ERIE, PA -- (Marketwired) -- 02/21/14 -- Fortitude Group, Inc. (OTC: FRTD) CEO Thomas J. Parilla announces, "I am pleased to inform shareholders that after extensive research we have decided to set up a Medical Marijuana company within our Medical Subsidiary. We are in negotiations with several Marijuana companies currently to supply the materials needed to initially take very unique products to market. We believe our Marijuana based products will fill a need within the medical community, and will also provide a solid line of Revenue and Earnings to the parent company."
The medical marijuana industry is undergoing rapid growth. This expansion is expected to continue as 9 more states have medical marijuana initiatives on the ballot for 2014. In all legal marijuana states, the consumption of cannabis is permitted for patients who have obtained recommendations from medical physicians. Colorado and Washington State additionally allow for all adults (21 years and older) to purchase and consume cannabis for recreational use.
Whole industry sectors are rising around businesses engaged in the legal marijuana supply chain. ArcView Market Research projects the legal marijuana industry has the potential to reach $10.2 billion by 2018.
"We recognize this emerging growth industry, and have been able to identify the need for pharmaceutical grade products for use in patient palliative care. We have begun R&D to formulate a product(s) that would be derived from a hybrid cannabis sativa & indica plant. The products will be high in CBD and low in THC content thus greatly eliminating any psychoactive effects. The medicinal properties of our product(s) will be used to effectively treat patients suffering from nausea, pain, loss of appetite and anxiety. The product(s) will also aid in bronco dilation, thus assisting in increasing oxygenation in patients receiving treatments," Mr. Parilla said.
Recently the company announced the formation of three new majority owned subsidiaries Fortitude Healthcare, Fortitude RE and Fortitude Technology. We will be releasing the individual names of the new Subsidiary management teams in short order. The Management Teams will consist of seasoned professionals. Duties of each will be to manage their Subsidiary and sit on the companies Advisory Committee.
"Additionally we would also like to update shareholders on Fortitude's funding. I can report that working closely with our new partners from Pro Cap Funding we are making great progress, and we're very confident the full funding of the company will be in place shortly. We will update shareholders when this is finalized. Our relationship with the group at Pro Cap Funding is very strong, and we appreciate all the work they've done on behalf of the parent company up to this point, and we look forward to seeing them take an even more active role in the future," CEO Thomas J. Parilla commented.
Fortitude Group, Inc. is a diversified company with investments in multiple sectors of the economy targeting joint ventures, wholly owned subsidiaries and/or majority/minority positions that cross various market segments with the goal of creating a quality company that builds intrinsic value for its shareholders.
Forward Looking Statements:
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.