FinCanna Capital Corp. Comments on the Passage of the U.S. Consolidated Appropriations Act 2018 Retaining State Medical Marijuana Protections
FinCanna Capital Corp. (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 rights to 100% of the production capacity. CTI is quickly advancing towards commercialization and ramping revenue at the Extraction Facility from which FinCanna is entitled to receive 50% of the profits.
This Extraction Facility can currently process an estimated 6,000 pounds of biomass per month translating to approximately 3.7 million grams of raw oil per year. CTI has the ability to add an additional extraction machine and fractional distillation and winterization equipment. This would result in additional capacity to process 3,000 pounds of biomass per month and the ability to service third-party vaporizer, winterization and distillation customers at a scale of approximately 100,000 grams of finished product weekly.
About Cultivation Technologies
Cultivation Technologies, Inc. provides infrastructure, technology, and branding to the licensed medical cannabis industry. The first major project for the company is in Coachella, California, which will span 6-acres featuring cultivation centers, extraction and manufacturing facilities, a testing lab, a distribution hub, and a centralized processing center. For more information, visit www.CultivationTech.com.
About FinCanna Capital Corp.
FinCanna provides financing to top-tier companies in the licensed medical cannabis industry in exchange for a royalty on revenues. FinCanna, led by a team of finance and industry experts, is building its diversified portfolio of royalty investments in scalable, best-in-class projects and companies in U.S. legal states, with a focus on California. For additional information visit www.fincannacapital.com and FinCanna’s profile at www.sedar.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about CTI’s future production and how the developing U.S. legal regime will impact the cannabis industry. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.