TSX-V: THP
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.
Per: "signed"
John Brydle,
Director
Symbol: THP-TSX Venture Exchange
12g3-2(b):
82-4556
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.