Responds to Department of Justice Decision to Rescind the Cole Memorandum Canadian Stock Exchange
(MENAFN Editorial) TORONTO, Jan. 05, 2018 (GLOBE NEWSWIRE) — Nutritional High International Inc. (the “Company” or “Nutritional High”) (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT:), a company that operates and has financial interests in the legal cannabis industry, commented on the Memorandum for all United States Attorneys issued by U.S. Attorney General Mr. Jefferson B. Sessions on January 4, 2018 (the “Memorandum”).
Nutritional High is of the opinion that the Memorandum does not represent a significant policy shift as it does not alter the U.S. Justice Department’s discretion or ability to enforce federal marijuana laws. U.S. state attorney generals will continue to have discretion over how the federal law is enforced with respect to the companies that operate in the states where cannabis has been legalized for medical or adult use.
Furthermore, the Memorandum does not provide any specific direction to enforce federal marijuana laws in legal states. While the Memorandum adds uncertainty in removing the Cole Memo guidelines, we believe that given the lack of guidance in the Memorandum and the support of the Trump administration of states’ rights, the authorities will defend the states’ rights to regulate, not criminalize cannabis. This is the view that California Attorney General Xavier Becerra has taken in his statement.
The Memorandum cites that in deciding which activities to prosecute using The U.S. Justice Department’s finite resources, the prosecutors should follow the principles that weigh all relevant considerations, includes the cumulative impact on the community. In Nutritional High’s view, the Memorandum will guide the states to target and eliminate criminal enterprises operating outside the regulatory framework established by that state, and present greatest threats to public safety. This view was also affirmed in a statement by Bob Troyer, a U.S. Attorney for the District of Colorado who stated that their office has already been guided by those principles2.
As a result, we believe that tighter controls will be to the advantage of corporations like Nutritional High who are committed to following the regulations and guidelines set forth by the states in which we operate or have investments in. As such, we feel that the legal cannabis market will continue to grow and move forward in states that have legalized medical and adult use.
As time goes on and the benefits of legal cannabis use in society are seen, it is harder for staunch opponents of cannabis to justify their blanket opposition. As cannabis continues to replace opioids and other harmful medications and as regulation and legal cannabis cuts down on illegality and crime, we believe that opposition will continue to fade into irrelevance. We believe the Memorandum is not requiring a crackdown on business in the states which have legalized cannabis, clearly demonstrating these societal and political shifts. Even though the Cole Memo has been rescinded we will, as guiding corporate policy, continue to abide by its principles and prescriptions.
Jim Frazier, CEO of Nutritional High, further comments: “As this may be seen as a challenge to investors, we want to reinforce that Nutritional High will continue to move forward with our expansion efforts in California and other states that have voted to legalize medical and adult use cannabis as our vision has not changed. We see this action as an opportunity to take a leadership role in the cannabis industry and work with local and state agencies to ensure that regulations and guidelines are followed to further strengthen the industries’ position on compliance.”