"We are excited to be at the threshold of a new age in the cannabis industry, and having built our operation to the point at which we currently stand, we are delighted to be so well positioned as lucrative new venues open and demands rise," stated Michael Palethorpe, Chief Executive Officer and President, Lotus Biotechnologies.
As a growing number of states have recently legalized medical and recreational distribution, the demand for quality CBD products is expected to experience a sharp incline. On November the 8th, the industry achieved a notable victory expanding the legal marketplace to include Florida, Arkansas, Montana, and North Dakota on a medical level, while Massachusetts, Nevada, and California legalized recreational marijuana.
In a recent article featured in the Washington Post it was stated: "This is the most momentous Election Day in history for the movement to end marijuana prohibition," Rob Kampia of the Marijuana Policy Project, a group that supported a number of the legalization initiatives, said in a statement. "The end of prohibition is near…"
Mr. Palethorpe concluded: "As we continue to fortify our top quality line of organic CBD enhanced merchandise, we maintain a focus driven toward the continual strengthening of our position. There is so much room for profitability in this continually growing market, and we intend to capitalize on the amazing opportunity to lead with premium organics in the emergent CBD markets. As details on these products are finalized and prepared for release, we will be prompt to update the investment community."
Lotus Biotechnologies has formed a strong team to produce and process the Company's Organic materials in new strands of CBD that are slated for sales in four states with licensing in place. With the Company's newly formed group and processing plant, Lotus Biotechnologies has launched its first subsidiary. Details can be found at http://lotusmedicalcbd.com/#products.
The size of the market for legal marijuana in the United States is projected to grow to $7.1 billion in 2016, according to a report by New Frontier and ArcView Market Research. That represents 26% growth over the previous year, driven largely by adult recreational sales of marijuana, according to research cited on Forbes.com website.
Safe Harbor Statement: This press release may contain certain forward-looking statements. These statements are any statements that are not of historical fact and may be deemed to be forward-looking statements made by management that express their belief at the time they are made regarding the Company's results of operations, possible profits, financial developments business activities, and potential for success in various aspects of our operations. You can identify forward-looking statements as those that are not historical in nature, particularly those that use terminology such as "may", "will", "should", "expects", "anticipates", "contemplates", "estimates", "believes", "plans", "projects", "predicts", "potential" or "continue" or the negative of these similar terms. In evaluating these forward-looking statements, you should consider various factors, including the following: (a) those risks and uncertainties related to general economic conditions, (b) whether we are able to manage our planned growth efficiently and operate profitably, (c) whether we are able to generate sufficient revenues or obtain financing to sustain and grow our operations, and (d) whether we are able to successfully fulfill our primary requirements for cash. The Company's actual results may differ significantly from the results projected in the forward-looking statements. The Company assumes no obligation to update forward-looking statements.
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SOURCE Lotus Biotechnology Development, Corp.