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Anyone own AMJL? THE LP fund, not the stock that got delisted?
Toofuzzy
anyone know what happened to the ticker? delisted, liquidated? just curious.
News alert. Hope this worksout for both, shareholders and Warren
http://finance.yahoo.com/q?s=amjl.pk
Good Info must read
http://ragingbull.lycos.com/mboard/boards.cgi?board=AMJL&read=371
zrx1200, check this post,
Seems like this person has sentimental attachment with the company and stock. He didn't like my humurous comment regarding the stock, any way here is the link.
http://ragingbull.lycos.com/mboard/boards.cgi?board=AMJL&read=368
does anybody know if Amigula is still in business? there have been no updates to the website since may. well at the very least i guess i can frame my stock certificates some day it might be worth more on ebay than the stock ever was but I wouldnt hold my breath.
montel williams wants pot for medical relief?? suuuuuure he does!! LOL IMO
but think about it logically-do you really expect a bunch of dope smokers to run a profitable business? IMO
'turkey' just about descibes it!!
Marijuana Party Pipes Up with Election Platform
Posted by CN Staff on June 01, 2004 at 14:24:52 PT
By The CTV.ca News Staff
Source: CTV
The federal Marijuana Party has officially rolled out its election campaign platform. Campaigning under the slogan "Let's Roll," the party has high hopes of putting candidates in 100 ridings across Canada.
About 40 will be running in Quebec ridings, with another 25 candidates vying for seats across Ontario. And seven candidates will be on the slate in the Winnipeg area.
The party won't be represented, however, in P.E.I., Newfoundland or the Northwest Territories.
According to Marijuana Party leader Marc-Boris St-Maurice, 35, his team is running on a single issue -- the legalization of marijuana.
But, he says, his party's narrow platform actually covers a broad range of legitimate government concerns, from finance and justice to international relations and agriculture.
"We are a single-issue party but that issue covers finances, social climate, justice, international relations and agriculture," he told reporters on Tuesday.
"There's hardly any ministry that would not be affected. In fact, I think we should have a Ministry of Marijuana at some point."
In a platform published online, the party outlines a number of marijuana-related goals that includes:
* demonstrating the social advantages to ending cannabis prohibition;
* creating a defence fund for those accused of cannabis-related crimes;
* developing legislation to legalize the drug;
* ensuring access to medical marijuana; and
* pressuring the international community to follow suit.
Mike Foster, the Marijuana Party candidate in Ottawa Centre says he believes that the party has more support than many would like to admit.
"There are more than three million Canadians who smoke (marijuana). I think it's time we all came out of the weed closet and addressed this issue once and for all."
Interestingly, the party does promote one agenda item that's not entirely marijuana-centric. It wants an overhaul of the Canada Elections Act, "to offer solutions to the parliamentary representation deficit."
"We feel we are under the obligation to be critical of any abuses or inequities within our democratic system," the party writes on its website.
"This reform would serve to better interpret election results and distribute power fairly."
When Canadians last went to the polls in 2000, they gave the Marijuana Party 0.5 per cent of the national vote -- more than 66,000 votes.
This year, St-Maurice is planning to run against Paul Martin in the prime minister's Montreal-area riding of LaSalle-Emard.
To help pay for the campaign, party fundraisers are reportedly selling marijuana seeds at a going rate of 10 seeds for $12.
well it appears this topic has died glad i didnt invest too much in this turkey.
AMJL investment case until election
AMJL stock now has a new catalyst after news that the governing Liberal party in the Canadian parliament is prepared to let Bill C-10 die before calling an election to be held in late June. So now that the bill is being shelved, the catalyst for AMJL stock shifts to the upcoming parliamentary election and the showing of the NDP (New Democratic Party), which supports cannabis regulation. So obviously, the more votes the NDP gets the better, especially at the expense of the Conservatives.
And the chances are good that the NDP will be a significant factor; the latest poll puts their support among eligible voters at 16%, vs. 38% for the Liberals and 26% for the Conservatives. Based on these numbers, the Liberals would be forced to form a coalition with the NDP to govern, which means they would have to adopt some of their minority partner’s legislative agenda. Those investing in AMJL stock are betting that one of these demands will be to start regulating cannabis, particularly medical. Thus, pending the outcome of the ballot, investors should be monitoring any statements from the major parties regarding cannabis reform, particularly as regards medical cannabis.
So although this news could weigh on AMJL stock in the short-term, in the longer term it may turn out to have been the best outcome. But only time will tell, and the longer this investment case drags out the more downward pressure we will see. At the end of Friday’s trade AMJL stock was at $0.28, with an after-hours deal recorded at a level of $0.27. Volume was modest at 101,000 shares, which suggests the lack of a definitive move. The candlestick analysis at americanbulls.com is particularly interesting:
http://www.americanbulls.com/main/StockPage.asp?CompanyTicker=AMJL&MarketTicker=OTC&Typ=S
Perhaps we will see a press release from the company commenting on this latest turn of legislative events. In the meantime, investors should remember that court rulings have traditionally been the main avenue of decriminalization in Canada, whereas legislative acts will be necessary for the transition to regulation (i.e. legalization). As such, the apparent death of Bill C-10 has little bearing on the issue of regulation per se, although it would have set forth certain guidelines for future steps in this direction.
AMJL hopes now rest on NDP
Now that Bill C-10 is being shelved, the catalyst for AMJL stock shifts to the upcoming parliamentary election and the showing of the NDP (New Democratic Party), which supports cannabis regulation. So obviously, the more votes the NDP gets the better, especially at the expense of the Conservatives.
So although this news could weigh on AMJL stock in the short-term, in the longer term it may turn out to have been the best outcome. But only time will tell, and the longer this investment case drags out the more downward pressure we will see.
Liberals Prepared To Allow Marijuana Bill To Die
Posted by CN Staff on May 07, 2004 at 23:08:17 PT
By Campbell Clark
Source: Globe and Mail
Ottawa -- The federal election will kill the bill to decriminalize marijuana, leaving one of Jean Chretien's legacy issues out in the cold and pot smokers still facing potential jail terms, government insiders say.
The controversial legislation, which is awaiting a final vote in the House of Commons, will not make it through Parliament in the one week left in the session before Prime Minister Paul Martin is expected to drop the writ to begin an election campaign.
The proposed law, Bill C-10, would have removed jail terms for the simple possession of less than 15 grams of marijuana. Those caught with pot in that quantity would have faced the equivalent of a traffic ticket, costing $100 to $500.
The opposition Conservatives, who opposed the bill, insisted that the Liberals effectively killed the bill by treating it with deliberate neglect. It was repeatedly placed at or near the bottom of the list of bills to be debated, dragging out its progress through the Commons.
"They don't want to get into the issue of drugs, because it's a loser for them in an election," said MP Randy White, the Conservative Party's critic on drug policy.
"I think their polling is probably telling them the same thing our polling is showing — that it's a loser with families."
