AmeriCann Comments on New Federal Medical Cannabis Policies
Newly Signed $1 Trillion Spending Bill Includes Key Protections for Medical Cannabis
Safeguards for State Laws that Have Passed Medical Cannabis Initiatives
DENVER, CO / May 10, 2017 / AmeriCann, Inc. (OTCQX: ACAN), an Agricultural-Technology company that is developing sustainable, state-of-the-art medical cannabis cultivation properties discussed the recently enacted federal spending bill and its implications for medical cannabis.
President Donald Trump on Friday signed a $1.1 trillion bill that includes a provision that is intended to prevent the Justice Department, including the Drug Enforcement Administration, from using funds to arrest or prosecute patients, caregivers, and businesses that are acting in compliance with state medical marijuana laws.
“It is significant that the very first piece of major legislation signed into law by the new administration protects medical marijuana patients and the states that have approved medical cannabis,” stated AmeriCann CEO Tim Keogh. “The continuation of bipartisan policies that preserve patient access to cannabis is very positive.”
Section 537 of the Consolidated Appropriations Act, 2017 states that, “None of the funds made available in this Act to the Department of Justice may be used, with respect to any of the (regulated) States…to prevent any of them from implementing their own laws that authorize the use, distribution, possession, or cultivation of medical marijuana.”
“Congress appears to be growing increasingly comfortable with states adopting their own marijuana policies,” said Robert Capecchi, director of federal policies for the Marijuana Policy Project.
The provision that allows states to implement their own cannabis laws was first approved by the House in May 2014. The provision stems from an amendment originally sponsored by Rep. Dana Rohrabacher (R-CA) and former Rep. Sam Farr (D-CA). Congress has extended the current version of the Rohrabacher – Farr Amendment thru September 2017, but many experts agree that the upcoming 2017 spending bill will continue with the established cannabis protections.
AmeriCann is developing a 53-acre property in Massachusetts as the Massachusetts Medical Cannabis Center (the “MMCC”). The MMCC is approved for 1 million square feet which will be developed in phases and is expected to be one of the most technologically advanced cultivation facilities in the nation.
A Quinnipiac University Poll released on February 23rd, 2017 shows that 93% of Americans support medical marijuana. With the results of the November 2016 election results, over 60% of the US Population now live in states where medical cannabis is now legal. Of the 28 states that have implemented legal cannabis programs, only 8 have approved Adult-Use.
AmeriCann (OTCQX: ACAN) is a publicly traded Ag-Tech company that is developing and sustainable, state-of-the-art medical cannabis cultivation properties. The Company has over 1,000,000 square feet of facilities in the planning and design stages of development. The Company has designed a proprietary line of cannabis infused products which will be branded and licensed to companies in regulated markets.
AmeriCann, Inc. is a Certified B Corp, an acknowledgment of the company’s commitment to social and environmental ethics, transparency and accountability. AmeriCann became the first public cannabis company to earn this respected accreditation. More information about the Company is available at: www.americann.co or follow AmeriCann on Twitter @ACANinfo
About Massachusetts Medical Cannabis Center
The Massachusetts Medical Cannabis Center is approved for nearly 1,000,000 square feet of medical cannabis cultivation and processing in Freetown, Massachusetts. The state-of-the-art, sustainable, greenhouse project will consist of multiple planned phases for tenants in the Massachusetts medical marijuana market. AmeriCann’s Cannopy System uniquely combines expertise from traditional horticulture, lean manufacturing, regulatory compliance and cannabis cultivation to create superior facilities and procedures.
The first phase of the project consists of 130,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 600,000 sq. ft., based on patient demand.
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 Annual Report on Form 10-K for the year ended September 30, 2016, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.
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