The Newly Appointed U.S. Attorney General and Proposed Legislation Puts the U.S. on a Clear Path toward the End of Marijuana Prohibition
DENVER, CO / ACCESSWIRE / February 19, 2019 / AmeriCann, Inc. (OTCQB: ACAN), a cannabis company that is developing cultivation, processing and manufacturing facilities, commented on the impact of newly appointed U.S. Attorney General William Barr and the positive outlook for federal cannabis legislation.
"Based on the overwhelming public support for cannabis in the country, it is not a question of if cannabis prohibition at the federal level will end, but rather a matter of when it is repealed," says AmeriCann CEO Tim Keogh. "Barr's stance on cannabis legislation looks promising for the removal of many of the federal barriers to the industry."
During early confirmation hearings, Barr indicated he would leave regulated markets alone, referencing the Cole Memorandum, an Obama-era policy that prevented federal prosecution of cannabis cases in states where it is legal. Former Attorney General Jeff Sessions rescinded the Cole Memorandum in early 2018. Barr also expressed concern with the lack of consistency in state and federal marijuana legislation across the U.S.
According to a Gallup poll conducted in October 2018, 66 percent of Americans now support the legalization of recreational cannabis. Medical marijuana is legal in 33 states and recreationally legal in 10 of those states plus Washington D.C.
"Millions of Americans still do not have access to medical cannabis," says Ben Barton, founder of AmeriCann. "One of the major benefits to the end of cannabis prohibition is that it should accelerate the number of states that embrace and regulate medical cannabis and expand the availability of safe, effective medicine for patients."
Barr's friendlier, hands-off approach, paired with the Democratic leadership in the House and majority support for legalization among the public, leads AmeriCann to predict that 2019 will be a landmark year for marijuana legislation. The company expects the following bills will pass in the House, paving the way for federal legalization.
- STATES Act: The STATES Act would amend the Controlled Substances Act of 1970 to exempt from federal enforcement individuals or corporations in states who are in compliance with state laws.
- SAFE Banking Act: The SAFE Banking Act would give cannabis businesses operating in states where it is legal access to banking and financial services. It would also protect federal banks that offer these services to cannabis business protection from punishment.
Following Barr's Senate Confirmation hearing on Jan. 15, Sen. Cory Gardner (R-CO), a co-sponsor of the STATES Act, tweeted: "I'm encouraged AG nominee Barr stated the Justice Department should not use resources to go after legal marijuana operations in states where it's legal."
AmeriCann (OTCQB: ACAN) is a cannabis company that is focused on developing Consumer Packaged Goods (CPG) and implementing proprietary agricultural technology (Ag-Tech) for a new generation of sustainable, state-of-the-art cannabis cultivation and processing properties.
AmeriCann will use greenhouse technology which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25 percent fewer light bulbs, and utility bills are up to 75 percent less than in typical warehouse cultivation facilities. As such, AmeriCann's Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs are nearly half of warehouse construction costs.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional uncertainties that could impact the Company's forward-looking statements, please see the Company's Registration Statement on Form S-1, which the Company recently filed with the SEC and which may be viewed at www.sec.gov.
1550 Wewatta Street
Denver, CO 80202
@ACANinfo on Twitter
@AmeriCann on Facebook
@AmeriCannInc on Instagram
AmeriCann, Inc on LinkedIn
Teak Media + Communication
SOURCE: AmeriCann, Inc.
View source version on accesswire.com: