Today became a landmark day for the cannabis industry, and for the voting citizens of the United States, when Attorney General Eric Holder advised the Federal Justice System to respect state’s rights in allowing states to create a regulatory system for legal, recreational, cannabis commerce. This hinged on a set of reasonable-appearing guidelines that, among several statements, ensured safety for children, restricted state-to-state cannabis commerce, and prevented international drug cartels from profiting.
A Huffington Post top story headline, “DOJ SURRENDERS ON LEGAL WEED”
A CNN article exclaimed, “No federal challenge to pot legalization in two states”
MPP.org’s Executive Director, Rob Cambia, released an email titled, “Federal Government Backing Off War on Marijuana”
This is the strongest shift in federal drug policy since the beginning of Nixon’s War on Drugs in 1971, some 42 years ago. We are pleased at this progress, and by the look of the public markets today, so were many others.
I’m taking this moment to announce that we’ll be resuming full shareholder communications very soon. Some time ago I had stated that we were awaiting the “runway to be cleared” for us to press forward with our key agendas. We have spent months clearing this runway to support our lift off in a coordinated, strategic, and genuine manner. That time is now here.
There are many things I’d like to express today, however these will be best left to official press releases. These releases are not likely to occur tomorrow, nor the day after, but “soon”. To continue the previous metaphor, the hanger doors are now open and the jet is being prepared. The flight crew is completing its checklist. Stay tuned as BG Medical matches the momentum occurring across our country on this special day.
The latest review, published in Philosophical Transactions of the Royal Society B, suggests that activating the brain’s cannabinoid system may trigger a sort of anti-oxidant cleanse, removing damaged cells and improving the efficiency of the mitochrondria, the energy source that powers cells, ultimately leading to a more robustly functioning brain.
Previous studies have linked cannabinoids to increased amounts of brain-derived neurotrophic factor (BDNF), a substance that protects brain cells and promotes the growth of new ones. Since new cell growth slows or stops during aging, increasing BDNF could potentially slow the decline in cognitive functions.
Read the full article here: http://healthland.time.com/2012/10/29/how-cannabinoids-may-slow-brain-aging/
Lastly, BG Medical offers our prayers and support to those on the eastern seaboard struggling with the effects of Hurricane Sandy. We wish you well and safe shelter during these difficult moments.
BG Medical Technologies was upgraded to OTC Pink Current Information status (OTC: RIGH) after the recent submission of our detailed financials and Attorney Letter in Respect to Current Information. That’s great news.
Also, great news is occurring on the national landscape too:
The Rolling Stone
› Nine Signs That [Full] Legalization Is Coming Soon
› Marijuana Legalization May Pass In At Least 1 State This Year
We can’t wait for Election Day. Our nation is demanding policy change and we’re thrilled to be at the forefront of this nexus of emergent technology, the Internet, and natural medicines.
While city regulators in California continue to experiment with a balance of policies that support existing laws, new polling data on a nationwide level is showing strong support for additional legalization, and full legalization (no doctor’s recommendation required). Each of these surveys are for new measures that will be voted on this year.
Here’s the data:
The poll found that 47% of likely voters surveyed support MMJ legalization compared with 46% who oppose it. The remaining 7% are undecided.
The latest poll found that 59% of likely voters support the legalization of medical marijuana in the state, while just 35% are opposed.
A poll conducted earlier this month found support for the legalization measure (called Amendment 64) at about 51%. Roughly 40% of likely voters oppose it, while 8% said they are unsure.
The state’s marijuana legalization measure – called Initiative 502 – has the support of 57% of voters, according to the latest poll released on Sept. 11. Just 34% of likely voters said they oppose marijuana legalization, and 9% are not sure yet.
the most recent poll shows that 37% of likely voters support a marijuana legalization initiative (Measure 80) compared with 41% who oppose it. With 22% of voters still undecided
These are excerpts from a larger article written by MMJ Business Daily, available here.
Several recent articles that are worth drawing your attention to:
So, let’s see here… which one of these headlines doesn’t belong with the others? Ah yes, the “Feds Target LA” one. If this concerns you, please review all the reasons I’ve detailed in a previous blog titled, Don’t Panic. They still apply, and will continue to for quite some time.
Applicability of alternative medicines continue to evolve. Medical cannabis acceptance continues to evolve. State and local regulations continue to evolve. Peer reviewed scientific studies continue to emerge regarding the successful treatments of debilitating diseases utilizing natural medicines. These trends are climbing upward.
When speaking with colleagues and new entrepreneurs, I often encapsulate the ability to succeed as a technology provider in the medical cannabis field in two words, “Be Nimble“. Regulations shift quickly in this industry requiring lasting providers to be quick on their feet to adjust to the changing landscape. BG Medical addresses this with a flexible medical cannabis strategy as well as a long-term strategy focused on balanced natural care. Our team embraces change as an expectation, not a burden.