The bill is awaiting third reading in the Commons — the final vote that would allow it to pass the House. But even if that vote is held next week, it is not going to pass the Senate in a week. Bills to implement the budget and to reduce patent restrictions on AIDS drugs for Africa are the highest priorities, government officials said.
Parliament will sit next week, but a break is scheduled for the week after — when the Prime Minister is expected to launch an election campaign.
Mr. Martin is widely expected to call an election for June 28, which means he would drop the writ between May 17 and 23 — possibly on May 20, before the Victoria Day long weekend.
It means that the decriminalization of marijuana, first debated in the 1970s and proposed as law last year, will be left for a new Parliament to start all over again.
A federal election dissolves the Parliament and kills all the bills that have not been passed; the next government would have to start anew from introduction in the Commons.
Advocates of the bill argued that young people should not face lifelong criminal records for smoking a joint. The Justice Department estimates that 100,000 Canadians smoke pot daily.
The bill had faced criticism from the administration of U.S. President George W. Bush, which suggested the bill would require tougher border policing, and from the RCMP, who said decriminalizing marijuana possession would make it harder to police serious drug crimes. Pro-cannabis activists say the government should go farther and legalize marijuana.
Mr. White said the government ignored the need for a real national drug strategy, which would include tougher penalties for so-called grow-ops, in which large quantities of marijuana are grown, and funds for local education. The Liberals merely tried to distract from the need for a broad drug strategy, he said.
Mr. White said that if elected, the Conservatives would not introduce a decriminalization bill.
"The issue is not decriminalization. The issue is, what do we do with drugs of all sorts?" Mr. White said.
Liberal government officials said the opposition slowed the progress of the bill, but Conservative House Leader John Reynolds laughed off that suggestion.
"There's nothing holding them up," Mr. Reynolds said. "They've got a majority."
The bill was introduced when Mr. Chretien was in office, and Mr. Martin revived it this year.
Mr. Martin suggested publicly that he thought the bill should be toughened, but that amendments would be left up to MPs. Instead, it languished.
The Martin government's legislative agenda has remained relatively light.
Mr. Martin had planned for a short session of Parliament before calling an April election but pushed back the vote after Auditor-General Sheila Fraser issued a report in February on the sponsorship program, which has become a scandal.
Among the bills that will die are the Public Servants Disclosure Protection Act, also known as the whistle-blower bill, which is supposed to protect civil servants who report impropriety or malfeasance within the government.
Source: Globe and Mail (Canada)
Author: Campbell Clark
Published: Saturday, May 8, 2004
Copyright: 2004 The Globe and Mail Company
My AMJL comment May 6
Although there are those in the market who dispute management's contention that short-sellers are to blame for the stock's weakness, it is hard to dispute the fact of volatile and rapid trades in the last minutes of many sessions. IMO many of these have indeed been attempts to push the price down at the close so as to create fear amongst investors of an imminent sell-off the next day. However, many trades may also have been defensive attempts to counter these trades.
Whatever the truth of the matter, the stock has at least managed to rebound somewhat even while continuing on its longer-term downtrend. It should be noted that the opening price has usually been a few cents higher, which might indicate manipulation to set the tone of trade early on in the session. If so, such a strategy has failed to have its intended effect, as such gains have usually been erased within a few trades.
The main news for Amigula came on Monday with the issue of another company press release. This time, it was issued by "M2 PRESSWIRE via COMTEX", unlike others which have come through "PRIMEZONE MEDIA NETWORK". I am not sure of the significance of this switch. Anyway, I didn't even realize it had been issued until I did a search on Google. Thus, most of the market was probably unaware it had been issued until Tuesday, and thus had no chance to react to its content. And the content was indeed interesting (see previous post for the text of the press release).
Aside from the typos and desperate need for a proper editing job, this release tells us much about the company's strategy. In particular, president Warren Eugene has apparently been getting a very negative response from Health Canada to his lobbying, so he has now decided to declare war on the agency. In other words, he has significantly ‘upped the ante' with the Canadian authorities, in keeping with his background as on online gambling mogul, and now has all his bets riding on the outcome of Bill C-10 and subsequent court rulings.
He is now publicly calling for Health Canada to be removed entirely from the process of regulating the country's medical cannabis program, and is effectively calling for outright cannabis legalization. Thus, it is hard to escape the conclusion that his personal attacks on Health Canada officials could spell doom for the company if the agency continues to be responsible for regulating the country's medical marijuana program in the future. Again, a high-risk, high-return strategy - which exactly fits the investment case for this stock.
We also learn that Amigula's product would cost $1.00 per gram, which undoubtedly is a lot less than many investors had been supposing. (In comparison, the cheapest herb in Netherlands coffeeshops sells for at around $3.00 per gram.) Thus, we roughly calculate that the company would make a gross profit of $298 per pound (based on the previously announced cost figure of $150 per pound, which of course assumes significant economies of scale in their growing operations). In other words, a much smaller margin compared to current rates on the black market.
However, many critics of Health Canada undoubtedly agree with Eugene's opinion, and judging by yesterday's trading (unchanged at $0.29, albeit again on weak volume), the market seems to be in wait-and-see mode. All eyes are now on the fate of C-10, which may be voted on as early as next week.
NY Rethinking Its Ban on Medical Marijuana
Posted by CN Staff on May 05, 2004 at 09:17:04 PT
By Dionne Searcey, Albany Bureau
Source: Newsday
Albany -- The Republican leader of the State Senate said yesterday he was warming to legalizing the use of medical marijuana, opening the door for movement on an issue that has been stalled here for years.
The new sentiment from Senate Majority Leader Joseph Bruno (R-Brunswick) came on a day when Assembly Democrats offered a measure that earned support from key medical and health associations and after TV personality Montel Williams met with legislative leaders.
Bruno said his change of heart may be in part due to his own bout with prostate cancer last year. "Your life experiences can add to how you legislate," Bruno said, adding that he would closely review the measure.
The bill is more tightly defined than previous versions, and supporters said it would meet less resistance than in the past.
Gov. George Pataki said he would base his decision on the issue on whether science proves marijuana treatments to be effective. His health department was skeptical, he said, "but we'll continue to listen to evidence on both sides."
Nine states allow medical marijuana, and in October the U.S. Supreme Court let stand a ruling that bars federal officials from punishing doctors who recommend marijuana.
The new measure, which Assemb. Richard Gottfried (D-Manhattan) retooled after first introducing it in 1997, would limit eligibility to patients with serious, life-threatening illnesses. The marijuana would be allowed only after other drugs failed, and patients would be limited to possessing eight ounces. The law would expire in three years. "It's a medical issue that should be decided by doctors and patients," said Gottfried, chairman of the health committee.
At a news conference yesterday, Williams described the pain in his legs and feet from multiple sclerosis that only marijuana seems to soothe. "I'm breaking the law every day, and I'll continue to break the law every day," Williams said. "It's the only way I can stand here now."
Source: Newsday (NY)
Montel Williams Pushes Pot -- for Medical Relief
Posted by CN Staff on May 04, 2004 at 15:22:08 PT
By Alicia Chang, Associated Press Writer
Source: Associated Press
Albany, N.Y. -- Daytime television talk show host Montel Williams threw his support Tuesday behind legalizing medical marijuana in New York, saying pot helps him cope with multiple sclerosis.
