Medical Marijuana Inc. is moving from its San Diego headquarters to Poway, the corporate stated Monday, thanks to “exponential progress” in its distribution arm.
The 5-yr-previous publicly traded penny-inventory firm stated the transfer was prompted by speedy progress in its subsidiary HempMedsPX, which distributes hemp-based mostly merchandise for each Medical Marijuana and one other main cannabis firm, CannaVest.
Thanks partially to new legal guidelines legalizing using cannabis in each Washington and Colorado, HempMedsPX posted income of $1.four million within the fourth quarter, up from $248,859 within the third quarter.
Its mum or dad firm reported $5 million in annual gross sales for 2013.
Medical Marijuana disclosed in August that it had acquired an inquiry from the Securities and Trade Fee about present and former administration, however Chief Working Officer Michelle Sides stated this week the inquiry has been closed.
Marijuana Enterprise Every day editor Chris Walsh stated the agency’s transfer is simply one other signal of the business’s brisk progress, and lots of cannabis corporations throughout the nation have made comparable strikes to bigger areas.
“Medical Marijuana Inc. and HempMedsPX have been notably aggressive as of late in making an attempt to develop nationwide manufacturers, and that is probably a mirrored image of that technique,” he stated.
Sides stated the HempMedsPX division launched a number of new product strains in current months, constructing on its flagship chewing gum that retails for $one hundred twenty five per 32-piece field. It was additionally helped alongside final quarter by a brand new distributor, and elevated efforts to educate shoppers about cannabidiol-wealthy merchandise.
“The cannabis business is rising and altering at mild velocity,” she stated in a press release concerning the transfer. “As a quickly rising cannabis-based mostly enterprise in a market that’s predicted to develop quicker than the smartphone business did, it’s essential to productiveness that personnel have a central location to collaborate from on this quick-paced setting.”
Administration workplaces will relocate to the brand new multi-constructing campus within the Scripps Poway Parkway space this week. By June, the complicated will home customer support, warehouse, distribution and advertising providers, and the present headquarters in Clairemont will probably be transformed to administration workplaces for Medical Marijuana’s portfolio, which continues to broaden into areas like cannabis-based mostly meals.
The corporate plans to actively develop HempMedsPX international gross sales this yr, based mostly on elevated manufacturing capabilities at industrial-based mostly hemp oil provider PhytoSphere, one other subsidiary.
Medical Marijuana presently employs sixty four, up from forty six at the start of the yr, and plans to rent a further 50 staff within the subsequent few months.
“We’re enthusiastic about our enterprise goals, the product strains, the progress the corporate continues to make in educating the general public, its outreach packages, present and impending partnerships and now having the ability foster financial prospects for the Metropolis of Poway,” Sides stated.
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Medical Marijuana Inc. moving to Poway | Weed Blog - We Love The Herb
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