that would have been forced to close its doors in ballot Question 300 had they not opposed the measure and successfully won.

These winning votes in Colorado, along with other successful initiatives across the country, have clearly set a precedent for the medical marijuana industry. Months before the November 6 elections, CNBC had already reported that pending marijuana legislative decisions "could set up a State vs. Federal debate similar to President Obama's health care bill, which made it all the way to the Supreme Court."  The winning vote in Colorado now positions medical marijuana even more so as a critical issue facing the country. It also encourages additional states pursuing legalization efforts to forge ahead with their propositions. "Marijuana legalization has become an issue that defies the stereotypes of party lines, garnering the support of key progressives and conservatives in Colorado, Washington and Oregon," said a November 6 Huffington Post story. "Colorado's Amendment 64 would mark a true watershed for the fractious and often hapless legalization movement, a motley crew of potheads, civil libertarians, and billionaires that's been set back many times before but has the wind of public opinion at its back," according to The Atlantic's Oct. 9 story on legalization.

The decision to pass Amendment 64 in Colorado opens the doors for a significant customer base expansion of MJNA portfolio companies such as Red Dice Holdings, parent company of the Dixie Elixirs & Edibles brand, which is already known as the leading manufacturer of edibles supplying most of the 500 plus dispensaries in Colorado. According to the Associated Press, analysts project that that tax revenue in CO could generate somewhere between $5 million and $22 million a year in the state. An economist whose study was funded by a pro-pot group projects as much as a $60 million boost by 2017.

"We are thrilled that Amendment 64 has passed in Colorado and that voters in Fort Collins successfully lifted their medical marijuana ban after nearly a year. We eagerly await the opportunity to open additional manufacturing facilities, as well as stores, throughout the state," said Tripp Keber, President of Red Dice Holdings. "Studies have indicated that our market in Colorado will increase from 110,000 patients to over one million customers."

It is important to note that although this legislative victory is a milestone for all industrial hemp and medical marijuana advocates, the outcome will not impact the future corporate strategy of MJNA. As a company, MJNA continues to primarily focus on hemp oil, derived from seed and stalk, with a strong concentration on the cannabinoid, CBD (cannabidiol).

"This decision marks quite an exciting achievement for the medical marijuana industry. For MJNA, the passing of Amendment 64 and lifting bans in Fort Collins and Berthoud will undoubtedly open new avenues and licensing partnerships for our portfolio companies, as well as bring awareness and acceptance to the industry in general. That is surely a benefit to us as we continue to focus our main attention on branding our Hemp-based products," says Ted Caligiuri, President and CEO of Medical Marijuana, Inc.

About Medical Marijuana,Inc.

Our mission is to be the premier hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value.

Medical Marijuana Inc. does not grow, sell or distribute any substances that violate United States Law or the controlled substance act.

For more information, please visit the company's website at: www.MedicalMarijuanaInc.com

FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration (FDA). These products and statements are not intended to diagnose, treat, cure, or prevent any disease.

FORWARD-LOOKING DISCLAIMER

This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.

Corporate Contact:

Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
www.medicalmarijuanainc.com
www.facebook.com/mjnainc

Investor Relations Contact:
Stuart T. Smith
SmallCapVoice.Com, Inc.
P. 512-267-2430
F. 512-267-2530
Email: [email protected]
Skype: SmallCapVoice.com

SOURCE Medical Marijuana Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.