For shareholders it’s critical to remember that BG Medical’s ultimate mission is to deliver low-cost natural health care solutions to the medically uninsured, and to introduce new options to the medically-insured seeking alternative solutions to pharmaceutical care. BudGenius.com is our first model, a well-deployed brand that services the medical cannabis community through safety and education. It is also an initial prototype to assist us in refining our technology as we grow to serve a much larger market focused on many natural medicines. It is suffice to say that if the MMJ market dried up tomorrow (hah, that’s highly unlikely: medical cannabis national voter support), our mission and company objectives would remain strong and in good standing.
Good luck in your day, today. And remember — Be nimble!
As many shareholders have seen this morning, RightSmile, Inc. (BG Medical Technologies) has filed consolidated financials for Q1 2012 & Q2 2012. This marks a significant milestone for the company in moving forward.
As referenced in the semi-annual conference call, uncommon (and occasionally unpopular) actions were necessary to correct debt that existed within the public entity. This debt position had been inherited from actions taken by the previous RightSmile management. Unfortunately, these precipitous activities threatened the going-forward stability of the entity and shareholder value. As we entered Q2 it became apparent that BG Medical needed to route our actions to solve this problem at the highest level of priority, and our corporate strategy was modified accordingly.
While I respected shareholder concerns during the recent period of limited public communication, it was necessary to take this path to achieve a positive outcome.
New agreements reached with RIGH debt holders have now prevented up to 7.5 billion shares in potential further dilution from coming to pass. In one instance, a figure was settled upon that is at 10% of the potential outstanding value, essentially negotiating a converted equity rate above market value (see financials, note #6). This is one of several notable “wins” that BG Medical has achieved while architecting a sustainable foundation.
We have emerged victorious from a dark cave. The hibernation period is now over. We have wiped out several years of debt incurred by those that came before us. I would like to leave you today with four very positive statements, all of which are now verifiable through financials statements.
- All previous authorized share increases from Q1 to Q2 were to fulfill debts made solely by prior management.
- BG Medical has nullified hundreds of thousands of dollars in past debt entered into by prior management.
- The public entity has not recently taken on new debt liabilities with past debt holders, related companies, or any other company. This position has continued throughout Q3, while BG Medical has worked to eliminate all past debts.
- BG Medical, its principals, and its employees, have not sold a single share of stock.
This is the beginning of a new and improved beginning.
Further updates are forthcoming.
As I have maintained since our first public announcement, BG Medical remains committed to building shareholder value. We have taken great steps towards fulfilling this goal. This journey can now be witnessed first-hand in today’s filings.
I’ve received several emails recently regarding the “Los Angeles dispensary ban”, and how that may effect BudGenius. We regularly monitor legal actions regarding cannabis, and participate with advocacy groups that support patient rights. Actions such as this should evoke a strong response from our industry, and it does. Through continued participation in this process, from companies, patients, and caregivers, we believe this to be one step among many past, and more in the future, that will pave the way for clearer guidelines on dispensary operations.
Here are a few talking points to keep in mind:
1) Our industry is evolving, and it will continue to evolve.
There have been many laws, many bans, many lawsuits, and many counter lawsuits. This is one more step down the path towards clarity. When a regulation is enacted, it can also be redacted. Medical cannabis has a long history of complex case law that often oversteps decrees from regional officials.
Although do note, there are some reasonable positions for improved regulation. There are many different types of dispensaries and dispensaries owners. Unfortunately, not all of them support the concept of medical administration, although many do (especially BudGenius clients). There is an ongoing push-pull effect of looking to find way to remove dispensaries that appear as “pot shops”, and to support those that position themselves that are “wellness centers”. It is felt by many that a location dispensing pot on the street corner isn’t the best image for a community. However, a location that serves as medical facility offering natural remedies to citizens who cannot afford expensive pharmaceuticals, and also serves patients that choose a natural form of medicine administration, is a much more favorable addition to a community.
For example, acupuncture was once illegal. It took action to allow its practice here in the USA. Like cannabis, it began in one state and then took root across the United States. This began in the mid-1970s. Kentucky just began providing a legal process for acupuncture in 2007.
Change takes time, pressure, and solidarity of the American people.
Through our technologies, BudGenius supports highlighting the medical benefits of cannabis through our testing processes and information collecting from the patient community. BGMT is already strategizing on the development of diagnostic hardware to collect data from the body itself. Our focus is firmly on the medical benefits of natural medicines for patients, dispensaries, and caregivers. We are a support mechanism for dispensaries that choose to embrace this evolution.
