Medical Marijuana Inc (OTCMKTS:MJNA) announced on Tuesday that it launched a new warehouse and production facility in Utah as part of its aggressive expansion plans.
The Utah-based facility has already received regulatory approval from the state and it also complies with the cGMP. It occupies about 16,000 square feet of space and was designed to meet Medical Marijuana Inc’s production, warehousing and fulfillment needs for its hemp and CBD-based oil products. Medical Marijuana Inc. was the first publicly listed firm to roll out nutraceutical products with cannabis extracts.
“As the Company has seen a significant rise in sales and overall revenue this year, we believe that this new facility will help us strengthen our customer base and meet the needs of today’s burgeoning cannabis market,” stated Dr. Stuart Titus, the CEO of Medical Marijuana Inc.
Dr. Titus also noted that the company has a team that is committed to making sure that the new facility will encourage more valuable and transparent relationships with customers and retailers. The launch of the Utah facility comes just after another recent announcement through which Medical Marijuana Inc. revealed that it was working on expanding its reach in Latin American and the U.S.
The expansion plans to focus on reaching major global markets especially in Europe and Asia
The company wants to make its products available in Asia and Europe and so it believes that the new facility will help cater to the growing production needs both domestically and internationally. Blake Schroeder, the firm’s COO noted that Medical Marijuana’s new facility will help boost operations and also lower expenses such as the cost of goods. It is also expected to contribute to revenue growth and widen the scope of opportunities.
Schroeder also believes that the launch of the new facility in Utah represents his company’s commitment to maintaining its status as an industry leader. It also highlights the commitment to generate more shareholder value and most importantly, to provide high-quality products to retailers and consumers. The launch also validates the company’s pursuit of more expansion so that it can make its products available to more regions across the world.