COLORADO SPRINGS, Colo.,
Aug. 30, 2013 /PRNewswire/
-- The X-Change Corporation (NASDAQ OTC: XCHC), a U.S. Company
specializing primarily in cannabinoid formulation-based health and
wellness solutions, is pleased that the DOJ has provided broad and
historic guidance to all federal authorities to defer to states'
cannabis laws and regulations, including not challenging general
legalization laws in Colorado and
Washington State. Federal action is sanctioned in specific
circumstances, such as in preventing violence and use of firearms,
distribution to minors, poor state regulatory systems, and
cultivation on federal lands. The impact of yesterday's
announcement by the Deputy Attorney General, James M. Cole, is groundbreaking and will
inevitably result in enhanced markets that benefit physicians and
patients seeking cannabinoid-based treatments in the nearly two
dozen states and jurisdictions that have enacted medical cannabis
laws. This federal guidance also points other states to a
clear pathway to legalizing medical cannabis without concern for
undue federal interference, which will give patients unprecedented
treatment opportunities throughout the country.
Importantly, medical cannabis companies, such as X-Change Corp.,
will not be penalized for success in the medical cannabis market,
as the DOJ ended uncertainty about enforcement distinctions based
on commercial size and for-profit status. Working within
state regulatory regimes, the new federal policy allows X-Change
Corp. to more confidently and efficiently manage logistical
operations, supply chains, research and development efforts, and
other commercial variables that produce economies of scale and
better, more cost effective products and services. The new
legal landscape will also permit the Company to better utilize our
expert management and development team in both Europe and North
America.
"Progress in the acceptance of medical cannabis has now, I
believe, reached the tipping point in the United States. The
federal government has taken a long-awaited, critical leap forward
to catch up with the reasoned and compassionate actions of
individual states and their citizens. X-Change Corp. is
incredibly heartened by these federal developments and intends to
continue to forge ahead with its multi-pronged business plan,
including the management and operation of patient-driven medical
cannabis facilities in legal and robust state regulatory
environments throughout the country," stated Chad S. Johnson, COO and General Counsel of The
X-Change Corporation.
This announcement comes less than two weeks before a September
hearing by the Senate Judiciary Committee, at which Committee Chair
Patrick Leahy stated he will address
the blurred lines between federal and state cannabis laws.
Among those to testify at the hearing is the Deputy Attorney
General who authored the DOJ's guidance memorandum. The DOJ
announcement also closely follows the well-received documentary and
pro-medical cannabis editorial in which renowned neurosurgeon Dr.
Sanjay Gupta, Chief Medical
Correspondent of CNN, brought to the world stage the real life
stories of medical cannabis patients after nearly a year of
research on the subject.
Deputy Attorney General James M.
Cole's August 29, 2013
Memorandum For All United States Attorneys, "Guidance Regarding
Marijuana Enforcement", can be found here.
http://www.justice.gov/iso/opa/resources/3052013829132756857467.pdf
The Roll Call article on the medical cannabis Senate Judiciary
Committee hearing, scheduled for September
10, 2013, can be found here.
http://blogs.rollcall.com/wgdb/leahy-schedules-marijuana-hearing-wants-state-laws-respected/
CNN's Dr. Sanjay Gupta's
pro-medical cannabis editorial can be found here.
http://www.cnn.com/2013/08/08/health/gupta-changed-mind-marijuana
About The X-Change Corporation
The X-Change Corporation is currently developing new natural
cannabinoid containing products based on innovative formulations to
utilize the unique and potent benefits of the cannabis and hemp
plants. Medicinal properties of cannabis and hemp have been known
and applied for thousands of years. With the aid of scientific
research, The X-Change Corporation is translating such knowledge
into development of effective cannabinoid formulation-based health
and wellness solutions as well as cosmeceutical, nutraceutical, and
food brands throughout the world. The Company's health and
wellness, nutritional, and cosmetics lines will address personal
needs and will evolve with the introduction of new formulations and
products, advancing the Company within the expanding
multibillion-dollar global market.
Forward Looking Statements
This Press Release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934. A statement containing works
such as "anticipate," "seek," intend," "believe," "plan,"
"estimate," "expect," "project," "plan," or similar phrases may be
deemed "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Some or all of
the events or results anticipated by these forward-looking
statements may not occur. Factors that could cause or contribute to
such differences include the future U.S. and global economies, the
impact of competition, and the Company's reliance on existing
regulations regarding the use and development of cannabis-based
drugs. X-Change Corp. does not undertake any duty nor does it
intend to update the results of these forward-looking
statements.
X-Change Corp.
Dr. Dorothy Bray, President
Mr. Chad S. Johnson, Esq., COO &
General Counsel
info@xchangecorp.com
www.xchangecorp.com
+1.866.326.5595
Investment Inquiries
Mr. Robert Kane, CFO, Sr Vp of
Business Development
rkane@xchangecorp.com
+1.561.420.4824
SOURCE The X-Change Corporation