Item 9 Labs Corp. Comments on U.S. House Passing Historic Cannabis Bill

Rhea-AI Summary

Item 9 Labs Corp. (OTCQX: INLB) commented on the U.S. House of Representatives' historical vote to legalize cannabis, passing the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) by 228-164. This bill aims to end federal cannabis prohibition, allowing states to develop their policies. CEO Andrew Bowden noted this progress towards reducing industry complexities and improving access to cannabis benefits. The MORE Act also includes measures for social justice, aiming to rectify the harms of the War on Drugs and expunge prior cannabis offenses.

Positive

• U.S. House passed the MORE Act by a vote of 228-164, a significant milestone towards cannabis legalization.
• The bill allows states to create their own cannabis policies, reducing conflict between state and federal law.
• Item 9 Labs positioned to benefit from federal legalization with a strong presence in Arizona's cannabis market.
• Company supports initiatives aimed at social equity and justice in the cannabis industry.

Negative

• None.

Vertically Integrated Cannabis Operator Provides Insight on the Need for Federal Legalization

PHOENIX, AZ / ACCESSWIRE / December 4, 2020 / For the first time ever, the U.S. House of Representatives voted on a bill that would end the federal prohibition of cannabis. The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) removes cannabis from the Controlled Substances Act, eliminating conflict between state and federal law and allowing states to set their own cannabis policies. With the House passing the federal cannabis legalization bill yesterday by a vote of 228-164, Item 9 Labs Corp. (OTCQX:INLB) ("Item 9 Labs," or the "Company"), a vertically integrated cannabis operator that produces premium products, provides comment on this historic milestone.

"This is a step forward in the right direction," Item 9 Labs Corp. Chief Executive Officer Andrew Bowden said. "The continued increase in state legalization is evidence that we're ready as a nation to end prohibition."

With every cannabis measure passing in last month's General Elections, 15 states and the District of Columbia have passed legislation or voter initiatives to legalize adult-use cannabis, while 36 states and the District of Columbia allow it for medicinal purposes. A recent Pew Research Center study found that 67 percent of the nation supports legalization, including most Republicans.

Bowden continued, "Across our collective 100-plus years in legal cannabis in multiple states, we've seen first-hand how disjointed this industry is due to its federally illegal status. States are working in silos, causing confusion, frustration and complexities for businesses and consumers alike. We believe federal legalization will reduce complications and open up access for more people to benefit from all that cannabis has to offer."

Item 9 Labs Corp. discovered the medicinal benefits of cannabis years ago-several team members have directly seen its positive impacts-and is focused on helping others improve their overall well-being through cannabis. With one of the largest approved cultivation sites in Arizona, which is opening its adult-use market in 2021, and a roster of award-winning products, Item 9 Labs is committed to setting the industry standard on consistency and transparency and is dedicated to educating their communities, lawmakers and investors on cannabis.

Brief Overview of the MORE Act

The MORE Act marks the first time either chamber of Congress will review a bill to legalize cannabis. With the U.S. House of Representatives approving it yesterday, the next step is for the bill to go in front of the U.S. Senate. Beyond decriminalization, the bill includes several social and criminal justice measures aimed to create an equitable cannabis industry such as helping elevate the communities wrongfully impacted by the War on Drugs and creating opportunities for those disproportionately impacted by prohibition. The bill also requires federal courts to expunge prior cannabis offenses.

About Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator headquartered in Arizona. The Company creates best-in-class products and canna-business solutions designed to help people become the best versions of themselves. With an award-winning CPG brand and nationally recognized application team, Item 9 Labs improves the cannabis experience while providing transparency, consistency, and well-being for those relying on them. For additional information, please visit: item9labscorp.com.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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Media Contact:

Item 9 Labs
Jayne Levy, Director of Communications
Email: Jayne@unityrd.com

Investor Contact:

ClearThink
Email: nyc@clearthink.capital

SOURCE: Item 9 Labs Corp.

View source version on accesswire.com:
https://www.accesswire.com/619566/Item-9-Labs-Corp-Comments-on-US-House-Passing-Historic-Cannabis-Bill

FAQ

What was the significance of the U.S. House vote on the MORE Act for INLB?

The passage of the MORE Act signifies a potential end to federal cannabis prohibition, which could benefit Item 9 Labs Corp. as it operates in the cannabis industry.

How does the MORE Act impact cannabis policy in the U.S.?

The MORE Act allows states to establish their own cannabis policies, promoting a more cohesive cannabis market.

What are the social implications of the MORE Act?

The bill includes measures aimed at creating social equity, addressing the disparities caused by the War on Drugs.

When was the MORE Act passed by the House?

The MORE Act was passed by the House of Representatives on December 3, 2020.

What is Item 9 Labs Corp.'s goal regarding cannabis legislation?

Item 9 Labs aims to advocate for federal legalization to enhance access and reduce complexities in the cannabis industry.