Williams, who was diagnosed with the debilitating neurological disease in 1999, said he uses marijuana every night before bed to relieve the pain in his legs and feet.
"I'm breaking the law every day, and I will continue to break the law," said a defiant Williams, flanked by state lawmakers and health officials, who are lobbying to make pot legal for medicinal purposes.
The Emmy award-winning host of the nationally syndicated "Montel Williams Show," recalled how prescription painkillers and even morphine failed to control his tremors and spasms. Williams said it was not until he started using marijuana that he was able to feel like a "contributing member of society."
Nine states _ Alaska, Arizona, California, Colorado, Hawaii, Maine, Nevada, Oregon and Washington state _ currently allow medical marijuana use.
A proposed law in New York to prescribe pot to terminally ill patients to treat pain advanced in the Assembly Health Committee earlier this year, but the measure has yet to reach the floor of the state Legislature for a vote.
Republican Senate Majority Leader Joseph Bruno said he recognizes the "merits" of medical marijuana and promised to take a close look at the issue.
Opponents of legalizing marijuana for medical purposes fear rogue doctors or patients may abuse or get addicted to the drug and point to other legal medications that are routinely prescribed to alleviate pain.
But Williams dismissed the claims, saying, "I'm not saying to make it legal at 7-Eleven."
Williams, a former naval officer who ventured into television after a stint as a motivational speaker, said he can legally obtain marijuana in California, where he owns some property, to treat his pain. But he argued that as a New York state taxpayer, he should receive the same rights here.
During an hour-long news conference Tuesday to drum up support for the proposed law, Williams _ dressed in a black pinstripe suit and a tieless purple shirt _ often shifted his weight around and wiped tears with a brush of his hand. Later, he explained that all the wiggling was because "I'm in pain now."
Besides his job as a TV personality, Williams also started a multiple sclerosis research fund in his name, providing financial support to organizations seeking a cure for MS.
About 400,000 Americans suffer from multiple sclerosis. Symptoms include unusual fatigue, loss of balance, slurred speech and difficulty walking. In extreme cases, MS can lead to partial or complete paralysis. There is no cure, but medication is prescribed to relieve symptoms.
Complete Title: Montel Williams Host Pushes Pot -- for Medical Relief
Amigula Incorporated on Health Canada
Amigula Report New York, May 03, 2004 (M2 PRESSWIRE via COMTEX) -- Amigula Incorporated (AMJL) the Worlds First Publicly traded Medical Marijuana Company opined today on Health Canada - They are growing marijuana in an old abandoned mine shaft that is most likely contaminated from soil leakage with high mineral toxicity. This is moronic in my opinion. Stated, Warren B Eugene President of Amigula Inc.
Medical marijuana is being dispensed to Canadians who require the therapy to cope with the pain, nausea, wasting and sleeplessness that often affect those living with cancer and AIDS. As well, medical marijuana is being prescribed to those whom have severe arthritis, multiple sclerosis, epilepsy and glaucoma. To grow it in a mineshaft is counter productive and I`m concerned for patient`s health and their rights. We are starting to advocate for them at Amigula Inc.
Comments Warren Eugene
Records show almost one third of the 92 patients who received marijuana from the government program from the Flin Flon mineshaft have sent it back.
Last fall, some of the first to receive the government cannabis called it unsuitable''
The Prairie Plant System is in the fourth year of a $5.5-million, five-year contract, and has shipped 279 ounces of medical marijuana, costing the government app. $16,000 per ounce.
States Warren B. Eugene President of Amigula Inc, Prairie Plant Systems is not at fault. They are under contract and directives from Health Canada. The problem is with Health Canada and their bureaucratic infighting - the mess within the agency.
In my opinion should bill c- 10 pass next week in Canadian Parliament a recommendation would be to untangle and to disband Health Canada altogether from any involvement in the medical marijuana business.
Health Canada is not involved in the distribution of beer, wines and spirits in Canada or tobacco - matter of fact - I see no reason for them to be involved in this endeavor at all.
Almost everything they have been involved in of late seems to get badly contaminated" The SARS fiasco, monkey pox, the bird Flu, the Walkerton water mess, the mismanaged hospital programs. The list goes on and on.
These are bureaucrats running things at Health Canada and I tell you that those folks are not "brain surgeon material"
Amigula`s product will sell for $1.00 per gram. It`s grown - outdoors or in greenhouses - beaded in natural sunlight. It`s a high quality product - well presented. The packaging is lovely and clearly informs the customer of the therapeutic prescription and dosage required. The product`s are hermetically or vapor sealed. As well, our customers may choose from a variety of Sativa strains that have not been chemically altered - enhanced or induced without regard for the patient`s safety and good health. Our products have been researched and tested thoroughly. We respect the rights of our customers.
Most individuals cannot grow medical marijuana for themselves. Often they are to ill to do so. Many are not familiar with the difficulties and intricacies - growing the multiple strains and varieties. Often people think it`s as easy as planting a seed and the plant starts growing. It`s not quite as simple as that.
There are male and female plants and each plant and strain combination will be best suited for a singular therapy. We have researched and work with accomplished "green thumbs" whom have perfected the techniques and quality of the products. Our presentation and commitment is as an "art form of botanical sciences"
News release
Amigula Incorporated -- The Worlds First Publicly Traded Marijuana Company -- could correct Ontario's $4 billion budget deficit in less than 4 years
TORONTO, Ontario, Apr 29, 2004 (PRIMEZONE via COMTEX) -- The following information and opinions are from Warren B. Eugene, President of Amigula, Inc.:
Amigula Incorporated (Pink Sheets:AMJL) the Worlds First Publicly traded Medical Marijuana Company announced today that Ontario taxpayers could face higher levies on cigarettes, beer, wine and liquor, increased charges for large cars, SUVs and recreational boats, and a new tax on lottery winnings as the Liberal government seeks sources of revenue. Water, Hydro, Gasoline, Insurance, Property and School taxes may have to be raised. The projected Ontario deficit in the May 18 budget may be as high as $4.7 billion.
Finance Minister Greg Sorbara said he would not comment on the budget's contents. But he did acknowledge that the higher levies are on the table as his cash-strapped administration seeks new revenue to minimize the brutality of expected cuts to programs in many ministries.
"Taxing marijuana sales would be an exceptional revenue generator for Ontario," stated Warren B Eugene, President of Amigula Inc. "Our company could solve the crisis for Ontario in less than 4 years. They could then balance their budget in fiscal year 4, if they agreed to the solution. The New Democratic Federal Party is on record supporting this action. Our company is eager to participate and assist."
Regarding Bill C-10
In response to your question, Bill C-10 is significant for AMJL's investment case because its passage would give Health Canada the green light to proceed with expansion of its medical marijuana program. Critics of this bill make some good points, particularly about the "net widening effect", but one must realize that decriminalization is ultimately a gradual process. Bill C-10 is a significant first step in this direction, as the removal of criminal penalties for possession should encourage a greater number of individuals to apply for exemptee status under the developing medical MJ program. These exemptees are Amigula's future customers.
