|By Marketwired .||
|January 8, 2014 09:30 AM EST||
NEW YORK, NY -- (Marketwired) -- 01/08/14 -- Another election year has arrived, and Plandai Biotechnology (OTCQB: PLPL) expects to benefit from both the growing number of states allowing medical marijuana, and the changing opinions of politicians seeking reelection. Plandai, a producer of highly bioavailable plant extracts for industries including health, wellness, nutraceutical, and pharmaceutical, formed its wholly-owned subsidiary, Cannabis Biosciences, Inc., in November 2013, for the purpose of developing and testing a new Phytofare botanical extract derived from cannabis.
With the changing political landscape, the medical marijuana debate has shifted dramatically in favor of those patients needing the benefits of cannabis, and for those companies that have chosen to conduct research and develop medicinal products using the drug. Plandai's new extract will be called Phytofare Phyto-cannabinoid Complex and will share a similar extraction process to the other Phytofare products Plandai is developing, and it is expected to demonstrate the same high levels of bioavailability and purity as well.
During Plandai's proprietary extraction process, the company could remove the psychoactive compound THC, creating a botanical drug that offers many of the medicinal benefits of cannabis without the perceived negative side effects and social stigma that has kept many politicians from favoring the drug's use.
New York State Governor, Andrew Cuomo, is expected to announce in his State of the State address today that he's reversed his opinion on medical marijuana and will now allow it in the state. New York will join 20 other states and the District of Columbia in allowing the use of medical marijuana, but Cuomo's plan is expected to be more restrictive than the other states.
Meanwhile, organizers in Florida expect to submit enough voter signatures this week to get the use of medical marijuana on ballots in time for the November election. If successful, Florida would become the first state in the south to pass this type of legislation, and in doing so, could help to reshape the map currently made up of mostly states in the west and northeast.
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