Recent Marijuana News From Washington, D.C., Pivotal to Plandai Biotechnology's Success in the Industry
February 19 2014 - 9:00AM
Marketwired
Recent Marijuana News From Washington, D.C., Pivotal to Plandai
Biotechnology's Success in the Industry
NEW YORK, NY--(Marketwired - Feb 19, 2014) - Plandaí
Biotechnology (OTCQB: PLPL) executives are certainly in favor of
what 18 legislators are trying to accomplish with their letter to
President Obama asking him to reclassify marijuana. They're
likely equally as elated with news from the Administration last
Friday that paves the way for legal banking between legitimate
marijuana businesses and U.S. banks.
Things are moving very fast in the marijuana debate, and with
each news event, there appears to be a real acceptance of the
drug's future in this country. Last week's announcements
certainly favor Plandaí's future in an industry that continues to
be shaped by events.
The guidance issued by the Justice and Treasury departments is
the latest step by the federal government toward enabling a
legalized marijuana industry to operate in states that approve it.
The intent is to make banks feel more comfortable working with
marijuana businesses that are licensed and regulated.
This guidance will directly affect Plandaí at some point in the
future as it works with Diego Pellicer to brand its Phytofare™
cannabis extracts. If successful, the letter sent to President
Obama from 18 members of congress, will also directly affect
Plandaí and its ability to use marijuana legally in its extracts
and its research.
Legislators are asking Obama to use his authority to reclassify
marijuana by removing it from the Schedule I
category. Currently marijuana is viewed in the same category
as heroin and LSD, and these 18 legislators say this status "makes
no sense."
The letter read, "We request that you instruct Attorney General
Holder to delist or classify marijuana in a more appropriate way,
at the very least eliminating it from Schedule I or II." It
went on to state: "Classifying marijuana as Schedule I at the
federal level perpetuates an unjust and irrational system. Schedule
I recognizes no medical use, disregarding both medical evidence and
the laws of nearly half of the states that have legalized medical
marijuana."
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