Medical Marijuana, Inc., the parent company of direct selling organization Kannaway, announced that Dr. Timothy R. Scott has been appointed to the role of Chief Executive Officer, President and Chairman of the Board. Scott has been a member of the company’s board since 2015 and previously served as Chief People Officer in an advisory role. 

Scott succeeds Blake N. Schroeder, who will continue to serve on the boards for the company’s portfolio investments and provide advisory services for Neuropathix. 

“Our company, along with other companies in the state and federally legal cannabis business, has faced increased competition that has led to decreasing sales and tighter margins,” Scott said. “We expect to see substantial consolidation in the industry and are positioning the company to take advantage of this by undertaking significant financial and operational restructuring efforts to increase efficiencies, preserve and increase cash flow, incentivize key employees, and increase our portfolio investments. I believe these efforts will enable the company to grow more quickly and profitably as we move forward. We have among the highest quality products in the industry, a diversified distribution platform, with significant barriers to entry for would-be competitors, and experienced leaders in our two key operating subsidiaries, HempMeds and Kannaway. In addition, the company believes that its portfolio investments Neuropathix, Inc. (symbol; NPTX) and Axim Biotechnologies, Inc. (Symbol: AXIM) have significant untapped value, and we continue to be extremely positive for the outlook of these companies and their respective technology and intellectual property.”