Medical Marijuana Inc. Signs Additional Management Contract Adding $1,100,000 In Annual Revenue
SAN DIEGO, CA– Medical Marijuana Inc (OTC: MJNA) is pleased to announce its wholly owned subsidiary Wellness Managed Services has signed an additional management contract which is expected to increase annual revenue by $1,100,000. The company’s 4thquarter revenue increased in excess of 116% over the prior quarter from $198,812.60to $430,139.36. Since the close of the first quarter 2011, to the close of the fourth quarter 2011, company revenue had increased an accumulative 3941%, and quarter over quarter since the first quarter 2011 have had a compounded quarterly increase of 101%. With the execution of this additional management contract and its accompanying $1,100,000 in additional revenue this will keep that compounded quarterly increase on track. Wellness Managed Services, which engages in the management and development of Health and Wellness facilities and hydroponic stores throughout North America, has actively been acquiring and developing its services since the end of the 4th quarter 2011 and is in negotiations for several additional facilities in California, Colorado and Arizona.
“The company is off to a great start. It has taken us eight months to get our feet grounded with new management in place. We have had to overcome the challenges of integrating our team, identifying and solidifying prior business plans, along with its development as we are now working through prior management arrangements. We are now just starting to receive the benefits from all those difficult months’ worth of work as we are pleased with our current growth and the overall position of the company. I would like to thank the shareholders for their continued support and our team for their exceptional performance and dedication, we look forward to a strong 2012.” Stated Michael Llamas President, Medical Marijuana Inc.