Medical Marijuana, Inc. (OTC:MJNA) has satisfied and retired two of its three major outstanding debt liabilities, eliminating over $10 million of principal debt from its balance sheet. The satisfaction of the debt eliminates long-standing liabilities and aligns with the company's goal of cleaning up its balance sheet through establishing more profitable operations and removing pressure caused by debt sellers.
As of February 28, 2022, two promissory notes equaling $10.18 million in principle have been satisfied and retired with only one remaining promissory note on the Company's current debt schedule.
"Eliminating the primary convertible notes due to Atlas Science, LLC was one of the most important goals I put in place as I took over the position of CEO," said Medical Marijuana, Inc. CEO Blake Schroeder. "Convertible notes that mature and allow for share selling in the open market puts unnecessary pressure on our stock price and increases the volatility of the market for our stock. Eliminating it had to be done. Our board remains committed to further improving the fundamentals of our business while furthering the Company's growth. We believe that this work, paired with the reduction in liabilities including convertible debt, can unlock additional shareholder value."
In recent months the company has been heavily focused on the expansion of its international operations. Medical Marijuana, Inc. and its subsidiaries have opened new facilities in Japan, Hong Kong and South Africa, among others. The Company's operating assets in Japan, Mexico, and Brazil continue to see explosive growth, each achieving their respective largest revenue months in company history within the last year.
