HUNTINGTON BEACH, Calif., June 15, 2018 (GLOBE NEWSWIRE) -- Precicion Trim, Inc. (OTCPK:PRTR) is encouraged by remarks made by President Donald Trump regarding the federal government’s position on cannabis related companies and industries. President Trump recently said he would support a bipartisan bill in Congress that would end the federal ban on marijuana and leave cannabis legalization to the states. The STATES Act co-authored by Senators Cory Gardner and Elizabeth Warren seeks to amend the Controlled Substances Act to make marijuana activity legal if it is in conformance to local state laws.
In response to Trump's remarks, Richie Kerwin Lim, President of Precicion Trim, commented, "This latest development will certainly embolden many more states to legalize or decriminalize marijuana. Cannabis firms and ancillaries like Precicion Trim will only benefit tremendously as more states open legal doors to cannabis. With federal legalization, marijuana farming will reach a whole new level going beyond indoor growing to outdoor, large scale commercial agriculture."
Currently, 29 states allow medicinal marijuana growing and 8 states allow recreational marijuana growing.
Among its most significant effects, the Gardner-Warren Bill grants legal cannabis companies access to the federal banking system, so the multibillion dollar industry no longer has to operate and pay transactions in cash. Current federal ban has made major banks reluctant to do business with marijuana companies for fear of prosecution.
Lim said, "This is certainly the bill's most significant benefit for the industry. Players who were once hesitant to participate in the industry would now be inclined to get involved. This would encourage investments in an industry where investments were limited."
Lim also said access to the formal financial system would enable growers and sellers to open bank accounts, get bank loans and bring the financial side of the marijuana crop business out of the shadows. It would also allow easier financial transactions with peripherals like robotic trimming devices.
To ease banks' concerns, the proposed bill specifies that marijuana sale would not be considered trafficking and do not amount to illegal financial transactions.
Lim remarked, "This paves the way to sell our robotic trimming devices to growers in the United States without fear of federal interference or violation of federal laws."
About Precicion Trim : Precicion Trim is a Colorado Corporation in the artificial intelligence machine automation and development field. Precicion Trim designs, manufactures and distributes robotic and non-robotic machines in a wide variety of industries. Precicion Trim owns medical devices, and has an evergreen contract for a robotic bud trimming device that will revolutionize marijuana trimming (US patent #62/548,542 pending).
Forward Looking Statements : Certain information set forth in this release contains forward-looking information, including future oriented financial information and financial outlook, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) the expected development of the Company's business projects (iii) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (iv) completion of the Company's projects that are currently underway, in development or otherwise under consideration; and (v) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand managements beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or managements estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
For More Information Contact : Mark Taggatz WSMG Advisors 858.800.2974 IR@wsmgadvisors.com
