Medical Marijuana, Inc. (OTC Pink:MJNA), a leading industrial hemp industry innovator, is proud to announce that it has signed a definitive agreement to acquire 100% membership interest of Kannaway, LLC. The amount of the sale is undisclosed.
The valuation of Kannaway is in the range of $119.6-242.7 million.
The agreement is expected to take at least 90 days to close and will effectively make the cannabis-based network marketing company a wholly owned subsidiary of the first-ever publicly traded cannabis company.
Kannaway’s valuation was performed by none other than esteemed financial advisory and investment banking firm, Houlihan Capital. The firm has performed valuations for similar category creators including: Urban Outfitters, Redbox, Micros Systems Inc., LeapFrog Enterprises, Tootsie Roll Enterprises, U.S. Airways Inc., and more. Houlihan Capital is a Financial Industry Regulatory Authority (FINRA) and SIPC member, committed to the highest levels of professional ethics and standards.
“Quality, ethics and accountability are hallmark principles that are the foundation for each Medical Marijuana, Inc. company,” states Michelle Sides, Chief Operating Officer of Medical Marijuana, Inc. “We are thrilled at the addition of Kannaway to Medical Marijuana, Inc.’s investment portfolio as the Company’s leadership operates under the same beliefs.
Kannaway offers Medical Marijuana, Inc. shareholders a