Marijuana Industry And Plandai Biotechnology, Inc. Would Benefit From Obama's Shifting Opinion
Published: Jan 22, 2014
NEW YORK, NY--(Marketwired - January 21, 2014) - Plandaí Biotechnology, Inc. (OTCQB: PLPL) made a huge leap in solidifying itself as a leader in the marijuana industry last week, and President Obama may have just made an endorsement of the drug itself that would benefit those public companies in the space greatly. On Sunday The New Yorker magazine released an interview with the president that seemed to relay an opinion that is more in line with the recent shift of leniency for federal prosecution of marijuana offenses by the Attorney General's office.
President Obama said, "As has been well documented, I smoked pot as a kid, and I view it as a bad habit and a vice, not very different from the cigarettes that I smoked as a young person up through a big chunk of my adult life. I don't think it is more dangerous than alcohol."
For patients, public companies and those states waiting to legalize marijuana, the president's words had to offer some hope. Obama even seemed more supportive of the drug's recreational use in states like Colorado and Washington as well, but for reasons of fairness. He said, "It's important for it to go forward because it's important for society not to have a situation in which a large portion of people have at one time or another broken the law and only a select few get punished."
These comments come on the heels of Plandaí's announcement last week that they have partnered with the well-known brand Diego Pellicer, Inc. and Diego Pellicer Worldwide Inc. to use the Diego Pellicer name for its cannabis extracts. In a fast growing industry, this branding will give Plandaí's cannabis extracts instant name recognition.
With Obama's shifting opinion and several more states adding the legalization of marijuana to ballots in November, the debate heats up. But, while the issue plays itself out, Plandaí is two steps ahead of the industry, and when all is settled, the company can hit the ground running -- ideally nationwide.
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