Nutritional High Applauds Introduction of the STATES Act and Its Potential Transformative Effects on the U.S. Cannabis Industry
TORONTO, June 12, 2018 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High”) (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT:2NU) is pleased to comment on the recent introduction of the Strengthening the Tenth Amendment Through Entrusting States Act (“STATES Act”), which proposes to amend the Controlled Substances Act of 1970 (“Controlled Substances Act”). The STATES Act would preclude the US Department of Justice from prosecuting individuals and corporations whose conduct and operations are in compliance with U.S. state laws relating to cannabis, with certain additional provisions such as minimum age and distribution requirements. In addition, the STATES Act also provides that business transactions with state-legal cannabis companies would not be constituted unlawful, which could be instrumental in addressing certain conflicting federal-state laws such as banking and income taxation, and alleviating the challenges that the industry participants have been experiencing.
On June 7th, 2018, Senators Cory Gardner (R – Colorado) and Elizabeth Warren (D – Massachusetts) introduced the STATES Act into the U.S. Senate. A companion bill was introduced the same day in the House of Representatives, with sponsorship from Earl Blumenauer (D – Oregon) and David Joyce (R – Ohio). If passed, the STATES Act will exempt state-legal marijuana from the Controlled Substances Act, allowing every state the autonomy to legalize and regulate cannabis as they see fit. The proposed STATES Act also proposes to remove industrial hemp from the federal definition of marijuana. During a press conference, the President of The United States Donald Trump indicated that he will likely support the legislation.
Jim Frazier, CEO of Nutritional High, commented, “We applaud the introduction of the STATES Act by the US Congress and look forward to executing and developing our corporate strategy and operations in a more certain legal environment. The approval of this proposed bill would be a transformative development for the legal cannabis market in the United States and we support the legislation.”