COLORADO SPRINGS, Colo., May 21, 2013 /PRNewswire/ -- X-Change Corp. (NASDAQ OTC: XCHC), a U.S. Company specializing in cannabinoid formulation-based health solutions is very pleased to issue a positive market update as many states and countries make progress in their cannabinoid laws, and public support continues.
The historic legislative pick-up in March of this year occurred all over the United States, which now has over 30 states with some form of legalization or decriminalization progress. This momentum continued in April with the release of a national poll favoring legalization. The momentum continued just last week with an announcement coming out of Australia where a unanimous recommendation was made by a parliamentary committee, which if adopted would allow patients to use up to 15 grams of dry cannabis or its equivalent in cannabis products. There are approximately 17 countries that have some kind of decriminalization or legalization legislation.
"This progress opens up many markets for our products and our research in the US, Europe, and abroad. The EU markets expansion is a benefit for X-Change, and we are doing the final preparations on releasing the EU product line of extracts. The progress we see in the United States is expanding our US market base for our over the counter personal care products also in final preparations for being released. This market expansion has aligned properly with the release of the Patient Resource Center on the upgraded Phytiva.com website, which will allow people to connect in an open manner that allows them to make progress along side of ours," stated Robert Kane, President & CEO of X-Change Corporation.
The poll showed a majority of adult Americans support legalization, 52% , according to the survey released by the Pew Research Center. Further, 72% to 23% of respondents said the federal government's efforts against marijuana "cost more than they are worth." By nearly 2-to-1, respondents said the federal government should not enforce its anti-cannabis laws in states that allow use of the drug.
This news supports all the progress made across the United States. A synopsis of this news follows:
A Colorado Senate Sub Committee voted unanimously to pass SB13-241. The bill, sponsored by state Sen. Gail Schwartz, D-Snowmass Village, would enable farmers to register for 10-acre research-and-development plots to test the viability of different hemp varieties. Advocates say hemp is poised to become a big industry in Colorado.
In Maine, cannabis legalization was formally introduced with 35 co-sponsors. LD 1229 is "An Act to Tax and Regulate Marijuana" and, would allow the sale of as much as 2 ½ ounces of cannabis per week to people 21 and older at licensed retail locations. It would also permit the cultivation of the cannabis plant in private settings. This would make Maine the third state to legalize the adult consumption of cannabis and regulate its retail production and sale, following Colorado and Washington State.
Kentucky took a bold stand on hemp legislation in March and passed an amended version of Senate Bill 50, "An Act relating to industrial hemp." Senate Bill 50 "establishes conditions and procedures for the licensing of industrial hemp growers by the Department of Agriculture." The Kentucky Industrial Hemp Commission will work with the state Department of Agriculture, and the University of Kentucky Agricultural Experimental Station will engage in research related to hemp production. The bill passed the House by a vote of 88 to 4. The Senate re-approved the measure by a vote of 35 to 1.
A medical cannabis measure cleared the House of Delegates in Maryland in late March. The measure moves on to the Senate, who voted in favor of an initiative to decriminalize the possession of small amounts of cannabis.
In New York, Assembly Bill 6357 and Senate Bill 4406 were introduced as joint legislation to legalize medical cannabis under a tightly regulated system. The legislation was passed by a vote of 21-4.
On March 28th, West Virginia held a hearing on HB 2961, which would legalize medical cannabis and allow up to five dispensaries to open in the state. Lawmakers have also introduced bills in Nevada and Oregon to legalize medical cannabis dispensaries.
Supporters in Alaska have submitted a petition to get a measure on the 2014 ballot to legalize, regulate, and tax cannabis. Alabama's State Rep. Patricia Todd (D-Birmingham) introduced the Alabama Cannabis and Hemp Reform Act of 2013, which would allow the personal and medical use of cannabis as well as legalize and regulate the production of industrial hemp. Illinois's House of Representatives approved a medical cannabis measure by a 61-57 vote to allow up to 66 dispensaries to open during their pilot program. Pennsylvania's House Bill 1181 has been introduced and would allow patients with certain conditions to grow and use cannabis and paves the way for dispensaries, or "compassion centers" to distribute cannabis. Pennsylvania has also introduced a bill (SB 528) to legalize, tax, and regulate adult use of cannabis.
Phytiva is the newly launched 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 cosmeceutical and nutraceutical 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.
About The X-Change Corporation
X-Change Corp is U.S. Boutique Company whose niche is cannabinoid based extracts and product lines that target critical ailments through State-by-State and International regulatory guidelines, the cosmeceutical/nutraceutical market for mid-tier product lines, such as Phytiva, and new social usage initiatives. These product lines will be launched through a combination of retail and wholesale outlets, medical cannabis dispensaries, cannabis research/treatment clinics, laboratories, and other government regulated distribution channels on a jurisdictional basis internationally.
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 Corporation