X-Change Corp. Recaps Significant Corporate Activities for Past 15 Days Company Delighted with DOJ's Historic Shift Toward Non-Interference Within State Cannabis Regulatory Environments; Sees 'Green Light' for Company's Patient-Driven Medical Cannabis Operations Under State Laws
COLORADO SPRINGS, Colo., Sept. 5. 2013 /PRNewswire/ --
Aug. 30, 2013 -- 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.
Aug. 21, 2013 - The X-Change Corporation is pleased to announce the signing of management agreements with a state licensed Arizona medical cannabis dispensary prepared to launch operations, serving Arizona patients in a matter of weeks. The revenues generated will permit X-Change Corp. to further pursue innovation in patient-beneficial product research and development as the Company fulfills its management role. X-Change Corp. commits to meeting the highest standards in dispensing, cultivation, and infusion services envisioned under the agreements.
Aug. 20, 2013 - The X-Change Corporation entered into a multi-year, strategic growth agreement with Medicine Dispensing Systems, a wholly owned subsidiary of Medbox, Inc., a publicly traded company, to provide its scientific and clinical expertise for ten medical cannabis dispensaries and cultivation facilities in the states of Arizona, California, Illinois, Massachusetts, Nevada, and Washington State. This milestone agreement provides X-Change Corp with the real opportunity to develop premiere branding and to introduce the Company's proprietary cannabinoid-based products and formulations within each state's regulatory framework.
Aug 16, 2013 - Medbox, Inc. (www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to the medical and retail industries, announced the signing of a deal with X-Change Corporation to provide consulting services in the legal marijuana markets of Nevada, California, Arizona, Washington State, Massachusetts, and Illinois.
The contract, worth $5.3 million dollars, is to be paid in increments based on performance criteria being met by Medbox. The project consists of formation of corporate entities, application assistance in the target states, build-out of physical dispensaries and cultivation facilities in those states, and also securing management relationships between the formed entities and X-Change Corporation.
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.
The X-Change Corporation
Mr. Robert Kane, CFO, Sr Vp of Business Development
SOURCE The X-Change Corporation