Puget Technologies Establishes Cannabis BioTech
Puget Technologies Establishes Cannabis BioTech
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 marijuana.
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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release only speaks as of the date of its distribution.
Puget Technologies
Ron Leyland, 954-332-2471
KEYWORDS: United States North America Florida
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