Greater penalties for large growers will only apply to those lacking licenses. Since Amigula already has a license from its 51% stake in Medical Cannabis Inc., this bill would effectively squeeze the competition. Having said that, the company must still lobby Health Canada for greater clarity regarding its licensing status, as the law as it stands now regarding issues such as license transfer is stuck in a grey area. These issues should be ironed out in the coming months.
Bill C-10 gives Health Canada the political cover to proceed on the regulatory front regarding these and other issues. It should also be noted that a strong showing by Canada's NDP (New Democratic Party) in the upcoming election (whenever that is held, perhaps in June) would be another significant political catalyst, as NDP is on record as supporting outright legalization of cananbis.
It will also be interesting to see if the subject of marijuana comes up during Prime Minister Martin's talks with President Bush tomorrow. If the topic is not raised, then that would send a signal that the U.S. no longer considers it a major bilateral issue, notwithstanding all the hot air recently from 'Drug Czar' Walters and the ONDCP. In turn, this would give Martin the green light to proceed with a vote on C-10 as early as next week.
Whats so great about bill C-10
http://cannabiscoalition.ca/pr/billc10.htm
All the pro marijuana websites say its the worst thing they could do. Penalties are lessened for small possession, but right now the penalties aren't being enforced. When cops can just hand out a ticket, they will. It doubles penalties for cultivation. Maybe this is good for a company growing it legally.
dapoopa, Thanks for posting that
AMJL press release, responds to Forbes article
Amigula Incorporated -- The World's First Publicly Traded Marijuana Company -- Negotiating Contracts and Agreements
NEW YORK, Apr 28, 2004 (PRIMEZONE via COMTEX) -- The following information and opinions are from Warren B. Eugene, President of Amigula, Inc.:
Amigula Incorporated (Pink Sheets:AMJL) -- the World's First Publicly traded Medical Marijuana Company -- announced today that the company supports the article in the NY Times on April 26th 2004 by Eric Schlosser.
Warren B. Eugene, Amigula's President, commented today: Eric Schlosser is an excellent reporter. He seemed to understand the issues.
In my opinion, the Forbes article on our company is nothing more than slanted, biased writing: unprofessional, poorly written, with some quacky quick wit, some childish puns, and silly one-liners.
Forbes failed to do anything but critique a developing 6-month-old company with original ideas and an altruistic, creative, and caring spirit. Shame on them. Children and adults of all ages are suffering severe pain in hospitals the world over. This is a serious First Amendment issue; the freedom to choose one's own medicine is at stake. The writer should not have been so flippant in my opinion -- especially with something as important as this issue -- whilst millions of our loved ones suffer every day in pain and agony from MS, Chemotherapy treatment, Glaucoma, Epilepsy, Arthritis, Aids, and Nausea. It is an affront to decent human behavior. I'm appalled and disappointed at Forbes.
Amigula has met on 2 separate occasions with Montel Williams and his associates. Mr. Williams is a world class, celebrated author, philanthropist, TV personality and inspirationalist. He is a remarkable being. States Warren Eugene, I was honored and privileged to have been able to meet Montel Williams and listen and learn from him. I would love to work with him. I invited him to join us and champion the cause and to co-found and develop the company with me.
Amigula had the privilege of meeting the celebrated and renowned Howard Rubinstein of Howard Rubinstein and Associates. Mr. Rubinstein offered some sound advice in that meeting.
Mr. Rubenstein granted presentation time to us. I would be honored if he would accept our company and cause and represent us.
Amigula, Inc. has had ongoing relations with several celebrity management groups.
Amigula Inc. has received contractual documentation from Gem Funds of New York, and is in continued negotiation with them. As they have been willing to provide a convertible debenture to the company for up to $3 million dollars, partially based on Amigula Inc. filing to become reporting and registration submissions. As well, Gem Funds have extended to Amigula Inc., should they become traded on the London AIM, a line of credit for $25,000,000 pounds sterling. The provision includes cross listing the company on the AIM exchange in London from the current OTC. Amigula has yet to sign the contract but is considering the offer.
Amigula is intent on seeking dual listing in multiple markets. Amigula anticipates that several international markets may allow for the distribution of medical marijuana and that the company intends to be ready to supply those markets if and when they become available.
Press releases, such as this one, are the only reliable sources of information on Amigula, Inc.
Upcoming catalyst for AMJL
Here is the latest from CBC news on the status of Bill C-10: "The (Canadian) government is also determined to push through a bill to decriminalize marijuana and one on native land claims deals over the next week. Liberals believe both measures are vote-getters among youth and members of the First Nations, two groups the Liberals believe they'll need for support once the election is called."
Approval of C-10 would allow Amigula to proceed with lobbying of Health Canada regarding its licensing status, as has been noted in previous company press releases, so passage next week would clearly be a plus for the company. Although critics have said C-10 does not go far enough, it is still a landmark legislative event for cannabis reform in Canada. If the company does not issue a press release after the bill's passage, that would be a very negative sign indeed that the company indeed may be under investigation. Guess we'll find out soon enough.
I was wondering the same thing. I bought a couple weeks ago wanting to get in on the ground floor.
Is this a scam?
Even if this stock isn't a scam, people thinking it is will make it fail? right?
No news has changed between when this stock hit .60 and now. Shouldn't investors wait untill this fall when the Canadian government starts selling marijuana in pharmacies, and then wait to see if Amigula starts selling soon afterwards. This is the only time we will be able to find out if this stock is a scam or not
Important ruling in med pot case
JUDGE TELLS FEDS TO BACK OFF FROM MEDICAL POT GROUP
SAN FRANCISCO - A judge on Wednesday ordered the federal government to keep away from a California medical marijuana group that grows and distributes cannabis for its sick members.
The decision from U.S. District Judge Jeremy Fogel in San Jose was the first interpretation of a federal appeals court decision here last year that ordered the federal government not to prosecute a sick Oakland woman who smoked marijuana with a doctor's recommendation under a 1996 California medical marijuana law.
Fogel ruled that the Justice Department cannot raid or prosecute the 250 members of the Wo/Men's Alliance for Medical Marijuana, which sued the government after the Drug Enforcement Administration in 2002 raided its Santa Cruz County growing operation and seized 167 marijuana plants.
The group's director, Valerie Corral, said the group had been receiving and growing marijuana in secret since the raid out of fear of being prosecuted. But with Fogel's decision, the group intends on immediately planting hundreds of plants at Corral's one-acre property in the Santa Cruz hills.
"You better believe it we're gonna plant," Corral, who uses marijuana to alleviate epileptic seizures, said in a telephone interview. "I'm leaving now. It's amazing."
The Justice Department, which urged Fogel not to issue an injunction barring new raids or prosecutions, declined comment. Spokesman Charles Miller said the government was reviewing the decision.
