Marijuana Company Of America's CEO Informs Shareholders On The Status Of Company During COVID-19 Pandemic
ESCONDIDO, Calif., April 28, 2020 /PRNewswire/ -- MARIJUANA COMPANY OF AMERICA INC. ("MCOA" or the "Company") (OTCQB: MCOA), an innovative hemp and cannabis corporation offers a letter to shareholders from CEO Jesus Quintero.
As all of us struggle through this historic period of our lives to remain safe from COVID-19, I would like to take this moment to provide you with a status update on Marijuana Company of America, Inc. ("MCOA").
Since being appointed Chief Executive Officer of MCOA in mid-December 2019, I undertook the task of rebuilding and reorganizing the company. During this process, I made critical decisions to eliminate non-essential positions and reduce expenses in order to steer our company to success and profitability. During the last four months, I focused my efforts on streamlining our organizational structure to minimize operational costs and continue to strengthen our sales.
Our primary sales strategy capitalizes our Network Marketing program, which has been operating successfully over these past three years with growth and success. My vision is to introduce a wholesale business model that will complement our Network Marketing program. This will give us the opportunity to increase our sales significantly over the next 2 to 3 years. Part of this new strategy includes:
- Utilizing our new Chief Marketing Officer with significant and extensive global sales experience;
- Creating "CBD Awareness" campaigns to educate consumers – via social media and events;
- Directing sales volumes via Market segmentation;
- Implementing and deploying new marketing strategies which includes:
- Virtual Events
- Social Media
- Extensive advertising
- Expansion of online stores: wholesale, retail, and network affiliates
- Partnerships with distributors and resellers
- Introducing new product lines for expansion and diversification of products
We have seen the success of our products and we are aggressively pushing to get our products out into the market and in front of bigger audiences. Our products are high quality and we proudly stand behind them 100%. My ultimate vision is to make MCOA's products a "Household Name". We want hempSMART™ to become an ICON in the product markets. COVID-19 has slowed down our sales activity, but our staff continues to work virtually despite the lockdowns. This period allowed us the chance to continue reorganizing our company behind the scenes, while we wait for the US markets to re-open. We are preparing ourselves to "hit the ground running" once the doors are open.
We believe that our stock price has not reflected our true value over these past few transitional months. The company's limited cashflow, has required the company to borrow funds from institutions who convert and sell our stock for repayment of their loans. Unfortunately, this process has affected our stock price adversely. To preserve our stock price, we are working on various alternatives to resolve this critical issue. It is clear that we need to minimize or stop the continued assault on our stock price.
I know it has been a challenging road for our shareholders and supporters. Seeing our stock price fall to the levels reflected currently I am sure has affected your confidence in MCOA. But please know that my new team and I are working diligently to turn this company around for the benefit of our loyal shareholders. You have been supportive to us, it is our turn to give back and that is what we are all working towards. We believe in what we can do and what we will achieve. You have believed and supported us over the last few years, we are working tirelessly to put MCOA in a position to give back to you! Thank you for the support - I want you to know we are fully committed to building the new MCOA!
About Marijuana Company of America Inc.
MCOA is a corporation that participates in: (1) product research and development of legal hemp-based consumer products under the brand name hempSMART™, which targets general health and well-being; (2) an affiliate marketing and retail sales program to promote and sell its legal hemp-based consumer products containing CBD; (3) joint ventures and acquisitions of business entities engaged in the growth and sale of hemp and cannabis products in jurisdictions where cultivation is legal; and (4) 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.
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-K, 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.
For more information, please visit the Company's websites at:
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SOURCE Marijuana Company of America, Inc.
Released April 28, 2020