DENVER, CO, May 03, 2022 (GLOBE NEWSWIRE) — via NewMediaWire –American Cannabis Company, Inc. (ACC), a business-to-business cannabis consulting solutions provider and licensed owner-operator, and KORcannabis, one of the nation’s most advanced multi-state seed-to-sale operators, announced today that they have formed a high-impact strategic alliance to revolutionize the cannabis industry with innovative technology, clinical research, and novel agricultural practices.
The mutually beneficial relationship leverages the two entities’ highly specialized skillset working in tandem for the betterment of the burgeoning industry. ACC brings years of success providing comprehensive consulting services to complement KORcannabis‘ commitment to product quality and sustainability as well as its innovative approach to patient care. The combined strengths of both firms will help drive new industry standards to create an optimal end-user experience.
“Our strategic alliance with ACC stems from trust due to their vast experience in the field of cannabis. Ellis Smith and his team have years of industry knowledge throughout the US, which has culminated in their development of a state-of-the-art platform ranging from business development, licensing strategies, cultivation, extraction to facility design. I am excited to execute the plan developed by Ellis and work hand in hand with his team,” said Scotty Branch, co-owner of KORcannabis.
The KORcannabis and ACC strategic alliance establishes a new industry standard known as Farmaganix. This cultivation methodology combines Clean Green Certified® SoHum Living Soils® with proprietary cultivation practices to create the safest and most effective plant therapies for cannabis users.
Currently, KORcannabis is working with ACC on a new state-of-the-art super facility in Scottsdale, Arizona. In unprecedented fashion, this highly advanced, laboratory-grade indoor cultivation facility contains over 4000 lights, a full pharmaceutical-grade lab, and in-house quality control and analytical testing capabilities. All equipment, infrastructure, and processes are being developed to GMP / EUGMP / ISO standards and qualifications.
Simultaneous to the Arizona buildout, KORcannabis is working with ACC to launch a facility in Mississippi. They plan to reach a third state in 2022 and three more in 2023. Also, KORcannabis is growing its clinical research division, which focuses on the development of targeted cannabis therapies and drug delivery devices.
“I’m thrilled we can align with KORcannabis to assist in rapidly nationalizing the company’s footprint to key geographical areas and high-growth markets. They have built a reputation of excellence and are on the cutting edge of the emerging cannabis market,” said Ellis Smith, CEO of American Cannabis Company.
About American Cannabis Company, Inc.
American Cannabis Company, Inc. offers clean green solutions to existing and aspiring participants in the cannabis and hemp industries. They utilize their industry expertise to provide business planning and market assessment services, assist state licensing procurement, and create business infrastructure operational best practices. ACC currently owns and operates Naturaleaf in Colorado Springs, Colorado. This medically licensed entity consists of three retail dispensaries, one commercial cultivation facility, and one non-volatile extraction operation. American Cannabis Company has also developed SoHum Living Soils®, a winner of the High Times S.T.A.S.H. Award for “Best Potting Mix.” SoHum Living Soils® products are also OMRI Listed® and Clean Green Certified®.
For more information about American Cannabis Company, please visit:
https://www.youtube.com/watch?v=XoIcopO2yE8&t (SoHum Living Soils®)
For more information about KORcannabis, please visit:
This news release contains “forward-looking statements,” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”. These or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, 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. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
Cannabis Remains an Illegal Schedule 1 Drug Under Federal Law
Thirty-five states, including Colorado, the District of Columbia and four U.S. Territories currently have laws broadly legalizing cannabis in some form for either medicinal and/or recreational use governed by state specific laws and regulations. Although legalized in some states, cannabis is a “Schedule 1” drug under the Controlled Substances Act (21 U.S.C. § 811) (“CSA”) and is illegal under federal law. Cannabis and its derivatives are viewed as being highly addictive and having no medical value. The United States Drug Enforcement Agency enforces the Controlled Substances Act, and persons violating it are subject to federal criminal prosecution.
As a result of the November 2020 federal elections, and the election of Joseph R. Biden as president, it is expected that the federal government will move to amend parts of the CSA and de-schedule cannabis as a Schedule 1 drug.
In late January 2021, Senate Majority Leader Chuck Schumer said lawmakers are in the process of merging various cannabis bills, including his own legalization legislation. He is working to enact reform in this Congressional session. This would include the Marijuana Freedom and Opportunity Act, which would federally de-schedule cannabis, reinvest tax revenue into communities most affected by the drug war, and fund efforts to expunge prior cannabis records. It is likely that the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act would be incorporated.
Other federal legislation under review for possible submission includes the SAFE Banking Act (or Secure and Fair Enforcement Act), a bill that would allow cannabis companies to access the federally-insured banking system and capital markets without the risk of federal enforcement action, and the Strengthening the Tenth Amendment
Through Entrusting States Act (or STATES Act), a bill that seeks protections for businesses and individuals in states that have legalized and comply with state laws).
Notably with respect to our business, on November 1, 2019, Colorado Bill HB-19-1090, was passed and made effective. This law allows publicly traded corporations to apply for and qualify for the ownership of Colorado cannabis licenses. Other states that have legalized cannabis for recreational and/or medicinal use restrict public companies from owning interests in state cannabis licenses altogether, or have enacted regulations which make it difficult for corporations to comply with application requirements, including all shareholders submitting to and passing background checks.
On September 18, 2020, Colorado’s Marijuana Enforcement Division (MED), approved the Company’s application for suitability, establishing the Company as one of the few publicly traded companies authorized to acquire and operate various cannabis licenses throughout Colorado, in both the recreational and medical markets.
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