SAN GERONIMO, Calif.,
May 2, 2013 /PRNewswire/
-- Virogen Inc. (OTC:VRNI), a holding company with
specialties in data security and encryption technology, today
announced the launch of its newest business unit, "The Cannabis
Connection", which is intended to operate medicinal marijuana
dispensaries in states that have legalized such operations,
including California.
With an estimated current annual value of approximately
$120 billion (legal and illegal) and
expected continued easing of marijuana laws nationwide, the
marijuana market appears to be headed for a period of dramatic
growth. In California, The Cannabis Connection's home state,
which represents approximately 10% of the overall U.S. market, 95%,
or approximately $11 billion, of
marijuana sales are made legally through medicinal marijuana
dispensaries. The company's management has equated the current
state of the legal marijuana industry to the post-prohibition U.S.
alcohol industry, in terms of the massive consumer market, volume
of consumption, market fragmentation and opportunity for
profit.
It is the fragmented nature of the legal marijuana market that
provides the greatest source of optimism for the company's
management. This highly fragmented market is dominated by
independent operators, many of whom were "dealers" prior to the
legalization of marijuana, who invested minimal capital and operate
their marijuana outlets in areas where overhead is low. It is the
market fragmentation coupled with the relative lack of
sophistication of existing operators that provide the company with
its opportunity to consolidate existing outlets and operate a chain
of dispensaries, all within an extremely short timeframe.
About Virogen, Inc.
In addition to developing its recently announced business unit,
The Cannabis Connection, Virogen, Inc. is a technology holding
company. The company's wholly owned subsidiary, Tiger Team
Technologies "T3," has developed a very unique suite of copyrighted
tools to address the network and database security needs of
enterprise level companies and corporations. T3's risk management
offering provides an unprecedented level of security and liability
protection, positioning it as one of the only companies with a
comprehensive solution to data security breaches for its clients.
T3's primary markets include medical service providers, financial
services firms, brokerages and currency transaction platforms,
consumer credit card companies, banking entities, retailers,
defense and government related operations.
Forward-Looking Statements:
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or
current expectations of Virogen, Inc. and members of its management
as well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions
the occurrence of unanticipated events or changes to future
operating results.
Contact: Paul Hogan,
paul@tigerteamtech.com, 415-488-6214
SOURCE Virogen, Inc.