Medical Marijuana, Inc Subsidiary Kannaway Announces European Industrial Hemp Association Membership
- Europe's cannabidiol (CBD) market is expected to grow over 400 percent by 2023
- Kannaway® has been approved to become a member of the European Industrial Hemp Association (EIHA)
- Kannaway®'s European operations have expanded significantly over the past few years, garnering over 50,000 new Brand Ambassadors throughout the EU
SAN DIEGO, July 2, 2019 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA) (the "Company"), the first-ever publicly traded cannabis company in the United States that launched the world's first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that its subsidiary Kannaway® has become a member of the European Industrial Hemp Association (EIHA) and will participate in the organization's operational and legislative activities.
"We're excited to be recognized as a leader in the European hemp industry," said Kannaway® Vice President of International, Alex Grapov. "We look forward to working with the EIHA to help drive global policy changes regarding the legislation of hemp and CBD and help spread education on the potential wellness benefits of CBD."
The EIHA is the only coalition for the industrial hemp sector in Europe. Its members, representing 31 different countries, are players in industrial hemp processing and distribution, car manufacturing, construction, food and feedstock, as well as the pharmaceutical sector. Research institutes and financial investors also help guide the EIHA's activities. This organization lobbies for legislation surrounding hemp and CBD throughout the EU and organizes events to connect industry leaders.
According to the Brightfield Group, a predictive market intelligence firm, Europe's CBD market was estimated at $318 million in 2018 and is expected to grow over 400 percent by 2023.
Kannaway®'s Europe Division has grown exponentially within the past two years. The company has hosted over a dozen events throughout the EU, garnered more than 50,000 Brand Ambassadors and began selling in many new markets and countries. The company launched its European operations in 2018 with its Grand Opening Event in Prague. More than 2,000 people attended, and the company revealed several new innovative CBD products. This led to a significant amount of Kannaway®'s 2018 revenue coming from its European operations and the company experienced an increase of nearly 200% in revenue over 2017 revenue.
"Europe has shown us great potential for operational growth and we're enthusiastic about the future of CBD there," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "Working with the EIHA is a stepping stone to connecting with a larger audience there and helping the CBD industry progress as a whole."
To learn more about the European Industrial Hemp Association and see a list of its exclusive members, please visit http://eiha.org/members/.
About Medical Marijuana, Inc. We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its internal R&D and scientific team and its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s corporate video, click here.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
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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.
LEGAL DISCLOSURE Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do 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.
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