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HUGE! Cannabis Legalization Bills Make Splash in Congress
Cannabis prohibition at the federal level could soon come to an end thanks to congressional legislation introduced Thursday morning to remove cannabis from the federal Controlled Substances Act and instead regulate and tax it similarly to alcohol.
US Sen. Ron Wyden (D-OR) and House Rep. Jared Polis (D-CO), two members of the newly founded Congressional Cannabis Caucus, introduced the bills, which end federal prohibition, allow states to decide whether to legalize, and impose federal regulations on cannabis businesses in legal states.
The Senate bill would also put in place a federal excise tax on cannabis products. In the House, a cannabis tax is being floated as a separate measure, introduced by Rep. Earl Blumenauer (D-OR).
On the criminal justice front, a separate set of so-called cannabis policy “gap” bills, also introduced by Wyden and Blumenauer of Oregon, would eliminate many of the consequences associated with federal cannabis convictions. The standalone bills could lessen cannabis penalties even if the rescheduling bills fall through.
“As more states follow Oregon’s leadership in legalizing and regulating marijuana, too many people are trapped between federal and state laws,” Blumenauer said in a statement. “It’s not right, and it’s not fair. We need change now—and this bill is the way to do it.”
“It’s time for Congress to step up.”
Robert Capecchi, director of federal policies, Marijuana Policy Project
Wyden, along with bipartisan Sens. Rand Paul (R-KY) and Michael Bennett (D-CO), filed an additional bill that would reform US Tax Code Section 280E to allow state-legal cannabis businesses to deduct business expenses from their federal taxes. Blumenauer and Rep. Carlos Curbelo (R-FL) filed a companion bill in the House.
Taken together, the package of legislation is seen as an effort to better harmonize policy between the many states moving forward with cannabis legalization and a federal government that still regulates cannabis more strictly than opium or cocaine.
“This is commonsense legislation that will eliminate the growing tension between federal and state marijuana laws,” Robert Capecchi, director of federal policies for the Marijuana Policy Project, said in a statement. “Voters and legislatures are rolling back antiquated state marijuana prohibition policies, and it’s time for Congress to step up at the federal level.”
Despite growing threats from the Trump administration against adult-use cannabis, Capecchi added that the bills could help diffuse tension between states and the feds and help foster a more cooperative regulatory relationship.
“States are adopting laws designed to improve public safety by replacing the illegal marijuana market with a tightly regulated system of production and sales,” he said. “The federal government should be working to facilitate that transition, not hinder it. It’s time for Congress to come to grips with the fact that marijuana is safer than alcohol, and most Americans think it should be treated that way.”
Data released yesterday from the General Social Survey shows the portion of American adults who think cannabis use should be legal grew from 52% in 2014 to 57% in 2016. A Quinnipiac University poll released last month also found 57% support nationally for legalization.
Despite increases in public support, many are more concerned about a federal crackdown than they have been in years. In California, which legalized cannabis for adult use in November, “voters have decided we don’t want to spend scarce resources on a war on marijuana,” said Lynne Lyman, California state director for the Drug Policy Alliance. “The threat of federal intervention essentially signifies a return to prohibition, which is a return to the chaos of an untaxed unregulated underground market, and ensnares thousands of otherwise law-abiding Californians in the devastating cycle of the criminal justice system.”
HUGE! Cannabis Legalization Bills Make Splash in Congress
Cannabis prohibition at the federal level could soon come to an end thanks to congressional legislation introduced Thursday morning to remove cannabis from the federal Controlled Substances Act and instead regulate and tax it similarly to alcohol.
US Sen. Ron Wyden (D-OR) and House Rep. Jared Polis (D-CO), two members of the newly founded Congressional Cannabis Caucus, introduced the bills, which end federal prohibition, allow states to decide whether to legalize, and impose federal regulations on cannabis businesses in legal states.
The Senate bill would also put in place a federal excise tax on cannabis products. In the House, a cannabis tax is being floated as a separate measure, introduced by Rep. Earl Blumenauer (D-OR).
On the criminal justice front, a separate set of so-called cannabis policy “gap” bills, also introduced by Wyden and Blumenauer of Oregon, would eliminate many of the consequences associated with federal cannabis convictions. The standalone bills could lessen cannabis penalties even if the rescheduling bills fall through.
“As more states follow Oregon’s leadership in legalizing and regulating marijuana, too many people are trapped between federal and state laws,” Blumenauer said in a statement. “It’s not right, and it’s not fair. We need change now—and this bill is the way to do it.”
“It’s time for Congress to step up.”
Robert Capecchi, director of federal policies, Marijuana Policy Project
Wyden, along with bipartisan Sens. Rand Paul (R-KY) and Michael Bennett (D-CO), filed an additional bill that would reform US Tax Code Section 280E to allow state-legal cannabis businesses to deduct business expenses from their federal taxes. Blumenauer and Rep. Carlos Curbelo (R-FL) filed a companion bill in the House.
