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Medical Marijuana Inc (OTCMKTS:MJNA) is scoring big by expanding into Mexico. The California-based company manufactures a hemp oil which can, under permits granted earlier this month, be imported to Mexico for the first time to treat specific medical cases. Mexico could be be a $1 billion to $2 billion revenue opportunity for MJNA over the next 10 years. This comes on the heels of the Mexican Supreme Court decision last November that opens the doors for the legalization of recreational marijuana in the country. This is quite an opportunity for the marijuana industry as Mexico has over 120 million people.

Mexico’s health ministry and Cofepris, the health regulator, authorized imports of the product for the specific use of two patients, in both cases young, female epilepsy sufferers. The permits are the first to be granted by the government bodies, although a judge last year sanctioned the import of a similar product for a third girl. Imports are restricted to products free of tetrahydrocannabinol (THC), the ingredient in marijuana that gets you ‘high’. RSHO-X contains cannabidiol, the non-psychoactive component of the plant.

MJNA is already in the Brazilian market and sees parallels between the two markets. In Brazil, Medical Marijuana’s hemp oil is also imported on a case-by-case basis for the treatment of chronic pain and the symptoms of epilepsy and Parkinson’s disease. Brazil requires a doctor’s prescription for medical marijuana and it is estimated that 20 million Brazilians suffer from Epilepsy, Parkinson’s and Chronic Pain.

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Last month, MJNA acquired and consolidated several of its partnerships including 93.4% of HempMeds Brasil LLC and the remaining 20% of HempMeds PX that MJNA did not already own from affiliated parties that comprise the largest shareholder of the company. Prior to the acquisitions, the company sold its RSHO products to HempMeds Brasil and the other consolidated companies at wholesale, which then in turn sold those products retail to consumers in their respective markets. As a result of the acquisitions, the company will now realize the full margin between the cost of manufacturing the product and retail pricing on the sales of the product. The company also reduced its debt obligation from $24 million at the close of the third quarter (ending 9/30/2015) to approximately $10 million at the close of the fourth quarter (ending 12/31/2015), a reduction of approximately $14 million.

MJNA’s most profitable division is HempMeds, an exclusive master distributor for MJNA that provides cannabidiol (CBD) products made from industrial hemp that are already available in all 50 states and more than 40 countries. The unit boasts fast growing revenues and reported $2,876,438 in sales in Q3. In September MJNA announced it had signed a U.S. manufacturer for sourcing of its Gold Label cannabidiol (CBD) hemp oil brand Real Scientific Hemp Oil (RSHO). The sourcing agreement is for a minimum of $2,500,000 USD for a 12-month period. The first two months of the contract have already been sold, shipped and processed. The new manufacturer has developed finished natural CBD hemp oil products for both people and pets – and represents an additional new revenue stream for the company.

Besides Mexico and Brazil, we see a lot of growth opportunities for Medical Marijuana Inc in the US. Roughly 14 states could legalize marijuana this year, adult-use cannabis or possibly both, either at the ballot box or through state legislatures. While it’s doubtful all those states will be successful, there’s a good chance at least a handful will legalize in 2016. No other single year has offered such incredible promise in terms of the sheer volume of states that could legalize, thanks to other pioneering marijuana markets and growing support for cannabis in general. Helping to drive MJNA is the fact that it has the highest name recognition of all pot stocks.

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Currently trading at 52 week lows, MJNA has not lived up to the hype so far this year. However, if pot stocks get hot again, Medical Marijuana Inc will be one of the first runners with its large shareholder base and wide name recognition. Sign up to Insider Financial today and get the latest developments from MJNA and our continuing coverage of micro caps trading on the NYSE, NASDAQ and OTC markets.

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Disclosure: We have no position in MJNA and have not been compensated for this article.