Medical Marijuana Inc. (OTC: MJNA) announced that they have reached an agreement with CannaBANK Inc (CB). The agreement was for up to four million dollars in equity for the acquisition and development of several pending technologies, patents and operating businesses. CannaBANK will provide the required equity on a non-dilutive basis for an eight percent royalty of each licensed facility or developed product and a twenty percent equity stake in each CannaBANK financed facility or business.
Medical Marijuana Inc. is a publicly traded holding company which invests, develops and owns subsidiaries engaged in a number of diversified international businesses within the Medical Cannabis and Industrial Hemp Industries. CannaBANK is a private equity firm dedicated strictly to the cannabis and hemp industry.
“With the closing of this agreement, its favorable non-dilutive and non-recourse terms, we will be able to complete several key acquisition. This is a significant commitment from CannaBANK and we expect to maximize the deployment of these resources to increase shareholder value.” Stated Michael Llamas, President of Medical Marijuana Inc.