The marijuana group asked Fogel to issue the injunction after the 9th U.S. Circuit Court of Appeals ruled in December that a congressional act outlawing marijuana may not apply to sick people with a doctor's recommendation in states that have approved medical marijuana laws.
The San Francisco-based appellate court, ruling 2-1, wrote that prosecuting these medical marijuana users under a 1970 federal law is unconstitutional if the marijuana isn't sold, transported across state lines or used for non-medicinal purposes.
"The intrastate, noncommercial cultivation, possession and use of marijuana for personal medical purposes on the advice of a physician is, in fact, different in kind from drug trafficking," Judge Harry Pregerson wrote for the 9th Circuit in December.
The court added that "this limited use is clearly distinct from the broader illicit drug market, as well as any broader commercial market for medical marijuana, insofar as the medical marijuana at issue in this case is not intended for, nor does it enter, the stream of commerce."
That decision was a blow to the Justice Department, which argued that medical marijuana laws in nine states were trumped by the Controlled Substances Act, which outlawed marijuana, heroin and a host of other drugs nationwide. The Justice Department on Tuesday appealed that 9th Circuit decision to the Supreme Court.
The Controlled Substances Act, as applied to the Santa Cruz cooperative, Fogel wrote, "is an unconstitutional exercise" of federal intervention.
Fogel's decision, meanwhile, furthers the conflict between federal law and California's 1996 medical marijuana law, which allows people to grow, smoke or obtain marijuana for medical needs with a doctor's recommendation.
Alaska, Arizona, Colorado, Hawaii, Maine, Nevada, Oregon and Washington state have laws similar to California, which has been the focus of federal drug interdiction efforts. Agents have raided and shut down several medical marijuana growing clubs.
The appeals court, the nation's largest, does not have jurisdiction over Colorado and Maine.
Wednesday's decision, in addition to December's Circuit ruling, are outgrowths of a 2001 U.S. Supreme Court ruling. That year, the Supreme Court said that medical marijuana clubs could not dole out medical marijuana based on the so-called "medical necessity" of patients, even if they have a doctor's recommendation to use marijuana.
Justice Clarence Thomas wrote that an Oakland pot club could not defend its actions against federal drug laws by declaring it was dispensing marijuana to the medically needy.
But the justices said they addressed only the issue of a so-called "medical necessity defense" being at odds with the Controlled Substances Act that says marijuana, like heroin and LSD, has no medical benefits and cannot be dispensed or prescribed by doctors.
In the 2001 decision, Justice Thomas wrote that Supreme Court left several questions unresolved, including whether the government could interfere with the states to make their own medical marijuana laws.
"The Supreme Court had left this door open," said Gerald Uelmen, a scholar at the Santa Clara University School of Law who represented the Wo/Men's Alliance for Medical Marijuana.
The case decided Wednesday is Santa Cruz v. Ashcroft, 03-01802.
The following link is interesting and I think if you have any questions as to if this is a "real company" it may answer those. In the last message I posted here I copied/pasted the "rumor" from someone who posts on the Raging Bull message board, so I don't know what you (rushkoff) mean about "I hope you're logged on through an anonymous server".
With all the negative propaganda about marijuana, it's going to take some time for mainstreamers to accept the upcoming changes that are inevitable. I'm long on this one.
Check out the link:
http://www.wallst.net/main_profile.asp?tick=amjl
It's those sorts of postings that make me suspect the company is real, after all.
"Rumor has it?" "Drug laundering?" I hope you're logged on through an anonymous server
From Raging Bull board:
Some knucklehead posted this...
By: bitk
20 Apr 2004, 03:58 PM EDT
AMJL = SCAM
SEC WILL CLOSE THIS DOWN SOON, RUMOURS ARE THAT WARREN EUGENE IS INVOLVED IN LAUDERING FUNDS FOR DRUG DEALERS
what the heck happened the stock is at .548 this morning for all intents and purposes worthless.
what the heck happened the stock is at .548 this morning for all intents and purposes worthless.
Update on Canadian medical MJ program
Using Marijuana As Medicine
by Peter Downs / April 17, 2004 / The Standard
Thousands of Canadians treat themselves with pot outside the parameters of a legal program critics say is riddled with problems
Mornings bring the greatest agony.
Those seven or eight hours of sleep most people count on for rejuvenation leave Matthew Mernagh in physical torment.
His thin body stiffens during the idle hours he's in bed.
It's as though the cartilage in his joints and between the discs of his spine has been somehow removed during the night and replaced by quick-setting cement.
Rising from bed and trying to unlock his frame from the rigour mortis-like grip of severe osteoarthritis sends currents of pain radiating along his crumbling spine, through his legs and down the bones of his swollen arms to his clenched hands.
At the age of 30, Mernagh sometimes feels as though he's trapped inside the shell of a decrepit old man.
"My spine is 70," the St. Catharines native said last week.
"I can actually feel the grinding of the discs because there's nothing there. The cartilage is really shot."
A journalist and writer, Mernagh has been unable to work full-time in two years and collects disability benefits.
He's tried conventional over-the-counter medications to relieve his chronic pain without much success. The drug that delivers him release is marijuana.
Even with a single puff on his pot pipe over a morning cup of coffee, Mernagh said he feels his rigid hands begin to relax. Another hit and the shooting pains emanating from his spine begin to subside.
"It makes a huge difference in my life," said Mernagh, who has been smoking pot regularly for the past six years to relieve his arthritic symptoms.
"I don't sit around and get high. This to me is making my life better. The effect of marijuana for me is pain relief."
But each time Mernagh fills up the bowl of his small blue pipe with dried pot leaves, lights them up and draws the smoke into his lungs, he's breaking the law.
Mernagh -- similar to thousands of Canadians -- is treating himself with pot outside the parameters of Health Canada's legal medical marijuana program.
In July 2001, the federal government legalized the use of medicinal marijuana for people with terminal illnesses and other serious health conditions, including cancer, AIDS and multiple sclerosis.
But critics complain the controversial program is so badly beset by troubles and bogged down in red tape that it is virtually impossible for people with health problems to access it.
The key stumbling block is a Health Canada requirement that a physician endorse the patient's application, stating the medical benefits to the patient of smoking marijuana outweigh any potential risks.
But without sufficient scientific studies yet complete to give credence to the claim, doctors are extremely reluctant to support applicants.
Both the Canadian Medical Association and the Ontario Medical Association have advised their physician memberships against signing the Health Canada declaration for patients seeking medical marijuana.
"What the Health Canada form requires people to do is sign something which says they know something they don't know and cannot know," said Dr. Ted Boadway, the OMA's executive director of health policy.
"That is a statement that no physician in Canada can answer. They can't answer that with knowledge."
As a result, there are only 78 certified users across the country who are receiving either marijuana from Health Canada or seeds to grow their own pot.
Thousands of other sick and dying Canadians buy illegal marijuana on the street or grow it themselves to ease their symptoms.
"My government is pushing me to black market sources," said Mernagh. "You can still get arrested for marijuana. Whether it's half a gram, half a joint or half a pound, if they want to arrest you they will."
