Kush Bottles Comments on Marijuana Industry Landscape and Regulation
SANTA ANA, Calif., Feb. 24, 2017 /PRNewswire/ -- Kush Bottles, Inc. (OTCQB: KSHB), a leading provider of packaging, supplies, accessories and branding solutions for the regulated cannabis industry, has issued a statement regarding the state of the marijuana industry landscape:
"The cannabis industry continues to grow and evolve at a rapid pace," said Nick Kovacevich, CEO of Kush Bottles. "In November, four more states approved recreational adult-use cannabis, with an additional four states approving cannabis for medical use. This now brings state legalized cannabis to more than 50% of the country. Although cannabis has yet to be legalized federally, it's worth noting that the Department of Justice is prohibited from interfering with businesses or individuals that are complying with medical marijuana state laws."
Based on various market studies, legal cannabis sales continue to be projected to reach more than $20 billion by 2020, up nearly 4 times from approximately $5.7 billion in 2015. Today, Kush Bottles provides its high-quality, child-resistant packaging products to all 28 states that have been legalized.
"Medical marijuana clients represent a meaningful portion of our business and we expect that trend to accelerate as many states are still at the early stages of implementing their already approved legal medical cannabis programs," Kovacevich further commented.
Although the Trump administration has not taken an official stance on the issue of the conflict between federal and state cannabis laws, Press Secretary Sean Spicer recently commented that the President understands the value of medical cannabis for those in need, however, recreational cannabis or adult-use is an issue for the Department of Justice to provide further clarification. In addition, Spicer seemed to link marijuana use to the opioid addiction crisis in the U.S., yet states with legalized marijuana have actually been found to have fewer prescription overdose deaths, as cited by a Johns Hopkins report published in August 2014. More recently in January 2017, the National Academies of Sciences, Engineering and Medicine also released a review of 10,000 medical marijuana studies published since 1999, showing that there was substantial evidence supporting the use of marijuana or its extracts for the treatment of chronic pain. Forbes Magazine reported that it is widely regarded that the opioid crisis was spurred by big pharmaceutical companies that liberally prescribed the addictive drugs like OxyContin and Vicodin, not marijuana consumers.
CEO Nick Kovacevich added, "In 2017, we will continue to provide our customers with regulatory insight to ensure they operate within all applicable rules of their governing jurisdiction. We will also strive to further legitimize the cannabis industry with fully branded, FDA-compliant, child-resistant packaging solutions. But most importantly, we plan to continue serving as a trusted partner to all of our customers throughout the United States and enhance our position as a leader in the cannabis industry."
About Kush Bottles, Inc.
Kush Bottles, Inc. (OTCQB: KSHB) provides packaging products and solutions to producers, processors and retailers operating in the regulated medical and recreational cannabis industry. Founded in 2010, Kush Bottles has sold more than 100 million bottles and regularly services more than 3,000 customers across the United States and Canada. The company primarily services the business-to-business market, which includes legally operated medical and adult-use dispensaries, growers and marijuana-infused product (MIP) manufacturers. Kush Bottles aims to be the gold standard for responsible branding and packaging in the cannabis industry.
Kush Bottles has no direct involvement with cannabis plants or extracts.
The company has been featured in media nationwide, including CNBC, Los Angeles Times, TheStreet.com, Entrepreneur, and Inc. Magazine. For more information, visit www.kushbottles.com or call (888)-920-5874.
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Forward-Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: "potential," "look forward," "believe," "dedicated," "building," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the United States Securities and Exchange Commission (SEC), available at: www.sec.gov, and on our website, at: www.kushbottles.com.
Company Contact:
Ryan Selewicz
Director of Marketing
714-243-4017
[email protected]
Investor Relations:
Cody Slach or Sean Mansouri
Liolios
949-574-3860
[email protected]
SOURCE Kush Bottles, Inc.
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