Taken together, the package of legislation is seen as an effort to better harmonize policy between the many states moving forward with cannabis legalization and a federal government that still regulates cannabis more strictly than opium or cocaine.
“This is commonsense legislation that will eliminate the growing tension between federal and state marijuana laws,” Robert Capecchi, director of federal policies for the Marijuana Policy Project, said in a statement. “Voters and legislatures are rolling back antiquated state marijuana prohibition policies, and it’s time for Congress to step up at the federal level.”
Despite growing threats from the Trump administration against adult-use cannabis, Capecchi added that the bills could help diffuse tension between states and the feds and help foster a more cooperative regulatory relationship.
“States are adopting laws designed to improve public safety by replacing the illegal marijuana market with a tightly regulated system of production and sales,” he said. “The federal government should be working to facilitate that transition, not hinder it. It’s time for Congress to come to grips with the fact that marijuana is safer than alcohol, and most Americans think it should be treated that way.”
Data released yesterday from the General Social Survey shows the portion of American adults who think cannabis use should be legal grew from 52% in 2014 to 57% in 2016. A Quinnipiac University poll released last month also found 57% support nationally for legalization.
Despite increases in public support, many are more concerned about a federal crackdown than they have been in years. In California, which legalized cannabis for adult use in November, “voters have decided we don’t want to spend scarce resources on a war on marijuana,” said Lynne Lyman, California state director for the Drug Policy Alliance. “The threat of federal intervention essentially signifies a return to prohibition, which is a return to the chaos of an untaxed unregulated underground market, and ensnares thousands of otherwise law-abiding Californians in the devastating cycle of the criminal justice system.”
Patience buddy...volume is up...this will be going much higher than .012
Your shares will not be a road block.
MJTK
Intraday chart signaling another breakout coming today
Loadem up!
CannaSys, Inc. Announces Acquisition of Alliance Financial Network, Inc.
Source: InvestorsHub NewsWire
FOR IMMEDIATE RELEASE
CannaSys, Inc.
Michael A. Tew
Chief Executive Officer
Tel: 720.420.1290
Email: michael.tew@cannasys.com
Web: www.cannasys.com
CannaSys, Inc. Announces Acquisition of Alliance Financial Network, Inc.
Fintech Company Provides Proprietary and Innovative Mobile Payment Solution across Multiple Industries
DENVER, CO -- March 29, 2017 -- InvestorsHub NewsWire -- CannaSys, Inc. (OTC QB: MJTK), a marketing, branding, and technology company, signed a letter of intent to acquire Alliance Financial Network, Inc. (“AFN”). AFN is a Colorado-based financial technology (Fintech) company that provides a unique, proprietary digital transaction and mobile payment solution. AFN, a federally registered financial institution, has developed, owns and operates eXPO™, its electronic eXchange POrtal.
eXPO™ provides access for consumers and businesses to transfer funds electronically, whether consumer-to-consumer, consumer-to-business, business-to-consumer or business-to-business. eXPO™ delivers electronic payment solutions to multiple industries. AFN is currently working with companies in a number of vertical markets that can leverage the eXPO system immediately because of its universally compliant foundation and its ability to be scaled rapidly.
AFN’s proprietary eXPO™ technology facilitates transactions between members inside the eXPO™ network, and between network members and those outside the network, to address those served by traditional, as well as non-banked, under-banked and cash intensive industries. eXPO™ members include consumers, businesses, and governmental agencies. eXPO™ has the ability to accurately track and report local, state, and if applicable, federal tax obligations of consumers and retailers. eXPO™ can be found at www.getexponow.com.
AFN and eXPO™ are registered with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) as a financial institution. This registration provides AFN with the appropriate regulatory framework and guidance on a federal level for Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance. The eXPO™ mobile application is downloadable by consumers and businesses once they become an eXPO™ member.
CannaSys will acquire AFN by issuing a controlling equity stake in the proforma company, whereby AFN will become a wholly owned CannaSys subsidiary. The combined company will market AFN’s products, and platforms, as well as the CannaSys suite of products. As part of the transaction, AFN’s nominees will become directors and key officers of CannaSys, and the Cannasys, Inc. name will be changed to Alliance Financial Network, Inc. On February 12, 2017, CannaSys solidified its commitment to closing the transaction with a direct investment in AFN.
“I could not be more excited about AFN’s core products, its management team, and its exponential growth prospects across multiple industries,” commented CannaSys CEO, Michael Tew. “eXPO™ was created to meet the demands of a changing landscape within the payments industry, and it demonstrates how the fintech sector continues to introduce revolutionary product offerings.”
