Friday, April 1, 2011

Medical Marijuana Inc Enters Into Letter Of Intent to Merge Assets of Hemp Deposit Distribution Corporation

Medical Marijuana Inc (Pinksheets:MJNA - News) is proud to announce the signing of a LOI with Hemp Deposit Distribution Corp (HDDC), a Delaware based Co., d/b/a CannaBANK. HDDC is slated to become a subsidiary of Medical Marijuana Inc (MMI) The LOI calls for an administrative restructure with HDDC being issued a controlling majority of the common stock of the company, the current officers of MMI resigning, and HDDC shareholders electing a new Board. The Hemp Network will remain as an operating division of the Company. MMI will increase the amount of authorized capital shares to accommodate the additional issuance of shares to HDDC based on the assets of the subsidiary (HDDC).

President Donald Steinberg stated, "CannaBANK has shown true leadership and have proven they have the vision to take the medical cannabis industry to the next level. They have provided an opportunity for many others to share in the growth of this new and exciting industry. CannaBANK has management and skill sets in place to set the standards as the industry leader."

Jordanne Brenkwitz, Operation Director of CannaBANK, was equally upbeat saying "The timing is perfect for a strategic move and this merger will allow CannaBANK an increased platform to take transparency, value, education and compliance within the industry to the next level."


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