– The bipartisan bill would lift banking restrictions in U.S. Cannabis industry –
TORONTO, June 7, 2018 /PRNewswire/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) ("Liberty" or the "Company") applauds Senators Elizabeth Warren and Cory Gardner for introducing a bipartisan bill that would lift the Controlled Substance Act's restrictions on cannabis in states that have written their own laws. The bill would give states the power to supersede federal laws that force cannabis businesses to operate in cash, preventing these companies from accessing the banking system.
"This is a game-changer," said Liberty Health Sciences CEO George Scorsis. "Reputable and responsible medical cannabis companies providing important pain relief and treatment options, deserve the right to conduct business in a transparent matter with a full suite of legal protections in states where cannabis is legal. Federal law is finally catching up with the evolution of attitudes toward cannabis," he added. "As the list of its potential health benefits grows the stigma slips away, and Liberty is strategically positioned to move forward free of outdated restrictions."
The bipartisan Senate bill titled "Strengthening the Tenth Amendment Through Entrusting States (STATES) Act" will amend the existing Controlled Substances Act to say it no longer applies to those following state or tribal laws "relating to the manufacture, production, possession, distribution, dispensation, administration or delivery of marihuana". The STATES Act is co-sponsored by Senators Elizabeth Warren and Cory Gardner and was unveiled this afternoon via a press conference on Capitol Hill.
"The federal government is closing its eyes and plugging its ears while 46 states have acted. The bipartisan STATES Act fixes this problem once and for all by taking a states' rights approach to the legal marijuana question" said Senator Gardner in a statement today. "The bipartisan, commonsense bill ensures the federal government will respect the will of the voters - whether that is legalization or prohibition - and not interfere in any states' legal marijuana industry."
This latest move is part of a groundswell of action pushing for the relaxation of regulations on the U.S. cannabis industry. In March, the 2018 omnibus appropriations bill, passed by Congress, included the Rohrabacher-Blumenauer Amendment which overturned Justice Department restrictions on medical cannabis. Adding higher profile power to the movement, Senate Majority leader Mitch McConnell introduced the hemp farming act to remove federal roadblocks to industrial hemp cultivation, and days later, New York Democratic Senator Chuck Schumer announced that he would introduce legislation to federally decriminalize marijuana in the coming days.
About Liberty Health Sciences Inc.
Liberty Health Sciences Inc. is an investor and operator in the medical cannabis market, capitalizing on new and existing opportunities in U.S. states where medical cannabis is legal. Liberty's stringent investment criteria for expansion maximizes returns to shareholders, while focusing on significant near- and mid-term opportunities. Liberty has an extensive background in highly regulated industries, with expertise in becoming a low-cost producer. Liberty leverages commercial greenhouse knowledge to deliver high-quality, clean and safe pharmaceutical grade cannabis to patients.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the the passage and timing of the STATES Act and other federal legislation, expectations regarding access to the banking system, and the Company's future expansion and growth strategies. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.
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SOURCE Liberty Health Sciences Inc.