LOS ANGELES, Jan. 5, 2018 /PRNewswire/ -- According to AP reports, Attorney General Jeff Sessions has rescinding the Cole Memo, which was the Obama administration's protection of state-compliant cannabis businesses that allowed for the legal cannabis industry to flourish across the country.
"Given the immediate and extensive backlash from politicians across both parties, the fact that over 70% of the country is in favor of legalized marijuana and that this action only gives the Federal government discretion to prosecute, we do not see any adverse material impact to our core businesses. It's full steam ahead for Med-X." states Med-X, Inc. Founder and President Matthew Mills.
The recent Sessions memo states that the "Memorandum is intended solely as a guide." Thus, it is not a directive and simply allows U.S. prosecutors considerable leeway in their enforcement decisions. According to Mills, Med-X firmly believes that the likelihood of widespread federal prosecutions against marijuana companies operating legally in their State is minimal. "In fact, Federal prosecuting of individuals and companies operating outside the bounds of State law is very likely to lead to higher levels of compliance and accountability within the industry, which will be beneficial to everyone in the long haul."
According to Mills, "At this time Med-X's core business consists of an ancillary cultivation products supplier, an information network with The Marijuana Times. and completing a merger with an affiliated company with non-cannabis revenue. We do not cultivate or distribute marijuana at the present time."
Recently Med-X announce its plan to acquire Pacific Shore Holdings, Inc. which positions Med-X with two new revenue generating divisions. The Nature-Cide division is in the fast paced all natural "Green" pest control arena with pest control services and products. "Currently Nature-Cide products are distributed and positioned nationally through Target Specialty Products distribution centers. The highly effective all-natural Nature-Cide product line is utilized by licensed pest control operators nationally for residential and commercial applications in places like hotels, school districts, hospitals, zoos and various other applications, where using traditional chemical pest control applications is just not acceptable anymore," states Mills.
The second revenue source will be the Thermal-Aid division, which consists of pain relief products which are distributed by Independence Medical and Cardinal Health distribution venues and are supported by national programs such as Flexible Spending Accounts for patients nationally. In addition, there are other products on the horizon.
As explained by Med-X, Inc. Chief Executive Officer, Dr. David Toomey, "As we have been working to perfect our work in blending essential oils for natural pest control applications for the last couple of years, no one realizes that these same blending techniques have been utilized in our Pain Management product development. This has allowed Med-X to create Hemp oil derived blends for products to combat such issues as migraine headaches as well as joint and muscle pain. The first pain relief cream product was created for the clinically proven Thermal-Aid Headache Relief System and has morphed into a proprietary essential oil blend which includes Hemp oil pain relief cream product, that we expect to release in the second quarter of 2018."
"Overall, in spite of Attorney General Sessions recent actions, we are very optimistic about the cannabis sector and Med-X's current and future revenue streams." stated Mills.
Med-X, Inc. Cautionary Statement Regarding Forward Looking Statements
There may be statements in this communication that are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and, therefore, subject to risks and uncertainties, including, but not limited to, statements regarding Med-X, Inc. or the combined company's future financial position, sales, costs, earnings, cash flows, other measures of results of operations, capital expenditures or debt levels are forward-looking statements. Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" or terms of similar meaning are also generally intended to identify forward-looking statements. Med-X, Inc. cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Med-X, Inc.'s control, that could cause Med-X, Inc. or the combined company's actual results to differ materially from those expressed or implied by such forward-looking statements. To learn more about the Risk factors, please review Med-X, Inc.'s Regulation A+ Offering Circular.
SOURCE Med-X, Inc.