FULLERTON, Calif., April 29, 2010 (GLOBE NEWSWIRE) -- GT Legend Automotive Holdings, Inc. (Pink Sheets:GTLA) in conjunction with Compassionate Therapeutic Solutions, LLC, reported today that the medical marijuana market is booming. According to an article posted on CNBC.com, 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).
An article by Rob Reuteman entitled, "Medical Marijuana Business is on Fire," appeared in USA Today and outlined the industry's recent rise. The article states that in the past six months, the number of patients and dispensaries has skyrocketed; it's estimated that more than 100,000 Colorado residents can legally purchase marijuana for medical use (Source: www.usatoday.com).
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 GTLA, commented, "There are approximately 400 wellness centers in Denver, Colorado alone. Each center services between 500 and 1500 patients. Medical marijuana sells for $420.00 per ounce, and the average patient's purchase is 2 oz. of product per month. Therefore, a 1500-patient center will generate monthly revenues of $1,260,000 in product sales alone."
About GT Legend Automotive Holdings Inc.: GT Legend Automotive Holdings, Inc. is a Nevada research and development corporation. GTLA has acquired Compassionate Therapeutic Solutions.
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.