But that threat hasn't stopped Mernagh from patronizing pot dealers in St. Catharines on a regular basis for himself and other sick people around Niagara.
Last September, Mernagh founded the Niagara Compassion Society, a non-profit organization that helps people obtain marijuana for medical reasons.
The group, modelled on similar organizations in Toronto, Vancouver and other Canadian cities, provides pot to 10 people, but Mernagh foresees membership growing to about 100.
"These people are genuinely ill," said Mernagh. "They've tried everything else before."
As a condition of membership, applicants are required to provide a letter of diagnosis from a licensed physician attesting to their medical condition.
But unlike Health Canada's program, physicians are not asked to put in writing their belief that the benefits of taking marijuana are greater than potential risks.
Mernagh acquires pot for the organization's registered users and distributes it to them.
"We're a co-operative of medical marijuana users," he said.
"I'm not interested at all in the recreational pursuit of marijuana."
But the eyes of the law may not see any difference between run-of-the-mill drug dealing and what the Niagara Compassion Society is doing.
Niagara Regional Police won't make allowances for medical marijuana use that falls outside regulations set by the federal government, Deputy Chief Donna Moody said.
"We can't ignore the law. The law's in place," she said.
"We don't support recreational use of the drug. That's creating a criminal enterprise."
Mernagh said he hasn't been contacted by police, but he's already sought legal advice and lined up a lawyer in the event they do.
"If the police want to have a showdown, I'm prepared. Because I'm not willing to go without marijuana," he said.
"There is a fear that in being as public as I am, the police will say, 'We've had enough.' "
Rhonda Thompson, who co-ordinates a needle exchange program for AIDS Niagara, would like to see Health Canada hand over its entire medical marijuana program to compassion organizations such as the one Mernagh launched.
"That federal government program, to be honest, is an absolute nightmare," she said.
"The paperwork is incredible and you also have to get doctors willing to sign on your behalf. A lot of the physicians out there just do not want to get the reputation of being the pot doc."
Many people with HIV or AIDS smoke marijuana to stimulate their appetites, soothe pain and combat feelings of nausea.
But Thompson said she's not met a single client of AIDS Niagara who was able to get approval to buy marijuana through Health Canada's program.
"It just seems to be a logical choice to turn all of this over to compassion clubs," she said. "There are safeguards in place to ensure it's not being abused and it's going to help those who are truly ill and who truly need it."
Health Canada is looking at ways to make its medical marijuana program more easily accessible for people with serious illnesses, said spokeswoman Catherine Saunders.
"The idea is that we want to be making some amendments to streamline the application process," she said.
That could include changing the declaration physicians are asked to sign "to better acknowledge the limited information available on the safety and efficacy of marijuana for medical purposes," said Saunders.
In the meantime, the department is overseeing research into the medical effects of marijuana on people who suffer pain in a clinical study being carried out at McGill University's pain management clinic.
"Marijuana is a controlled substance everywhere around the world," said Saunders.
"The benefits of it as a therapeutic drug have not yet been proven, although there are anecdotal reports."
Federal Public Health Minister Carolyn Bennett saw the anecdotal evidence of marijuana's positive impact on the ill firsthand when she worked as a physician in Toronto before entering politics.
"As a family doctor, there were some patients who were very much helped by marijuana," Bennett said in an interview Thursday, following a meeting with public health officials in St. Catharines.
"There was one patient, for example, with MS who was very much more functional using marijuana."
Bennett, who represents the Ontario riding of St. Paul's, said the government needs to review its medical marijuana program and make it easier for "people on the ground" to use.
"There's no question the medical community has been uncomfortable with it. It's not something they're trained to do," she said.
"We're clear we've got to get going on the clinics and the applied research it will take to show what works and what doesn't, and for what conditions."
It's also important for the government to take another look at regulations that determine how people with serious illnesses register to receive medical pot, she said.
"I think it's clear that these patients ... shouldn't have to go into the streets to buy it. So what are we going to do to get them a safe product?" said Bennett, adding she's in favour of the decriminalization of marijuana.
Regina Szymanski, executive director of the Multiple Sclerosis Society Niagara Peninsula Chapter of Hope, is encouraged by the fact that the federal government is studying marijuana's health benefits.
"We really don't promote something until it's scientifically proven," she said.
"If the medical research shows that it works, then the process for people to get a treatment that might be helpful to them will be so much easier."
But even with improved access, making the decision to smoke marijuana as a medical treatment isn't easy, said one user.
The 46-year-old Niagara woman, diagnosed with MS more than a decade ago, asked not to be identified because of the stigma attached to marijuana use.
Even though she smokes pot frequently throughout the day -- typically every three hours -- she hides it from her young son, her relatives and her friends.
She's licensed by Health Canada to grow medical marijuana for her own use, but she doesn't do it. Instead she buys pot from regular suppliers.
"I wish it was more accepted in that way, but I don't want people saying, 'I don't want my child playing with your child because you have this stuff in your house.' I won't risk that," she said.
However, she's convinced smoking marijuana is the most effective way she can ease the painful spasms that lock her legs on a daily basis -- sometimes powerful enough to tear her muscles.
"They stiffen straight out. No one can bend them and you've got to wait for it to subside," she said. "Marijuana will stop it almost immediately."
But she also worries smoking marijuana is harming her respiratory system and that she may have become addicted to it.
"I definitely have a medical benefit. There's no doubt about it," she said. "But if something better were to come along, I'd abandon it, although I don't know how easy that would be anymore because of the dependency issues."
Shares outstanding
I am also a bit confused about the shares outstanding issue. I have often seen a figure of 6,000 shares outstanding, not one million (do you have a source?). Thestreet.com has an asterisk next to the 6,000 figure saying "includes number of tradable shares only". Meanwhile Bloomberg.com has a figure of 36.009 mln shares for a market cap of $22.686 mln.
"i read somewhere that this company has only about a million shares OS? can anyone verify?"
The volume traded on April 15 was 866,000 and on April 16 567,000. Doesn't this mean whoever owns most of this company dumped all of their shares?
Amigula contact info
Amigula Inc. (OTC: AMJL)
225 Jarvis St., Ste. 302
Toronto, Ontario M5B 2C1, Canada
Phone: 416-838-3600
Fax: 416-863-1100
My thoughts on the Forbes article
I think the guy who wrote the Forbes article is technically correct about Amigula's licensing status, but he makes no mention of the fact that the licensing issue is an ongoing process that has yet to be resolved by the authorities. It should be resolved, one way or another, with passage of Bill C-10 and subsequent amendments to Health Canada's medical cannabis regulations. Having said that, for the time being the licensing issue is clearly in a grey legal area.
The Wired article on the company http://www.wired.com/news/business/0,1367,61300,00.html?tw=wn_tophead_1 also goes into detail about this issue. In the meantime, I have heard of no law or securities enforcement actions against the company's management, which is of course a positive sign. In fact, the longer the company survives the better its chances appear.
