Marijuana Company of America Announces Changes in Corporate Leadership and Strategy
- Co-founder Donald Steinberg resigns as CEO
- Jesus Quintero promoted from CFO to Principal Executive Officer of the Company
- New corporate direction is to acquire hemp and cannabis companies to expand Company's vertical integration strategy
ESCONDIDO, Calif., Dec. 9, 2019 /PRNewswire/ -- Marijuana Company of America, Inc. ("MCOA" or the "Company") (OTCQB: MCOA), an innovative hemp and cannabis corporation, today announced the resignation of Donald J. Steinberg as Chairman of the Board, Chief Executive Officer, and Treasurer.
"It has been an honor to lead the Company these past four years and to serve the customers, stakeholders, and staff who have been part of the foundation of the Company," said Mr. Steinberg, one of the founders of the Company. "I am proud of what we have accomplished as a team thus far and know that the Company will continue to grow its presence in the cannabis industry. Also, I am positive that the Company will create additional innovative ideas and pioneering technologies for its customers and stakeholders worldwide and make the right corporate maneuvers and strategic acquisitions to establish meaningful scale in the industry. As many of you know, one of my passions is the development of start-up ventures. I believe in the future of the cannabis marketplace and greatly desire to be a part of advancing the innumerable opportunities that are yet to be discovered. For this reason, I have decided to step down as CEO to allow the Company to pursue new groundbreaking opportunities under new leadership."
The new focus and goal of the Company will be to enter strategic acquisitions with various operational cannabis and hemp companies that are distressed in order to expand the Company's vertical model. Additionally, the Company intends to expand its hempSMART™ branded product lines and marketing channels as well as launch other CBD brands using a direct to consumer sales approach.
Going forward, Mr. Jesus Quintero will serve as the Principal Executive Officer and Chairman of the Board of Directors of the Company along with Board Members Robert Coale and Edward Manolos. Mr. Quintero was already the Chief Financial Officer of the Company.
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) the expansion of its business into ancillary areas as market opportunities in this segment mature and develop.
Legal Status of Cannabis
While legalized in California for recreational and medicinal use, cannabis remains a Schedule 1 drug under the Controlled Substances Act (21 U.S.C. § 811) and illegal under the federal law.
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.
SOURCE Marijuana Company of America, Inc.
Released December 9, 2019