X-Change Corporation Applauds Historic Moment as Government of Uruguay Takes Key Step in Legalizing Medical Cannabis; Follows Worldwide Trend Toward Opening of Cannabis Markets
COLORADO SPRINGS, Colo., Aug. 6, 2013 /PRNewswire/ -- The X-Change Corporation (NASDAQ OTC: XCHC), a U.S. Company specializing primarily in cannabinoid formulation-based health and wellness solutions is excited to see expansion of its target market into Uruguay. After jumping the most difficult hurdle in the country's lower legislative body, national legalization is expected to be signed into law in October. This unprecedented national move is consistent with the rapid opening of the cannabis and cannabinoid product and treatment market worldwide, with legalization milestones being passed nearly every week in Europe, the United States, and now South America. The Uruguayan law would allow those 18 years of age and older to add themselves to a registry and then obtain their medical marijuana from pharmacies. This would be similar to laws adopted or under consideration in nearly two dozen states in the U.S., as well as to laws in Canada and Europe.
Uruguayan President Jose Mujica is in full support of the bill, as are various Latin American leaders who are raising the legalization debate to a new level of persuasion and rationality. Motivating factors for legalization include reducing illegal drug trafficking and violence and creating inexpensive and effective medical options for those living in poverty.
Former Mexican President Vicente Fox has voiced his support for legalization. In a recent article, President Fox is quoted as saying, "Using military force to fight cartels doesn't work . . . but legalization would." In an interview with Wolf Blitzer on CNN in May, President Fox said, "With [legalization], we will avoid the violence…. We will control the criminals and reduce their income, and at the same time, [a legal market] would become a transparent, accountable business in the hands of businessmen."
"I could not agree more with former Mexican President Vicente Fox and with current Uruguayan President Jose Mujica. After recent acceptance of medicinal cannabis in twenty states in the U.S. and around the globe, it is encouraging -- and not unexpected -- to see policy makers taking a pragmatic and humanitarian approach to opening the medical cannabis market to people with unmet needs. Here at X-Change Corporation, we work relentlessly on supporting and expanding the development of the markets for cannabinoids, especially in an economy under stress and in which patients need effective, proven cannabinoid medicine," stated Robert Kane, X-Change Corp's CFO and Sr. VP of Business Development.
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.
Robert Kane CFO, Sr Vp of Business Development
SOURCE X-Change Corporation