COLORADO SPRINGS, Colo., Aug. 30, 2013 /PRNewswire/ -- The X-Change Corporation (NASDAQ OTC: XCHC), a U.S. Company specializing primarily in cannabinoid formulation-based health and wellness solutions, is pleased that the DOJ has provided broad and historic guidance to all federal authorities to defer to states' cannabis laws and regulations, including not challenging general legalization laws in Colorado and Washington State. Federal action is sanctioned in specific circumstances, such as in preventing violence and use of firearms, distribution to minors, poor state regulatory systems, and cultivation on federal lands. The impact of yesterday's announcement by the Deputy Attorney General, James M. Cole, is groundbreaking and will inevitably result in enhanced markets that benefit physicians and patients seeking cannabinoid-based treatments in the nearly two dozen states and jurisdictions that have enacted medical cannabis laws. This federal guidance also points other states to a clear pathway to legalizing medical cannabis without concern for undue federal interference, which will give patients unprecedented treatment opportunities throughout the country.
Importantly, medical cannabis companies, such as X-Change Corp., will not be penalized for success in the medical cannabis market, as the DOJ ended uncertainty about enforcement distinctions based on commercial size and for-profit status. Working within state regulatory regimes, the new federal policy allows X-Change Corp. to more confidently and efficiently manage logistical operations, supply chains, research and development efforts, and other commercial variables that produce economies of scale and better, more cost effective products and services. The new legal landscape will also permit the Company to better utilize our expert management and development team in both Europe and North America.
"Progress in the acceptance of medical cannabis has now, I believe, reached the tipping point in the United States. The federal government has taken a long-awaited, critical leap forward to catch up with the reasoned and compassionate actions of individual states and their citizens. X-Change Corp. is incredibly heartened by these federal developments and intends to continue to forge ahead with its multi-pronged business plan, including the management and operation of patient-driven medical cannabis facilities in legal and robust state regulatory environments throughout the country," stated Chad S. Johnson, COO and General Counsel of The X-Change Corporation.
This announcement comes less than two weeks before a September hearing by the Senate Judiciary Committee, at which Committee Chair Patrick Leahy stated he will address the blurred lines between federal and state cannabis laws. Among those to testify at the hearing is the Deputy Attorney General who authored the DOJ's guidance memorandum. The DOJ announcement also closely follows the well-received documentary and pro-medical cannabis editorial in which renowned neurosurgeon Dr. Sanjay Gupta, Chief Medical Correspondent of CNN, brought to the world stage the real life stories of medical cannabis patients after nearly a year of research on the subject.
Deputy Attorney General James M. Cole's August 29, 2013 Memorandum For All United States Attorneys, "Guidance Regarding Marijuana Enforcement", can be found here. http://www.justice.gov/iso/opa/resources/3052013829132756857467.pdf
The Roll Call article on the medical cannabis Senate Judiciary Committee hearing, scheduled for September 10, 2013, can be found here. http://blogs.rollcall.com/wgdb/leahy-schedules-marijuana-hearing-wants-state-laws-respected/
CNN's Dr. Sanjay Gupta's pro-medical cannabis editorial can be found here. http://www.cnn.com/2013/08/08/health/gupta-changed-mind-marijuana
About The X-Change Corporation
The X-Change Corporation is currently developing new natural cannabinoid containing products based on innovative formulations to utilize the unique and potent benefits of the cannabis and hemp plants. Medicinal properties of cannabis and hemp have been known and applied for thousands of years. With the aid of scientific research, The X-Change Corporation is translating such knowledge into development of effective cannabinoid formulation-based health and wellness solutions as well as cosmeceutical, nutraceutical, and food brands throughout the world. The Company's health and wellness, nutritional, and cosmetics lines will address personal needs and will evolve with the introduction of new formulations and products, advancing the Company within the expanding multibillion-dollar global market.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. X-Change Corp. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Mr. Robert Kane, CFO, Sr Vp of Business Development
SOURCE The X-Change Corporation