Cannex commends U.S. House Appropriations Committee on vote

May 22, 2018
U.S. House of Representative Appropriations Committee passed the Joyce Amendment, which prohibits the Department of Justice from prosecuting participants who comply with state laws permitting medical marijuana programs.

VANCOUVER, BC, May 22, 2018 - Cannex Capital Holdings Inc. (CSE: CNNX) (“Cannex” or the “Company”), a cannabis platform company that provides a wide range of services, including real estate, management, financial, and branding, to U.S. cannabis operators, applauds the U.S. House of Representatives Appropriations Committee for its vote to pass the Joyce Amendment, which adds a provision to prohibit the U.S. Department of Justice (“DOJ”) from using funding to prevent states from implementing medical marijuana laws through the end of fiscal year 2019.

The Rohrabacher-Farr Amendment has protected states with legal medical marijuana programs from interference from the DOJ, and will continue to do so until the end of fiscal year 2018, but blocked floor votes on cannabis amendments have prevented votes on extensions of the prohibition on funding enforcement against medical marijuana since 2015. Cannex commends Representative David Joyce (R-OH) for offering the amendment and thanks the members of the Appropriations Committee who supported the amendment.
According to NORML, a marijuana reform advocate organization, 46 U.S. states and over two million patients rely on state medical marijuana laws to obtain cannabis. According to a recent nationwide Quinnipiac University poll, 93% of Americans support the legalization of medical marijuana. The Joyce Amendment will extend protection for patients and providers from the threat of federal prosecution.

“Representative Joyce and the Appropriations Committee took a brave step to protect the rights of states and sick patients who benefit from having access to medical cannabis. We thank these U.S. Representatives for representing the will of the people and preserving their right to access medical cannabis,” said Anthony Dutton, CEO of Cannex. “Protection from federal prosecution is critical to ensure that patients receive safe, high-quality medical cannabis.”

About Cannex Capital Holdings Inc.

Cannex, through its wholly-owned subsidiaries, provides a wide range of services including real estate, management, financial, branding and IP to licensed cannabis business operators domestically and internationally. Cannex is focused on premium indoor cultivation, extraction, manufacturing and branding of edible and derivative products as well as retail operations. Cannex is undertaking expansion initiatives to support the acquisition and development of additional assets in legal medical and recreational cannabis markets. Based in Vancouver, BC, Cannex is managed by a team of experienced industry and capital markets experts who are committed to aggressive, cost-effective growth. Cannex currently owns BrightLeaf Development LLC which holds real estate assets, property leases, brands and intellectual property, and material supply agreements with Superior Gardens LLC (d/b/a Northwest Cannabis Solutions), Washington State’s and the Pacific Northwest’s largest full-line cannabis producer/processor, as well as 7Point Holdings LLC, another Washington State licensed cannabis producer/processor. 

Cannex Capital Holdings Inc.
Anthony Dutton, CEO
(604) 649-7787

This news release was prepared by management of Cannex, which takes full responsibility for its contents. The Canadian Securities Exchange (“CSE”) has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements 

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Cannex’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.

Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of Cannex.

Although Cannex has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Cannex disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Cannex does not assume any liability for disclosure relating to any other company mentioned herein.