DALLAS, Dec. 18, 2012 /PRNewswire/ -- X-Change Corp (NASDAQ OTC: XCHC), a U.S. boutique company whose niche is extract-based Cosmeceutical and Neutroceutical solutions through its Phytiva brand product line, is pleased with President Barack Obama's recent statements with regard to the newly-enacted laws in the States of Washington and Colorado, and the company views these statements as highly consequential for the future of its Phytiva line of products. X-Change Corp interprets the President's position as a paradigmatic shift for the Cannabis industry, allowing for the creation of new markets and opportunities and adding strength to emerging medicinal, Cosmeceutical, and Neutroceutical sectors.
President Obama, in an interview with Barbara Walters of ABC News on December 13, 2012, stated, "It would not make sense for us to see a top priority as going after recreational users in states that have determined that it's legal." Colorado Governor John Hickenlooper proclaimed Amendment 64 as amending the state constitution on December 10, 2012 just days after Washington State Initiative 502 formally became law, legalizing the recreational use of cannabis.
CNBC estimates that the Cannabis industry is a $40 Billion dollar a year business. Internal estimates illustrate the Cannabis industry is closer to $73 Billion a year, with some industry estimates placing it over $100 Billion. There are now 18 states that have some type of legal Cannabis Program, along with several countries including Canada, the Czech Republic, and Israel.
Global political and business leaders have come out publicly in support of ending what billionaire Richard Branson has described as the war on drugs: a "trillion dollar failure." The James A Baker III Foundation voiced support to ending the war on drugs. President Obama and Republican nominee Mitt Romney during the elections both made a statement in support of ending the war on drugs. This past week Richard Branson's son, with his father's full support, released an anti-prohibition documentary narrated by Morgan Freeman entitled "Breaking The Taboo." The YouTube release follows The Global Commission on Drug Policy's study of the U.S. war on drugs and includes 147 interviews with leaders around the world, concluding drug prohibition to be the "biggest failure of global policy in the last 40 years."
Robert J. Kane, President of X-Change Corp, said, "It is a privilege to be part of this historic time by leading a company with cannabinoid-based products from which the entire world should benefit going forward. We continue, through our relationship with Cannabis Science, to develop products that have medicinal value, while at the same time using science and education to create products for the quickly-growing Cosmeceutical and Nutraceuticals markets."
Phytiva is the newly relaunched brand that is a hybrid of a proven, existing product line that has been well-managed and conservatively-run for over a decade with a hemp-based product line, utilizing the unique and potent benefits of the hemp plant. Phytiva's revolutionary formulations target not just the symptom, but also the cause. Hemp is the ideal basis for healing solutions and has been utilized for centuries, as skin responds extremely well to its properties.
Phytiva strives to be one of the quintessential Cosmeceuticals and Nutraceuticals brands in the world. As cosmetics and nutrition are personal, over-the-counter markets, they continuously evolve with the introduction of new formulations and products, creating a multibillion-dollar global market. The company believes that Phytiva will capture a substantial and highly-profitable portion of that market, as Phytiva becomes a household name.
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.
SOURCE X-Change Corp