Bipartisan Actions by the US House of Representatives Offers Great Possibility for Growing Industry
Cannabis Therapy Corp. (OTCQB: CTCO)
(the "Company") a development stage company aiming to become a leader
in the research, development and commercialization of safe, all-natural,
THC-free cannabinoid-based medicinal therapies and supplements
(Nutraceuticals), is very pleased that the US House of Representatives
passed a measure early on Friday May 30th that could prohibit the federal government from interfering with states' medical marijuana laws.
The bill is the first time in history that any chamber of
Congress has acted to protect medical marijuana businesses and users. It
received bipartisan support with 170 Democrats and 49 Republicans
voting in favor of the bill.
The measure was attached to a funding bill for several
federal agencies, and it blocks the Department of Justice and Drug
Enforcement Administration from using funds to prevent states from
implementing their own medical marijuana laws.
Marijuana advocates praised the House's decision.
"Congress is officially pulling out of the war on medical
marijuana patients and providers. Federal tax dollars will no longer be
wasted arresting seriously ill medical marijuana patients and those who
provide to them," said Dan Riffle, Director of Federal Policies at the
Marijuana Policy Project, in a statement. "This is a historic vote, and
it's yet another sign that our federal government is shifting toward a
more sensible marijuana policy."
The measure will require approval from the Senate and
President Obama to become law, but the historic vote appears to be part
of the federal government's ongoing shift towards liberalized marijuana
policies. In related news, the federal government recently increased the
amount of marijuana allowed to be grown for medical research purposes
and the administration has also taken steps to limit prosecutions
against marijuana businesses that operate legally under state laws.
The opinion of many political pundits is that as
congressional leaders gain more constituents that legally use marijuana
for recreational and medical purposes, they will face increasing
pressure to relax their stance on the drug.
Cannabis Therapy Corp President & CEO Soren Mogelsvang
comments, "This is great news for the industry at a time where clarity
and common-sense needs to prevail. Our approach has been to work within
the legal framework while attempting to anticipate future changes.
This
has been a key driver to our strategic planning. It is very gratifying
and refreshing to see the House of Representatives undertake such a
far-reaching and practical approach to lawmaking, especially in such a
bipartisan fashion. We applaud the vision and foresight of this historic
milestone which should lead to further legal measures that could
stabilize and improve the overall business climate in this exploding
sector."
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