MARIJUANA COMPANY OF AMERICA APPLIES FOR UPLISTING TO OTCQB AND FINALIZES S1 REGISTRATION STATEMENT FOR ANTICIPATED EQUITY FINANCING; ANNOUNCES NEW INDEPENDENT DIRECTOR AND CHIEF FINANCIAL OFFICER
Escondido, CA — (October 11, 2018) – MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to announce that the Company filed an application with the OTC Markets on October 3, 2018, to uplist from the OTC Pink to the OTCQB listing tier on the OTC Markets.
Additionally, the Company is in the process of finalizing a registration statement on Form S-1 that the Company intends to file with the Securities and Exchange Commission (SEC), in conjunction with an anticipated equity line of financing that will allow the Company, once the S-1 is effective, to raise up to $10 million. The Company’s application to uplist to the OTCQB tier is a condition for both the equity line of financing and for the Form S-1 registration statement.
Donald Steinberg, MCOA President and CEO commented, “Our goal is to obtain the necessary capital through our S1 to capitalize on the host of opportunities available in the cannabis and hemp industry right now. Also, moving to a higher OTC Markets reporting tier will help to provide better access to institutional investors, broaden our shareholder base, and provide greater credibility with the Company’s partners, clients, stakeholders, and customers, as well as with the wider investment community.”
The OTCQB tier increases transparency, reporting standards, management certification and compliance requirements. Further, the majority of broker dealers trade stocks on the OTCQB and historically this has resulted in greater liquidity and awareness for companies that reach the OTCQB tier.
On August 31, 2018, the Company engaged Mr. Jesus Quintero as its new Chief Financial Officer, and on September 19, 2018, appointed Robert Coale as an independent director.
Mr. Quintero has served as a financial consultant to several multi-million dollar businesses in South Florida. He has extensive experience in public company reporting and SEC/SOX compliance, and held senior finance positions with Avnet, Inc. (NYSE: AVT), Latin Node, Inc., Globetel Communications Corp. (AMEX: GTE) and Telefonica of Spain. His prior experience also includes tenure with Price Waterhouse and Deloitte & Touche. Mr. Quintero earned a B.S. in Accounting from St. John’s University and is a certified public accountant.
Mr. Coale brings years of experience in business consulting, private equity investments, financial and strategic joint venture facilitation, including telecommunications, banking, fund raising, non-profit, retirement, entertainment, licensing, gateway interface/merchant processing, real estate development, and strategic planning. Mr. Coale holds a Master’s in Business Administration, with an emphasis on International Marketing and Strategic Planning from Pepperdine University awarded in 1992; a Bachelors of Science with an emphasis in Finance from the University of Southern California awarded in 1982.
About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART™”, that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
About Our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA’s jurisdiction.
Forward Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-12G, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
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Source: MARIJUANA COMPANY OF AMERICA INC.