Medical Marijuana, Inc. (OTC: MJNA) — formerly known as GRN Holdings — has entered into an agreement to purchase assets from a hemp and natural wellness company for an undisclosed amount.
Bill Andreoli, the president of seller MFINITY Global will become the president of Medical Marijuana, Inc. subsidiary, Kannaway, LLC.
“This Agreement sets Kannaway on a new and exciting course, addition via acquisition,” said Blake Schroeder, CEO of Medical Marijuana, Inc. “Our Company is well positioned for this model, and we are eager to build upon this agreement as a model for the future.”
MJNA said that MFINITY ‘s product line features Muscadine, a “powerful antioxidant that provides many wellness benefits.”
The company said that MFINITY products will be marketed and sold exclusively under the Kannaway brand and are now available for sale through Kannaway’s independent distributors and on its website.
MFINITY’s sales force will become Kannaway Brand Ambassadors, and will immediately have access to market and sell non-psychoactive, cannabis-based products.
The deal aligns with Medical Marijuana Inc.’s newly implemented growth model of expansion through acquisition, the company said.
The addition of newly-minted Andreoli further positions MJNA to pursue that growth strategy “given Mr. Andreoli’s success in completing over a dozen acquisitions throughout his career.”
MJNA said that its in-house manufacturing and distribution capabilities allow the company to add formulations and product lines from acquired companies and generate product sales across its international platform.
“I could not be more excited to take on my new role as Kannaway President and lead the company and its expansion strategy,” said Andreoli.
“Successfully acquiring and integrating brands is something I’ve done with great success in the past and I look forward to implementing that model here at Medical Marijuana, Inc.”