SAN DIEGO, Apr 07, 2014 (GLOBE NEWSWIRE via COMTEX) --
Medical Marijuana Inc. (otc pink:MJNA) is pleased to inform shareholders and the general public it completed the joint venture with LiveWire Ergogenics, Inc. (otcqb:LVVV) under the name of HempWire, LLC ("HempWire"). The joint venture agreement stipulates that Medical Marijuana Inc. and LiveWire Ergogenics ("LiveWire") will equally split the net profits (50/50) from all cannabidiol (CBD)-rich hemp oil functional food sales distributed through HempWire. Market research indicates that theworldwide market for functional food is valued at $221.58bn in 2014 .
"Both companies are excited about the partnership," states Michelle Sides, Chief Operating Officer of Medical Marijuana Inc. "We chose LiveWire as an established manufacturer that can provide our customers with the same consistency and quality that they have come to expect from our company. To start, HempWire will bring the first-ever CBD-rich hemp oil energy square chew to the market, with more products to come."
Product development will be implemented by HempMedsPX ™, a corporate portfolio company of Medical Marijuana, Inc. and the contracted marketing company that distributes non-psychoactive cannabidiol (CBD)-rich hemp oil products nationwide. LiveWire will purchase CBD-rich hemp oil from HempMedsPX ™, then manufacture and package CBD-rich hemp oil-infused functional energy squares—a popular functional food format with a taffy-like consistency. HempWire will distribute these—and other new products to come—through both LiveWire's and Medical Marijuana Inc. 's network of retailers, resellers, wholesalers and distributors.
"HempWire's launch enters Medical Marijuana Inc. into a new market for the Company," continues Sides. "Functional foods are one of the fastest-growing natural product categories, and this joint venture is an excellent opportunity to introduce CBD-rich hemp oil to a wider segment of health-conscious consumers. We are looking forward to announcing major clients later this month."
Stated Bill Hodson, CEO of LiveWire Ergogenics, Inc., "This joint venture is an important milestone for LiveWire. By partnering with the leader in this space, together we will offer the best tasting, most precise functional foods in this industry."
HempMedsPX offers mainstream marketing, sales, customer service, and logistics for the cannabis industry. HempMedsPX is a corporate portfolio company of Medical Marijuana, Inc. (otc pink:MJNA) and the Company's exclusive master distributor and contracted marketing company. In addition to handling sales and distribution, HempMedsPX is the communication hub for the Medical Marijuana Inc. portfolio of companies.
About Medical Marijuana, Inc.
Our mission is to be the premier cannabis and 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. For more information, please visit the company's website at: www.MedicalMarijuanaInc.com
About LiveWire Ergogenics, Inc.
LiveWire Ergogenics Inc. was formed in 2008 and its products are available for purchase at thousands of retail outlets nationwide, or are available online at:http://www.livewireenergy.com
Investor Information: http://www.otcmarkets.com/stock/LVVV/quote
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
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.
Medical Marijuana, Inc. and HempMedsPX do not sell or distribute any products that are in violation of the United States Controlled Substances Act (US CSA). The company does grow, sell and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.