By Business Wire, September 23, 2013, 08:30:00 AM EDT
New subsidiary enters $1.7 billion medical marijuana market
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--
Puget Technologies Inc. (OTCBB:PUGE) announces the formation of
Cannabis BioTech, through which it is entering the growing medical
marijuana industry. Cannabis BioTech is poised to become an emerging
front-runner in the cutting-edge field of cannabinoid science.
Cannabis BioTech is in the research and development stages of creating a
cannabis (marijuana) derived medicinal product line. These products are
intended to deliver the benefits of marijuana without the need to smoke
or inhale it.
President and CEO of Puget Technologies Ron Leyland said, "We are
pleased to complete the establishment of Cannabis BioTech. We are
confident our new subsidiary will fill a void in this rapidly increasing
market among many medical marijuana license holders who have no desire
to ‘smoke pot.'" He added, "Patients will feel comfortable using our
products because great care will be taken to determine proper dosages
and protocols, ensuring strict quality standards."
According to The Wall Street Street Journal MarketWatch, many analysts
expect the $1.7 billion U.S. medical marijuana market to quadruple in
size during the next five years.
Numerous countries and a growing number of U.S. states have legalized
the use of medical marijuana. In 1996, voters in California passed a
state medical marijuana initiative permitting patients and their primary
caregivers, with a physician's recommendation, to possess and cultivate
marijuana for the treatment of AIDS, cancer, muscular spasticity,
migraines and several other disorders. Since then 20 states and the
District of Columbia have enacted laws to legalize the use of medical
Federal decriminalization of marijuana is currently receiving support
among a growing number of influentials including Sen. John McCain,
R-Ariz. and CNN's chief medical correspondent Dr. Sanjay Gupta.
Research conducted by Cannabis BioTech will add to the growing body of
data demonstrating the plant's medicinal benefits.
More information about Cannabis BioTech can be found at http://www.cannabisbiotech.com.
About Puget Technologies ( PUGE )
Puget Technologies is a publicly traded company on the OTCBB Market
stock exchange under the ticker symbol PUGE. Headquartered in Ft.
Lauderdale, Florida, Puget Technologies acquires, develops and sells
leading edge consumer oriented products ready for rapid
commercialization. Puget plans to become a recognized market leader in
its product categories. Much of its resources are dedicated to research
and development in order to provide consumers with quality options while
meeting the expectations of its investors.
More information on Puget Technologies can be found at: http://www.pugettechnologies.com.
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Source: Puget Technologies Inc.