VANCOUVER, British Columbia, March 26, 2018 (GLOBE NEWSWIRE) — FinCanna Capital Corp. (“FinCanna”) (CSE:CALI) (OTCQB:FNNZF) provides the following comments regarding passage in the USA of the “Consolidated Appropriations Act, 2018” a $1.3 trillion-dollar spending bill, which continues protections for the implementation of state medical marijuana programs through fiscal year end, September 30, 2018.
FinCanna welcomes this positive development and will continue to monitor any changes in the U.S. legal regime.
The United States Congress previously used a rider provision in the FY 2015, 2016, and 2017 Consolidated Appropriations Acts (formerly the Rohrabacher-Farr Amendment) to thwart the federal government from using congressionally appropriated funds to prevent states from implementing their own laws that authorize the use, distribution, possession, or cultivation of medical marijuana. The 2018 appropriations protection, now known as the “Leahy Amendment,” continues this provision to 46 states, the District of Columbia, Guam, and Puerto Rico, with the exclusion of Idaho, Kansas, Nebraska, and South Dakota. The 2018 spending bill also continues existing provisions shielding state industrial hemp research programs from federal interference; however, it provides no protection for state-legal adult-use businesses or consumers. Although impermanent at this time, it is critical that Congress continue to include these temporary protections until comprehensive policy reform can be achieved.
Andriyko Herchak, CEO and Director of FinCanna states, “Our business has always been focused on financing top-tier companies in the licensed medical cannabis industry. We remain focused on the medical cannabis markets in States covered by this Act and believe this gives us a strong competitive edge in advancing the business to create strong shareholder value.”
As announced on January 15, and March 19, 2018, Cultivation Technologies Inc. (“CTI”), a portfolio company of FinCanna, took over direct operations of its Extraction Facility operating at its site in Coachella, California and CTI has the