|Warren Eugene, considered one of the pioneers of Internet gambling and electronic cash from 1995 to 2003 (www.casino.org) and prominently featured in Playboy, Time Magazine, The Wall Street Journal (WSJ), USA Today, CNN, CBS, CBC and Wired magazines is now back in action betting on a plant.|
Eugen's company Medical Cannabis Inc., is in negotiation with an unnamed public company, and has agreed to offload or sell 51 percent ownership to the public company with an option on the reminder 49 percent equity. The deal is expected to close this week.
Warren Eugene, the Chairman of Medical Cannabis Inc. says that the deal is a unique business proposal considering the fact that as a public company the corporate is considering making money in a legal way from the marijuana industry.
In the latest November issue of Forbes Magazine, the report analyzes that the controversial and widely banned plant is extremely lucrative. For instance, Canada's marijuana crop is estimated at $4 billion to $7 billion, and the report adds that if the crop production were controlled by a single corporate entity, the revenues would exceed Canada's oil, gas and agricultural industries. There are estimated to be over 400,000 Canadians who would need medicinal cannabis. Eugene estimates the market in Canada alone may exceed 10,000,000 Canadians for medical cannabis.
On October 7 this year, Canadian courts ruled that businesses and individuals be allowed to grow and supply large amounts of medical marijuana. The U.S Supreme Court followed suit and in October 2003, the federal ban of medical marijuana and prosecution of doctors was lifted. The government is expected to approve Bill C-38 or a derivative of that Bill by February 2004, which insures Canadians have the right to possess up to 15 grams of non-medical marijuana.