This is my interpretation of the press release. My comments in red..
MJNA - Medical Marijuana Inc Plans to Petition DEA for License to Cultivate Medicinal Marijuana
Medical Marijuana (PL) (USOTC:MJNA)
Today : Monday 13 June 2011
Medical Marijuana Inc (PINKSHEETS: MJNA) is pleased to announce completion of a draft for a preliminary petition to the Federal Government to obtain a DEA sanctioned License to cultivate marijuana for medicinal purposes. (Cannabank completed a draft. Anyone can complete a draft petition.) In the US there are now 15 States which recognize the medicinal benefits of marijuana and cannabis related products (containing THC, the psycho-active ingredient) for various medical uses. Connecticut may soon be the 16th State to approve medical marijuana.
The Drug Enforcement Administration told Legalization Nation in an e-mail last week that 5 unnamed companies now hold licenses to grow cannabis in the United States. (Notice that Cannabank is making no mention that they are one of them. That is because the aren't. If there were, they would be formally announcing THAT.) The DEA and enforcement agencies are examining a potential expansion of the medical marijuana industry along with a new acceptance by the Federal Government of the medical benefits. (This is not news..this is fact.) Nationwide, increasing numbers of Doctors are prescribing marijuana and related products for their patients and seeing their patients receiving benefit.
To further illustrate this expansion, (via a letter to the East Bay Express) the DEA revealed that "there are 64 active DEA registrations" (reflecting 55 companies) for manufacturers that have listed drug code 7370 (THC, Delta-8 THC, Delta-9 THC, dronabinol and others) and drug code 7371(TETRAHYDROCANNABINOL, ORGANIC) on their DEA record. In other words, 55 companies have active licenses for producing organic THC (meaning they are growing medicinal marijuana). These reports contradict the widespread belief that there is only one legal marijuana farm in America, operated under the DEA for research purposes. (This does not state that it is them..it implies. Wow!)
Pharmaceutical manufacturers are watching this emerging trend of medicinal marijuana benefits to patients in the hope of bringing generic THC products to new market. For Pharmaceutical companies to bring generic THC products to market, the DEA would have to move organic THC down from Schedule I, where it is now, to a Schedule III classification, the same level of synthetic THC (Marinol). According to DEA records, pharmaceutical companies have requested just such a rescheduling. Should this rescheduling occur, it would green-light a new generation of prescription marijuana extract-to-pill farms. (This has always been a fact.)
The federal government has reportedly boosted its marijuana production capability by 900 percent to 4.5 million grams, according documents obtained by Americans for Safe Access. The most famous federally approved pot grower, Dr. Mahmoud El Sohly, has also testified he has begun legally selling THC extracted from his Mississippi farm to a substantial drug company.
Medical Marijuana Inc realizes that "full transparency in this industry" is a must, especially for investors in the growing number of publicly traded companies' shares in the industry. MJNA and CannaBANK seek to provide the public with information on changing Governmental regulatory actions that may affect our businesses. As related in previous press releases, MJNA is dedicated to expanding available medical marijuana benefits to patients through science, such as its cannabinoid extraction process. (In other words..we are just sharing industry news..yet making it look like we are involved.)
ABOUT MEDICAL MARIJUANA INC
Our mission is to be the world's premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate, invest in and purchase value-added sustainable companies, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, pay homage to the visionaries and activists of the past and present, provide the platform from which the industry can emerge into a global sustainable economy for all. Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
www.medicalmarijuanainc.com