2) Medical cannabis wins votes
74% of Americans support medical cannabis administration. Even ultra-conservative Pat Robertson has come out in support of medical cannabis. However, since we do not cast votes as individuals, but instead elect representatives to do so, these issues take time to be reflected within those we elect to represent our interests.
3) BG Medical Technologies is a natural health technology company, not a cannabis company
BGMT supports the use of medical use of cannabis because the data BudGenius collects supports its efficacy. However, examining medical cannabis is just the beginning of our journey in technology development.
The core of our mission is focused on delivering an Internet-based platform that places affordable natural health solutions in front of every American. Medical cannabis is a great place to galvanize a patient base. It embodies 1.5M patients nationwide that are already attuned to the benefits of natural medicine, and the BudGenius brand is well known within the market. This is our “runway” as we passionately serve this niche and then begin to lift off to further heights. BGMT is here to deliver natural healthcare solutions for all Americans, and the 6 billion people across our globe, for medical cannabis, and additional plant-based remedies.
So keep in mind when you read news articles regarding the medical cannabis industry that there will be fluctuations. This is a natural process of legal evolution.
We also encourage you to be involved on your local level and make your opinion known to your elected representatives.
This week I answered some email questions sent in by shareholders. None of the information expressed was “insider” in nature, as it presented no previously unknown information regarding the company. This is a blog, and neither here, nor in email, can I mention specifics in private communications that would give any shareholder a personal trading advantage without a PR disclosure.
There are 3 pressing issues that we have received consistent communications on, that I will offer comment for.
1) Yes, the company has delayed the release of financials. Yes, there are good reasons for this. We wouldn’t be the first cannabis stock to do this, and probably won’t be the last. As a shareholder I understand that you may choose to disagree. BGMT’s business model has been well explained, and the cannabis market continues to grow at a rapid pace. It is important to note that I will not tip my hat prematurely to competitors nor individuals that do not hold to the best interests of the company. Timing means everything. If you’re a two-tick flipper looking to make a quick return on your rent money, this is not your stock. If you recognize that cannabis, natural medicine, and tele-healthcare technologies represent the next bull market, then you have found yourself a solid home amidst seasoned talent, experience, and financial gains.
2) I will also address the issue of the 300M increase in the A/S. Yes, it was increased. As of today, absolutely zero shares have been issued from the increase. They remain authorized only, and none of them have entered the float. Speculation that the company has been trading large blocks of shares on the market is false and baseless.
3) Lastly, apparently there is some concern regarding some photo(s) of me. I can see that TMZ has played far too much of a role in the American culture. Yes, the circulated photos are unapologetically, me. More specifically, it is a version of me. These photos were taken years ago.
In addition to a long career in technology, I’ve also enjoyed several years as a touring musician across two continents. This has brought me a great deal of perspective, experiences, and rare management expertise amidst fixed budgets and colorful personalities (managing a tour is actually far more chaotic than running a public company). Yes, some of my onstage personas have been a bit avante-garde, and I am not in the least bit apologetic for them. Nor do I imagine that any stage performer is, from film, stage, television, to music. Whether it be David Bowie, KISS, or Johnny Depp, each of these successful creatives have donned many personas for the purpose of creative expression and marketing savvy. My own journeys are full of good times, good memories, and more successes than most. It is a company musing that when BGMT graces the cover of Forbes (or similar) for cannabis, that the “musician” aspect of me would make for a much more engaging article/cover-photo than the business one. We shall see. I imagine it would be more interesting than “Zuckerberg in a Hoodie.“
The pirate jokes are well received and I laugh along. Nothing however beats a New Year’s Eve block party in Key West that I once attended in which a crass comedian in one of those water dunk tanks yelled out across the crowd “Arrr Matey, it seems you’ve lost the Black Pearl!” The entire nearby crowd, along with myself, erupted in laughter. He sent off a few more good one-liners and I enjoyed the jokes at my expense and those he also told about others nearby. Life means little without some good-hearted laughter.
Of course, I don’t show up to business meetings in “musician mode”, nor have I worn one my tour-worn straw hat in a very long time. I’ve signed a fair share of autographs, been featured in several magazines for my musical contributions, and have spent many hours in music studios. However, that’s not what BGMT is about. My interest is refocused upon technology and natural medicines. As a result of my (and others executives within BGMT’s) music relationships the company maintains strong ties to the entertainment community. As you might imagine, this is fantastic for cannabis marketing, as long as it stays medically relevant.
If you’re interested in pictures (should I be flattered?), I’ve attached one that was taken last week as part of some filming that BG Medical is completing. This PR has not yet been announced, so I cannot disclose anything further regarding that event. If you were to meet me today, this is the person you would see. I hope I’m not disappointing anyone’s wild fantasies. No worries though, there will still be plenty of gold treasure available for everyone.