CAVE CREEK, AZ, Sept. 12, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Endexx® Corporation (OTCQB: EDXC), a provider of innovative plant-based wellness and nutritional products, today announced insight on potential benefits of the new statements made concerning reclassification of Marijuana/Cannabis. Statements recently provided by the FDA and HHS to the DEA indicate a new policy stance at the Federal level versus the political theatre. A policy shift at the federal level provides a pathway forward for Research Institutions and US investment banking to finally participate in the cannabis industry.
‘On August 29, 2023, the United States Department of Health and Human Services (HHS) recommended that the United States Drug Enforcement Administration (DEA) ease government restrictions on marijuana. The HHS has recommended marijuana be rescheduled under the CSA from a Schedule I controlled substance to Schedule III controlled substance, following an extensive review by the United States Food and Drug Administration (FDA).”
Ultimately, the DEA has final authority with respect to rescheduling and will consider factors such as the history of abuse (e.g., scope, duration, patterns, etc.), the relative potential for abuse, and the risk to public health. DEA will also consider any scientific evidence (e.g., pharmacological effect, physiological dependence, etc.) regarding marijuana/cannabis.
This marks the first significant policy shift regarding Marijuana/Cannabis by the FDA since Cannabis was made illegal.
Pathway to Potential Benefits for the Cannabis Industry if Reclassified:
- Safer banking and management of cash
- Regulatory compliance simplification
- US Based Public company participation
- US Based Investment Banking and Capital Formation
- US Leadership in International Trade
- Physician Participation with Patients
- Institution and Academic Research
The Farm Bill of 2018 concerning Hemp legalization expires this Fall and must be extended and/or modified. The reclassification of Marijuana/Cannabis under the Controlled Substances Act (CSA) would coincide nicely with any modifications needed with the new Farm Bill to be drafted for 2023. Simply stated, this potential policy and reclassification movement is good for the US economy and will provide thousands of jobs and significant deployment of capital needed to fund research, regulatory compliance and capital formation in the US.
In January 2013, Endexx Corporation became the eighth publicly traded company to venture into the cannabis industry, bringing science and compliance to the industry while aiming to capitalize on the growing market as more states and countries started to legalize the medicinal and recreational use of cannabis. As a pioneer in the hemp and cannabis industries, Endexx has been recognized as an innovator and leader in many aspects of this nascent industry.
About Endexx Corporation
Endexx Corporation develops and distributes all natural, plant-derived wellness products and topical skincare products. Its products vary from balms, creams, lotions, butters, masks, scrubs, and oils, all with the shared purpose of healthy skin and grooming wellness. The science behind these products involves a decade of clinical research in the field and lab work to provide functional formulation with ingredients for optimal absorption and support of skin health. www.endexx.com
Hyla currently markets its proprietary non-nicotine, guarana and L-Dopa-based vape products in a wide variety of flavors. The Hyla device is the first non-nicotine vape product to be produced in this manner in the United States and provides an unprecedented 4,500 puffs per device. Hyla is currently being distributed in 10 countries and has signed distribution agreements with an additional nine countries. www.tryhyla.com
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Source Globe Newswire