LOS ANGELES, Nov. 21, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, applauds House Judiciary Committee members for taking a significant step toward the legalization of the cannabis market through the passing of the Marijuana Opportunity Reinvestment and Expungement Act of 2019 (the “MORE Act”) which will move to the House for full consideration.
“The ramifications of this bill brings excitement to the cannabis industry,” commented Simon Yu, CEO of Cannabis Strategic Ventures. “Removing federal legislative obstacles brings tremendous opportunity in scaling the cannabis industry and we applaud the members of the House Judiciary Committee for their actions.”
The MORE Act removes marijuana as a Schedule 1 Controlled Substance and turns over control to state lawmakers to set their own marijuana policy. The law would also require federal courts to expunge prior convictions for marijuana offenses.
If passed into law, the MORE Act creates a foundation that grants cannabis cultivators fair treatment under the law by providing infrastructural resources such as the banking system. The passage of the bill is a necessary and important precondition to the gradual process of legalization of marijuana in all US states.
“This is a huge step for the cannabis industry,” continued Mr. Yu. “The end of cannabis prohibition appears to be just a matter of time. The federal restrictions have had a suffocating force, preventing companies like ours from competing on a fair playing field with other industries. This is a transition that will finally take the shackles off. The pie gets bigger.”
According to a new Pew Research Center survey, two-thirds of Americans say the use of marijuana should be legal, reflecting a steady increase over the past decade.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures Inc. (OTC: NUGS) is one of the largest publicly traded marijuana cultivators in the United States. The Company is Los Angeles-based that incubates, develops and partners with category leaders within the cannabis and ancillary sectors. The Firm's NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing Cannabis consumer brands. For more information, visit http://www.CannabisStrategic.com
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