In addition to the controlling interest issued to AFN as part of the transaction, AFN will be eligible to earn additional shares for meeting certain performance targets based upon the rollout of its core eXPO™ technology within the next two years. The metrics for the earn-out are the following:
1. Executed agreement or contracts that use AFN’s technology and/or platform and result in projected revenue of $5 million in the following 12 months; or
2.Executed agreement or contracts with commercially reasonable terms that result in the deployment of AFN’s technology in more than 250 retailers over the following 12 months.
“The earn-out targets are a cornerstone of AFN’s alignment with shareholders and further demonstrates AFN’s conviction regarding its products and business strategy,” commented Tew.
Larry Lipman, AFN CEO and founder, noted: “Our transaction with CannaSys is accretive to AFN’s discussions with regulators and retailers. We have already made substantial progress in delivering a valuable regulatory-compliant product to the marketplace. Now we are focused on accelerating growth opportunities in the upcoming year.”
Completion of the AFN acquisition is contingent on a number of factors, including the execution of a definitive acquisition agreement, compliance with representation and warranties, the satisfaction of specified conditions, and other matters.
About CannaSys, Inc.
CannaSys is a technology solutions, marketing, and branding company. Its core products are delivered “software as a service” to facilitate point-of-purchase transactions, customer relationship marketing solutions. CannaSys plans to develop, acquire, and build strategic relationships with other businesses in order to bring additional solutions to market. For more information, please visit www.cannasys.com
About Alliance Financial Network, Inc.
Alliance Financial Network, Inc. (AFN) is a federally registered financial institution that owns and operates eXPO™, a mobile payment solution that has the ability to track product inventory, delivery and generate audit-ready reports. AFN conducts compliance reviews on all clients. These reviews are designed to meet financial industry standards for know-your-customer requirements and regulatory reporting. In addition to AFN’s inventory-to-general-ledger tracking system, the company features access to federally licensed, secure and compliant cash transport, which also includes storage (vaulting) and delivery to the Federal Reserve.
AFN’s enterprise end-to-end ecosystem enables licensed users to interact in a secure, transparent environment. This unique system enforces compliance at every step, ensuring clear and connected tracking for regulatory audits and accounting purposes. AFN believes its eXPO™ product will become the gold standard for industry compliance and mobile payment solutions.
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including continued acceptance of CannaSys’s products, increased levels of competition for CannaSys, new products and technological changes, CannaSys’s dependence on third-party suppliers, and other risks detailed from time to time in CannaSys’s periodic reports filed with the U.S. Securities and Exchange Commission.
Someone get this guy a sparkly sticker
Let's hammer out this bottom once and for all...buying pressure is back!
Let's close with a nice hammer candle around .015
Highest single day of volume - Not shortage of liquidity...
Better to get these sellers at now before the next leg.
Looking better now
BMAK back top bidder...could be a good sign
Truly pathetic.
I'm taking full advantage, it's just totally unnecessary...as you know I'm sure
Yes. Relentless panic selling...I'm bidding here FWIW
And you're not the only one... it's obvious some are dumping on the bid like newbies
Notice the ones who are quiet today...
Notice the market sell orders....
This needs news or we're headed for the 20
FYI - I'm long not dumb.
Looks like some big holders are dumping into the bid relentlessly....
Sellers in full force...
bottom is in imo
Crazy action...break up blocks on the ask if you're and stop selling to the bid...panice sellers
Way to go sellers, chase the bid down
NITE is gone
Here we go! MYDX beasting!
It's def in the works...trending up intraday and shorts seem to be doing everything in their power to hold this under .02
Red to green on this kind of day should signal a serious blast off for the rest of the week. We shook out so many and basically kicked out those will stop losses...they'll be chasing to get their shares back!
Still early but it looks like today's bottom may be the pullback we needed to cool off some indicators before continuing up.
Shorts are clearly working overtime today...watching L2 tells everything, big money continues to accumulate and shorts are doing everything possible to hold this back and cover.
Got some idiots trying to get out on the bid...scale out with small blocks on the ask
BOOOM! Lots of stop losses hit
Time to load up!!
Well looks like we are consolidating and will need to churn through more sellers.
Looks like CSTI is trying to accumulate or cover...shorts are feeling the heat here
They want more...looking really good churning in this channel
This stock is incredible - Churning beautifully! Looks like she's ready to test .025-.03
Funny thing I started buying before even seeing the VICE special or the pieces on Mainstream media for the water test kits...So much more out there too - just blew me away and that's when I started accumulating for a longer term hold as I see this being a true multi dollar land contender.
News leak? This is crazy!!!!
Almost time
BMAK pressing forward on the bid
He's constantly pushed the bid the last couple of weeks I've been here, very interesting and positive imo
The Cannabis related data that will come from these devices alone will be worth billions in my honest opinion.
Let's not forget the other technology and patents they have as well, this isn't a one trick pony so to speak.
$MYDX is a unicorn.