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Medical Marijuana Reports Strong Financial Results in 2016 -- CFN Media
Medical Marijuana Reports Strong Financial Results in 2016 -- CFN Media.
About this update from Axim Biotechnologies, Inc.
[{"type":"text","content":"\n \n \n Medical Marijuana Reports Strong Financial Results in 2016 -- CFN Media\n \n \nMedical Marijuana Reports Strong Financial Results in 2016 -- CFN Media\n \n SEATTLE, WA--(Marketwired - Jun 6, 2017) - CFN Media Group, the leading creative agency and digital media network dedicated to legal cannabis, announces the publication of an article discussing Medical Marijuana, Inc.'s (OTC PINK: MJNA) fourth quarter and full year 2016 driven by its investments across several areas of the market.\n Strong Investment Portfolio\n Medical Marijuana, Inc. reported comprehensive income of $197,269,187 in 2016, which consisted primarily of unrealized gains on available-for-sale securities in its investment portfolio. Most of the gains came from its investment in AXIM Biotechnologies Inc. (OTCBB: AXIM) where it holds 22,669,100 shares with a market value of $231,904,893, as of June 1, 2017, when shares were trading at approximately $10.23 per share.\n AXIM Biotech's stock price has dramatically increased in value thanks to its expanding patent portfolio and near-term clinical trials. The company's chewing gum-based cannabinoid delivery system offers superior bioavailability and extended release compared to capsules or other delivery systems. Management has already started clinical trials targeting irritable bowel syndrome and is gearing up for additional clinical trials targeting multiple sclerosis.\n The company's other investments include a 16.7% stake in Kannalife Sciences, which has a licensing agreement with the National Institutes of Health (\"NIH\") for hepatic encephalopathy (\"HE\") and chronic traumatic encephalopathy (\"CTE\"). Kannalife recently patented a new CBD-like compound that's 50x more potent and 400x safer than the original cannabinoid and secured the first-ever DEA permit to import CBD to further their clinical studies.\n Market Traction in Operations\n Medical Marijuana, Inc. reported revenue that reached $8,003,943 from its HempMeds and Kannaway subsidiaries. With the U.S. cannabis industry expected to grow from $6.7 billion last year to over $50 billion by 2026, the increase comes as consumers are increasingly embracing cannabinoids to help them live better and healthier lives. At the same time, researchers continue to prove that CBD and other cannabinoids have legitimate medical uses.\n HempMeds, a leading consume...