Barron's recently mentioned that Amigula has already contracted with 50 licensed growers and is seeking $7 million in private equity funding in addition to the money Warren Eugene donated from his own pocket (I have seen two figures -- $500,000 and $5 million Canadian). The law as it currently stands does seem unclear about whether these growers can then contract among themselves or with a holding company like Amigula. So Eugene is stepping into this legal void and forcing the issue. Risky, sure, but for him it appears to be a chance worth taking.
It should be noted that Amigula did perform a reverse split into Medical Cannabis Inc., which does have a license. Whether this license can be transferred is another grey legal area that must be resolved. My guess is that Amigula is lobbying Health Canada and the Canadian parliament to define their license status in precise terms as part of Bill C-10. Those investing in this stock should be aware that this process could be slow and take months to resolve.
Meanwhile the stock is trading and seeing increasing volumes each week. The company is open to criticism that it may have put the cart before the horse with its listing, but the fact that their listing was approved by the Toronto TSX Venture exchange and haven't been de-listed does mean something. If the Canadian authorities rule against Amigula, it would definitely be a negative, but I imagine they would then appeal. On the other hand, a positive ruling would be a huge catalyst for the share price. Whatever the outcome, the company probably has some effective lawyers and lobbyists who are working to iron out these ambiguities.
The guy who wrote the Forbes article also mentioned the SEC, but Amigula is a Candian company and is not listed on any U.S. exchanges yet, so it seems the SEC has no jurisdiction here. The Canadian securities authorities are another thing, but I have yet to hear that they are taking any action. I suppose everyone is simply waiting to hear the fate of Bill C-10, which is currently being considered by the parliament. The details in that piece of legislation should make or break this company.
Meanwhile, the market seems to have shrugged off these licensing concerns. The stock price jumped 50% on Thursday and added a bit more yesterday on record volumes. This is a sign of faith in the company's business model, which may help when it comes time for management to seek listings in other countries. I wonder if some of the larger buyers may know more about the company's licensing status than the rest of the market.
BTW I emailed that article to Warren Eugene but have yet to hear back from him. I'll let the board know if he replies.
In the meantime you can follow my further thoughts on this stock's investment case through the following links:
http://www.cannabisworld.org/vbportal/foru...15&pagenumber=1
http://www.overgrow.com/edge/showthread.php?t=429417
http://www.marijuana.com/420/showthread.ph...ghlight=Amigula
what do you think about theForbes article saying this company is a fake? I invested in it beacuse I believe in the concept.
now im wondering what the hell happened here.I didnt think a fake company could get listed on the stock exchange. bbut im new to this stock trading.
Warren Eugene's direct email address
Rushkoff,
Send me an email at dapoopa1@yahoo.com and I'll send along Warren's direct email. He responded to an email I sent last week the next working day. He may simply be unavailable right now, but I'm sure he would respond to an inquiry from NPR. I imagine it's actually a good sign if he is too busy to respond to each and every email he receives.
Alas, I fear this one may be a fake of some sort, after all. I was hoping to do a piece about Amigula for National Public Radio, but have been unable to get any response at all from the 'company.'
And, of course, all of you know that the emails on the Amigula site all go to an address called "lucky@luckypupppy.com" - perhaps it's the director's earlier gambling company address.
But I've never had the experience, when working on a piece for NPR, of having nobody at the company even respond to a journalist.
A Tale of Two Sessions for AMJL
Yesterday was a tale of two sessions for AMJL. Despite the late trade on Monday at $0.43, the market opened flat to lower and stayed there for much of the day. Volumes were rather weak, but in the last hour of trade interest began to pick up significantly. The catalyst may have been Ashcroft's congressional testimony, which revealed that one of the Justice Department's main priorities for 2001 was the "war on drugs" and not counter-terrorism. The LA Times then published an article entitled "Drug War Led Bush Astray Before 9/11", since one of Ashcroft's main concerns that year was apparently to raid medical marijuana co-ops in California. It will be interesting to see if the media seizes on this story to point out the misplaced priorities of the nation's top law enforcement officials. That, in turn, could encourage Kerry to speak out and make this a larger political issue.
On the heels of this heated testimony, late buying interest saw several deals at $0.40 to $0.50, and even one at $0.55. The largest deal on the day, barely three minutes before the close, was for 20,000 shares at $0.385, but the final deal of the session was back up at $0.45. So the gain on the day for AMJL was a whopping 29%, and the volume of 212,000 shares was much healthier compared to Monday, but this of course comes after several weeks of declines. The year-to-date return on this name is an abominable -97%, and -18% over the past five days alone. So it is clearly premature to say that the downward trend has reversed - it will take several more such sessions before we can make any such conclusion. But yesterday's gain was a welcome respite nonetheless.
Latest Article Forbes: This company is a scam! I'll quote an excerpt of the article here: "Amigula's headquarters are a hotel suite in Toronto. The company has zero revenues and no government licenses to supply marijuana, despite claims on yahoo and bloomberg". This company is a scam. Get out while you can.
Article can be seen in Forbes - April 2004 - Page 44.
My comments on yesterday's 20% drop
In light of the pounding AMJL stock took yesterday (down 20% to $0.42 on moderate volume of 105,000 shares), if things continue at the current pace, this stock should soon test the $0.16 level (its 52-week low). That is, if management doesn't come out with some concrete financial results, or at least some earnings guidelines. Short sellers have clearly been targeting Amigula, but it is now clear that ordinary investors are panicking and starting to dump their stock.
The short sellers seem to believe the company was bluffing when it threatened a forward split on or around April 1 (which would have forced the shorts to close their positions and return a multiple amount of the stock they borrowed). This threat had its intended effect, for a while, but the sharks are circling once again.
So management had better do something, and fast, if this stock is to avoid being worth just a few pennies rather soon. They might consider buying back their own stock on the open market, but that would merely be a measure to buy time until the next major catalysts occur.
Considering the stock's relentless fall over the past couple of months, it is increasingly hard to avoid the impression that Amigula has put the cart before the horse in terms of their listing. Usually with a venture start-up, you build the business, prove the model and only then seek a listing. In this case, however, the company has apparently listed first and only then sought to build their operations.
I may very well be wrong in this regard, and the recent mention in Barron's magazine that Amigula had already contracted with 50 growers and were seeking $7 miln in private financing (in addition to the $5 mln company president Warren Eugene put up from his own pocket) is encouraging. But waiting for court rulings and/or legislative progress is a very risky strategy in terms of your share price. Most investors simply canot wait that long, especially when they are losing hundreds and even thousands of dollars session after session.
Another possibility is that Amigula's underlying business may indeed be getting stronger, but for whatever reason management has been unable to make this information public. They will eventually have to release some financial numbers due to their fiduciary responsibilities, and even just throwing the market a bone could be enough to shore up the share price at this point, even temporarily.
Whatever the case, it is clear that the bleeding has to stop, and soon.
