COLORADO SPRINGS, Colo., May 5, 2010 (GLOBE NEWSWIRE) -- GT Legend Automotive Holdings, Inc. (Pink Sheets:GTLA - News) in conjunction with Compassionate Therapeutic Solutions, LLC, reported today that on April 20, 2010, the Colorado House passed a medical marijuana bill (#1284) that placed strict regulations on the medical marijuana industry.
Under the bill, the Department of Public Health and Environment will promulgate new rules related to standards for issuing registry identification cards, documentation for physicians who prescribe medical marijuana, and sanctions for physicians who violate the bill. Compassionate Therapeutic Solutions is in compliance with all the regulations set forth in the bill, thereby increasing the center's credibility (Source: http://www.leg.state.co.us/CLICS/CLICS2010A/csl.nsf/fsbillcont3/0C6B6577EC6DB1E8872576A80029D7E2?Open&file=1284_ren.pdf).
CNBC estimates that the marijuana industry is a $40 billion a year market (Source: http://classic.cnbc.com/id/36331495). Medical marijuana is legal in 14 states: Colorado, California, Vermont, Washington, Alaska, Montana, Nevada, New Jersey, New Mexico, Oregon, Hawaii, Maine, Michigan and Rhode Island. Ballot measures or legislation allowing medical marijuana are pending in 14 additional states including Alabama, Delaware, Illinois, Iowa, Kansas, North Carolina, Pennsylvania, South Dakota, New York, Missouri, Maryland, Massachusetts, Tennessee and Wisconsin (Source: www.usatoday.com/money/industries/health/2010-04-20-medical-marijuana_N.htm). The state of Colorado receives over 1,000 applications per day for authorized marijuana permit cards, yielding $90,000 per day in revenue from the registration fees (Source: Green Rights Radio 101.5, Denver).
Eugene Espinosa, President of Compassionate Therapeutic Solutions, commented, "The Huffington Post stated in an article that reactions from the medical marijuana community were varied with regard to this bill. The Cannabis Therapy Institute called it a 'monstrosity,' while Sensible Colorado called it 'a step in the right direction.' We agree with the latter. We are an upstanding medical center staffed with licensed therapists and professionals who are prepared to offer the best possible care to our patients. While this bill may cause some centers to close, it will allow us to stay open due to our professional standing by licensure in the field." (Article Source: "Colorado Medical Marijuana Bill Passes House on 4/20, Moves to Senate for Approval", Posted 4/21/10, http://www.huffingtonpost.com/).
About Compassionate Therapeutic Solutions, LLC: Compassionate Therapeutic Solutions, LLC is a multidisciplinary behavioral health care practice that offers mental health, substance abuse and primary caregiver services to communities of Colorado. The company's focus is to provide cost-effective quality treatment and to create, promote, and maintain a positive customer relationship with clients, associates and the community. One of the functions of the clinic is to provide comprehensive care to individuals who are registered and authorized to utilize medical marijuana.
Forward Looking Statements: This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
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