Business
Medical Marijuana, Inc. Appoints New CEO; Highlights Renewed Focus on Profitability, Further Expansion
Medical Marijuana, Inc. Appoints New CEO; Highlights Renewed Focus on Profitability, Further Expansion.
About this update from Medical Marijuana, Inc.
[{"type":"text","content":"\n World’s First-Ever Publicly Traded Cannabis Company Appoints Longtime Board Member as New CEO SAN DIEGO, CA , March 14, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), a holding company with operating assets dedicated to the cannabis and hemp industries, along with portfolio investments in companies in the biotechnology industry, announced today the appointment of Dr. Timothy R. Scott as its new Chief Executive Officer, President, and Chairman of the Board. Dr. Scott takes the helm of the organization after serving on the Company’s board since 2015, as well as for several years on the Boards of both of the entities that comprise the Company's investment holdings, signaling a thorough understanding of the Company's operating subsidiaries and portfolio investments. Dr. Scott had recently taken an advisory role within the Company, having accepted a position as the Chief People Officer, before accepting this new role of CEO. Dr. Scott’s appointment follows the acceptance by the Board of Directors of the resignation of Blake N. Schroeder who served as the Company’s CEO, President and Chairman of the Board since 2021 and served in other executive roles going back to 2016. Mr. Schroeder will continue to serve on the boards of the Company’s portfolio investments; Axim Biotechnologies, Inc. (OTCQB: AXIM) and Neuropathix, Inc. (OTCQB: NPTX). In addition, he will provide consulting and advisory services to Neuropathix. \"I want to personally thank Blake for his many years of service and dedication to our organization,” newly appointed CEO of Medical Marijuana, Inc. Dr. Timothy R Scott said. \"We are pleased that he will remain a part of the MJNA family through his board memberships with our portfolio investments and his advisory role with Neuropathix, which we believe can be significantly supported and advanced by Blake's involvement and his contacts in the biotech space.” Dr. Scott added: “Our Company, along with other companies in the state and federally legal cannabis business, has faced increased competition that has lead to decreasing sales and tighter margins. We expect to see substantial consolidation in the industry and are positioning the Company to take advantage of this by undertaking significant financial and op...