Mr. Andriyko Herchak reports
FINCANNA CAPITAL CORP. COMMENTS ON RESCISSION OF CANNABIS GUIDANCE IN THE U.S.
Fincanna Capital Corp. has provided an update in response to the recent U.S. federal cannabis law memo issued by U.S. Attorney-General Jeff Sessions which rescinded five memos from the Obama administration often collectively referred to as the Cole memo. Fincanna notes that the memo from Mr. Sessions does not implement any change to the federal law but rather removes previous non-binding guidance issued to U.S. attorneys and reinforces that federal prosecutors should exercise their discretion in determining whether to prosecute cannabis-related violations of U.S. federal law.
Fincanna chief executive officer, Andriyko Herchak, commented: "Based on the nature of the memo from Sessions and the public response from several U.S. attorneys, we don't expect any real impact on the growth potential of the licensed medical cannabis industry operating legally under state laws and the companies in which we seek to invest. We will continue to pursue our business strategy of investing in best-in-class businesses in the licensed medical cannabis industry that operate in full compliance with all state laws and local regulations."
Given the near-overwhelming public support for licensed medical cannabis in the U.S., Fincanna believes that Mr. Session's recent actions could create an impetus for members of both political parties to unify in efforts to create a clear federal policy in support of the licensed medical cannabis industry. Fincanna will continue to monitor any development in the U.S. legal regime.
About Fincanna Capital Corp.
Fincanna is a royalty company for the licensed medical cannabis industry, with a focus on California. Fincanna, led by a team of finance and industry experts, is building its portfolio of investments in scalable, best-in-class projects. Fincanna's flagship investment is with Cultivation Technologies Inc. to provide financing for its fully entitled, large-scale indoor medical cannabis facility to be developed in Coachella, Southern California. This Coachella campus will be a state-of-the-art facility that will include cultivation, extraction, manufacturing, testing and distribution.
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