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Cannabis Campaigners' Guide News Database result:
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Canada: Medical Cannabis Inc.: The Worlds First Publicly-Traded Marijuana Company Press Release Medical Cannabis Inc Tuesday 18 Nov 2003 TORONTO, Nov. 18 /PRNewswire/ - Medical Cannabis Inc. (the 'Company'), is in negotiation with a TSX/NASD:BB public company, pursuant to which the Company, Medical Cannabis Inc., has agreed to sell 51% ownership to the public company and an option on the additional 49%. The agreement may be concluded this week. "I believe people will support the offering in the public markets and it would be a favourable way to participate in an often-considered imaginative endeavor. What is unique about this business proposal is that as a public company everyone now has a sincere and legal way to potentially make money in a budding marijuana industry. The stock can go sky-high," comments Mr. Warren Eugene, Chairman of Medical Cannabis Inc. "The company views the current prohibition of marijuana as similar to that of alcohol and tobacco. If Sam Bronfman were alive today, he may very well be lobbying the government for bonded cannabis warehouses." Forbes Magazine recently reported in November 2003 that the controversial plant holds an important place in world history and culture, not to mention business. Canada's marijuana crop is estimated at $4 billion to $7 billion. If it were controlled by a single company, it would be larger than Canada's oil and gas businesses and Canada's agricultural industries. On October 7, Canadian courts ruled that businesses and individuals be allowed to grow and supply large amounts of medical marijuana, effectively relieving the Canadian government of its often criticized and fairly unsuccessful attempts. Comments Eugene, "The Canadian courts understood, in plain terms, that if your loved ones were sick, would you deny them and Aspirin (TM) to make them feel better? "The Ontario Superior Court decision greatly assisted our company. We can grow marijuana for unlimited number of exempted people. In terms of supply and cultivation, you can now pay people to grow it for you. The ruling makes it easier for sick people to get marijuana by allowing them better access and more choice. Health Canada estimates that 400,000 Canadians may require medicinal cannabis." In October 2003, the United States Supreme Court lifted the federal ban of medical marijuana and prosecution of doctors. "This may open the doors to a larger international market for our company," says Eugene. Warren Eugene is best known as the pioneer of Internet gambling and electronic cash from 1995 to 2003 (www.casino.org) and created the opportunity for the transaction of billions of dollars over the Internet. Mr. Eugene has been featured in Playboy, Time Magazine, The Wall Street Journal, PBS, USA Today, CNN, CBS, CBC and Wired, as well as the international media. "The grass roots movements have made way for the corporate initiative, promoting the safe use of medicinal cannabis. We have improved the delivery, packaging and the costs," states Eugene. The government, as of February 2004, may approve Bill C-38 or a derivative of that Bill. The Bill insures Canadians have the right to possess up to 15 grams of non-medical marijuana. "More likely the Supreme Court may make a favorable decision. We anticipate that outcome. It would make good economic and political sense to regulate and tax marijuana as they do tobacco and alcohol. This is a risky opportunity and I'm speculating that the courts and/or Parliament will decriminalize marijuana and allow Medical Cannabis Inc. to grow and distribute under government license. This will happen in several countries next year. The market in Canada alone may exceed 10,000,000 Canadians." Source: Medical Cannabis Inc.
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