Marijuana stock briefs: Kannaway takes a European vacation
Medical Marijuana Inc. (OTC:MJNA) announced that wholly-owned subsidiary Kannaway is hosting a European tour this month. The tour will take place in six cities: Copenhagen, Denmark; Oslo, Norway; Wroclaw, Poland; Bratislava, Slovakia; Linz, Austria; and Regensburg, Germany. Kannaway hopes to give their brand ambassadors an opportunity to connect with some of Europe’s top executives.
The tour comes nine months after Kannaway announced plans to expand into the European market. In December, Kannaway became the first direct selling company to provide hemp-based CBD products to Europe, allowing the company to position themselves within two popular sectors: direct selling and organic goods.
"We are excited to broaden our reach and impact throughout Europe with these events," said Kannaway® CEO Blake Schroeder. "It is an excellent opportunity for our brand ambassadors, new and old alike, to network with their fellow brand ambassadors, learn about new and upcoming products and build a successful Kannaway business."
According to a company’s statement, direct selling companies generated more than $35 billion in retail sales in 2015 while the organic foods sector totals €29.8 billion.
"During the tour, we will celebrate what has been an incredible launch of our European business and will continue laying the foundation for our European Grand Opening later this fall," said Kannaway® International Vice President Alex Grapov.
Kannaway made its mark in two other industries that have been very popular with consumers: hemp and athleisure. Recently, the company announced plans to expand into the athleisure market, introducing new leggings called Hempy’s, made of 53 percent hemp, 43 percent cotton, and 4 percent spandex.
Kannaway CEO Blake Schroeder explained in a statement that "[a]thleisure and hemp are two major trends in today's society and we feel confident that this product will capture the attention of both markets."
MJ Freeway makes the list
Inc. Magazine named MJ Freeway number 1975 on its list of the nation's 5000 fastest-growing private companies. It marks the fourth year in a row that the company known for its cannabis related software made the list, placing them in a prestigious company, alongside the likes of Microsoft, Dell, and LinkedIn.
"MJ Freeway has the best team of people who have achieved growth that puts us in an elite category with four consecutive years on the Inc. 5000 list. Our team's genius zone is finding the best tech solutions for cannabis businesses. And our clients continue to trust us. MJ Freeway has processed more than $10 billion in legal cannabis sales," says Jessica Billingsley, CEO, and Co-Founder.
The announcement comes as the Colorado-based company faces some tough challenges. Following their takeover of the state seed-to-sale system in 2017, and the implementation of a temporary system to fill the gaps until the launch of a more permanent system this past February, the local cannabis industry discovered discrepancies that turned out to be a data breach.
In spite of their technical difficulties, the company continues to move forward. According to a statement released by the company, MJ Freeway processed more than $10 billion in legal cannabis transactions. Over the last several years they secured state contracts in the United States and abroad. In April 2017 they landed a deal for Pennsylvania’s medical marijuana state tracking system, terms of which were five years and $10.4 million.
In addition to their contract with Pennsylvania, MJ Freeway holds the distinction of processing more than one-third of sales transactions on the cannabis industry’s most well know day, 4/20 according to a statement released by the company.
While MJ Freeway has made a name for themselves in the seed to sale side of the cannabis industry, the company's services extend beyond software. They offer cannabis business consulting services and have even ventured into cannabis business data. Using seven years of data, the company offers services to help determine industry trends.