SAN DIEGO, Sept. 17, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC: MJNA), a leading hemp industry innovator, announces today that its Interim President and CEO, Michael Llamas, is taking a leave of absence effective immediately. According to the company, Mr. Llamas will be stepping down from his position in order to focus his attention on personal business matters that are entirely unrelated to MJNA.
The Company has appointed Ted Caligiuri as the new Interim President and CEO. Mr. Caligiuri has served on the Board of MJNA since the Company was acquired by Cannabank and has been instrumental to the overall development of the company, especially in the area of Hemp-based CBD production.
His tenure didn't last until year-end, though the company never disclosed his departure with a press release. In the annual report (filed in mid-February), he was listed as a director without his title. In the updated annual report filed in April, he was mentioned similarly. The last time he was mentioned, they didn't even refer to him as "interim", calling him just "President/CEO" on 12/20 as he discussed Can-Chew gum. He is no longer listed on the company website as a director or officer.
The company last held an interview with its I.R. firm on 12/4 that was posted to the internet by SmallCapVoice on 12/6. You can listen here.
At the 1:46 spot, Caligiuri, who should know what he is saying, fully supported my assertion that the company confuses investors in how it describes the relationship to Dixie Elixirs, calling it a "subsidiary", which is NOT the case at all. I detailed some other discrepancies regarding how the company confuses shareholders in a recent article. Ironically, I received criticism for stating the obvious and misstating the relationship simultaneously. Even today, I see plenty of evidence that the public still doesn't fully understand this relationship.
Another big question that is not answered in their filings is the very large jump in the share-count last year. At 4:15, Caligiuri attempts to address the issue, describing a situation where two institutional lenders required an increase in the share-count in order to provide a line of credit once the fictional uplisting takes place (fictional is my view). He explains that the shares were given to HDDC to use to pledge as collateral. Huh?
On 9/10, an interview with Llamas and Keber had another bold-faced lie. At the 26 minutes roughly, Llamas explains how the authorized share-count will remain at 750mm, but we know it that wasn't true, as the Q4 filing showed that it went to 950mm at year-end.