Tuesday, June 18, 2013 12:08:07 PM
SAN DIEGO, Calif., March 1, 2013 /PRNewswire/ -- Medical Marijuana, Inc. (MJNA), a leading cannabis and hemp industry innovator, today announced that its subsidiary, PhytoSPHERE Systems, LLC ("PhytoSPHERE"), has entered into an agreement to sell certain of its assets to CannaVEST Corp. (FCLS) for $35,000,000. The assets sold to CannaVEST Corp. include certain equipment and inventory, web domain names, phone numbers, and all existing and pending agreements with hemp production and processing facilities. PhytoSPHERE also granted CannaVEST Corp. an exclusive license to use its brand names, logos and other "PhytoSPHERE" designations. The full text of the Agreement can be found in the Form 8-K filed by CannaVEST Corp. with the Securities and Exchange Commission on February 13, 2013.
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