Totally Hip looks to venture into commercial medical marijuna
VANCOUVER, April 9, 2014 /CNW/ – Totally Hip announces it is actively investigating business opportunities capitalizing on the commercial production of medical marijuana in Canada and the fast growing trends towards medicinal use within Canada and marijuana legalization in the United States.
Totally Hip believes the medical marijuana industry is poised to experience tremendous growth. There are currently about a dozen government licensed commercial operators within Canada. Health Canada estimates that within a decade the marketplace will grow to at least 400,000 registered patients generating sales of some $3.1 billion.
The market could grow much, much larger if the Canadian Government decriminalizes marijuana for personal use with supplies provided by Government-approved commercial producers. In the United States medical marijuana is legal in 20 states. Colorado and Washington State have taken the next step – legalizing recreational use.
Canada first implemented medical marijuana use in 2001 by establishing the Marihuana Medical Access Regulations. MMAR allowed approved individuals to access medical marijuana through growing marijuana themselves or by designating a grower on their behalf. In June 2013, Health Canada reported a huge increase in authorized users and implemented new “Marihuana for Medical Purposes Regulations” providing for a shift of authorized marijuana production to highly secure and regulated commercial operators.
On April 1, 2014 the new Regulations took effect restricting medical marijuana production to Government-approved commercial operations while banning patients from being able to legally grow their own or acquire their marijuana from other suppliers. The 38,000 Canadians authorized to possess and often grow marijuana under the old system are now required to use commercial producers for their medical marijuana. A recent court decision has delayed the April 1, 2014 implementation date, allowing people with licenses issued under the old rules to continue to possess and/or grow medical marijuana for a limited time past April 1, 2014.
Totally Hip’s mandate is to capitalize on the emerging market for large scale commercial medical marijuana production in Canada. Totally Hip believes this is the birth of an industry with very significant immediate, mid and long term potential.
Totally Hip has arranged to retain Ms. Kris Stewart, RN, BScN, MBA as a consultant for business opportunities within the medical marijuana field and other health-based opportunities. Ms. Stewart will immediately work with Totally Hip to develop its commercial medical marijuana business plan and to seek out and develop business opportunities within the medical marijuana field. Ms. Stewart is a health care entrepreneur. She was also a federal liberal candidate in the Okanagan in the last federal election. Totally Hip will provide updates as developments occur.
Totally Hip has granted Incentive Stock Options for 200,000 shares at $0.28 per share for a two year term pursuant to its stock option plan.
TOTALLY HIP TECHNOLOGIES INC.
John Brydle, Director
Symbol: THP-TSX Venture Exchange
This release may contain forward-looking statements that involve risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are Totally Hip’s ability to develop, complete, introduce, market, distribute and gain market acceptance for its products and technologies in a timely manner, announcements of technological innovations, new products or product enhancements by Totally Hip or its competitors; general market conditions; and other factors that may impact the Company or its business opportunities including factors detailed in Totally Hip’s filing with the Securities and Exchange Commission.
SOURCE Totally Hip Technologies Inc.