Email from Warren about that $0.20 trade
I emailed Warren about the $0.20 trade last week and here is what he wrote back on Monday:
thanks a million for your informative and important email
i very much appreciate it.
as for the 20 cent bid - we have a moron among us!
what more can i say. short sellers and detractors
yet the market bounced right back
we should have someone watch this for us soon, i'm sure they will return
regards
warren
AMJL had a rough day yesterday, weaker by more than 10% at the open and never able to pull out of the rut. Closed the day down 14% at $0.55 per share. The market seemed to react badly to an article that came out on CannabisNews.com:
http://www.cannabisnews.com/news/thread18585.shtml
This story ties in with Amigula because the company the other week issued a press release saying they planned to participate in this pharmacy pilot project in B.C. Meanwhile, the government is clearly failing to adequately run its medical cannabis project, and it is also clear that private, licensed growers (such as Amigula) are the ones who really should be supplying the patients. In fact, I wouldn't be surprised if Amigula is already lobbying for a contract with Health Canada to replace or work alongside Prarie Plant Systems.
However, it would still be negative if the pharmacy project were cancelled due to a "lack of demand" before it got off the ground. There is only a lack of demand because the product is awful! And the demand for quality medical cannabis is not going away anytime soon - indeed, calls may only become more vocal over time in protest against the government inefficiency and delays. After all, time is of the essence for many of these patients who only have months to live. So in my view, the government can delay for a while but cannot stem the tide. Momentum seems on the side of the pro-legalization movement, which is the main reason why people have been buying into this stock.
There was also a mention of AMJL in the March 29 issue of Barron's magazine. Unfortunately, the article was using the company as an example of why, in the opinion of its author, the market has gotten a bit frothy of late:
"From the standpoint of the stock market, the revival that began a bit over a year ago has produced excesses that trouble the graybeards, and we don't just mean the liftoff in the likes of Yahoo, Amazon and eBay back to bubble valuations. A bubble is more substantial than smoke, which is what the market appeared to be going up in. That is, according to no less an authority than AM New York, a newspaper distributed free of charge and apparently aimed at Gothamites not in the habit of picking up a daily paper. Last Monday's lead story, chosen no doubt with its readership's interests in mind, was headlined, "Pot goes public." It seems that Amigula, which bills itself as "the world's first marijuana company" and trades on the Bulletin Board under the symbol AMJL, wants to make the leap to the Nasdaq or the Amex. The company has contracted with 50 Canadian growers to provide medicinal marijuana and is looking to raise $7 million in equity financing for the venture. Heady stuff, to be sure, but hardly symptomatic of a sober approach to the market."
But in my opinion, you can read this two ways. The words "heady stuff" is a weak attempt at humor, but it also implies ambitious plans on the part of management. It is also an implicit acknowledgment of the potential size and profitablility of the medical cannabis market. And they do mention numbers: Amigula says it has fifty contracts with growers already, and the company is looking to raise millions in private equity. So if you can ignore the editorial slant, this article is at least encouraging and provides some valuable exposure to the company.
Having said that, the stock is clearly performing poorly of late, and the market will need something more concrete to hang onto, and soon, if it is to avoid early penny-stock retirement. What investors must realize is that this is a longer-term bet, and that it will take several months for court rulings and legislative progress to occur. In the meantime, the share price could go lower, and even much lower. The company's press releases have at times bordered on fluff, so it seems the next move must be the announcement of a stock split backed by private equity, or other concrete news such as acquisitions, mergers or listings on other exchanges. Otherwise, the short sellers could very well eat this thing up.
Who will come out on top is anybody's guess at this point, but for sure this story is far from over. Just remember - a couple of favorable rulings or laws being passed and interest in this company could shoot right back up. So investors should continue to scour the headlines at CannabisNews.com and elsewhere for near-term catalysts. In the meantime I'll continue to cover daily stock movements.
Link to House testimony by MPP's Kampia
http://www.mpp.org/pdf/rk_040104.pdf
States Defend Medical Marijuana Policies
Federal Lawmakers Say State Laws Violate Federal Anti-Drug Statutes
By Todd Zwillich
WebMD Medical News
reviewed By Brunilda Nazario, MD
April 01, 2004
April 1, 2004 (Washington) -- State officials defended their enforcement of medical marijuana on Capitol Hill Thursday as lawmakers attacked state medical boards for ignoring federal drug laws in favor of state statutes.
Officials from the Oregon and California state medical boards say they will continue allowing doctors to assist patients in obtaining marijuana as long as it is done in accordance with state laws allowing the practice.
That position has sparked the ire of some lawmakers who accuse state boards of shirking their responsibilities to uphold federal drug laws. Eight states have laws allowing doctors to authorize marijuana use for patients meeting certain medical criteria. The drug remains illegal under federal law, a fact that has prompted federal law enforcement raids in some states.
Marijuana has a wide range of therapeutic applications, including:
relieving nausea and increasing appetite
reducing muscle spasms and spasticity
relieving chronic pain
reducing intraocular (within the eye) pressure
Rep. Mark Souder (R-Ind.), chairman of the House Criminal Justice subcommittee, accused state medical boards of allowing doctors to promote marijuana despite a potential for abuse recognized under federal law.
He also noted that while components of marijuana may have been approved by the FDA to treat nausea and other health problems, marijuana is toxic and dangerous when smoked.
"We do not allow people to manufacture their own psychiatric drugs like Prozac or Xanax to treat headaches. Why, then, should we authorize people to grow their own marijuana, when the potential for abuse is high and there is little or no scientific evidence that it can actually treat all of these illnesses?" he says.
Doctors Don't Prescribe It
State officials defended their practices, noting that doctors don't actually prescribe the drug but only provide patients with the authorization needed to seek it legally under state law. A federal appeals court recently upheld a California doctor's ability to discuss marijuana as a treatment option under that state's 1996 medical marijuana law, despite federal prohibitions on the drug.
"Ultimately, the Medical Board of California's position is that marijuana is an authorized treatment under California law," says Joan M. Jerzak, the board's chief of enforcement.
Jerzak says the board has filed charges against only four doctors for inappropriate use of medical marijuana since 1996.
James Scott, MD, a member of the Oregon Board of Medical Examiners, says that Oregon's doctors do not violate federal law because they do not prescribe marijuana. Oregon last month suspended the medical license of Phillip Leveque, DO, for negligently recommending marijuana use in thousands of patients. Leveque was scheduled to testify at Thursday's hearing but did not appear.
A 1999 Institute of Medicine report concluded that marijuana's constituents may have medical benefits for patients with AIDS wasting syndrome, chronic pain, glaucoma, and other disorders. But the report also stated that smoking marijuana was dangerous and should not be considered as a favored route of delivering the drug.
Still, new research shows that marijuana's main ingredient, tetrahydrocannabinol, or THC, could have uses for several medical problems. The agency is funding 17 different clinical trials in patients with spasticity, AIDS, and other disorders.
i'm still waiting to hear back from investor relations on some questions i had. will share.
GW Pharmaceuticals - AMJL competitor in medical cannabis market
This is an article that discusses the other side of the medical cannabis market, the one the pharmaceutical companies are busy trying to develop. This has important implications regarding who Amigula's competitors might be one day.
http://www.cannabishealth.com/issue04/index.html/#gw
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