After a series of record-breaking revenue months in key markets, Medical Marijuana, Inc. has satisfied and retired two of three major outstanding debt liabilities. This now eliminates more than $10 million of principal debt from the company’s balance sheet, with only one remaining promissory note outstanding.
The company’s laser focus on international expansion has paid off in markets like Japan, Mexico and Brazil, which have seen rapid and phenomenal growth. All three markets saw their largest revenue months in company history within the last 12 months.
“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.”