SOURCE Crown Baus Capital Corp.
BEVERLY HILLS, Calif., Aug. 1, 2014 /PRNewswire/ -- Crown Baus Capital Corp. (OTC: CBCA), a global acquisition-based conglomerate targeting five primary industries: high-tech incubation, drug development, entertainment/media, education, and financial services, sees this week's Congressional efforts to amend the Controlled Substances Act to permit medical use of cannabis on a nationwide basis as history in the making. This federal medical cannabis legalization effort in Congress motivates Crown Baus Capital to complete its negotiations to formally begin its Cannabis Drug Development Program using state-by-state legal resources and distribution.
The Company has already initiated drug development activity by negotiating to purchase property in several legal medical cannabis states across the country. This, coupled with the expertise of the Company's drug development partners, Crown Baus Capital expects to be able to fast track cannabis drug development to make these critical cannabis formulations available for those in need on a nationwide basis.
A group of bipartisan U.S. Representatives -- Scott Perry (R-Pennsylvania), Dana Rohrabacher (R-California), Steve Cohen (D-Tennessee), and Paul Broun, MD (R-Georgia) -- introduced a bill, H.R. 5226, to redefine "marijuana" on a federal legislative level to allow therapeutic, high-CBD cannabis oil to be used to treat seizure disorders. This is a major federal step towards the legalization of medical cannabis, which follows the approval of medical cannabis in nearly half of the states, with many more states actively pursuing legalization for medical and drug development purposes.
In addition, U.S. Senator Rand Paul (R-Kentucky) has announced that he will introduce a bill to reschedule cannabis from its Schedule 1 status under the Controlled Substances Act, so that cannabis can be properly researched, developed, and prescribed for medical purposes. Senator Paul has worked diligently through federal legislation to help states that have legalized medical cannabis.
"Our Drug Development Division's medical cannabis initiatives are strengthened by this week's progress in the U.S. House and Senate. These federal developments, in light of the rapid progress on the state level and overwhelming support for medical cannabis among the U.S. voting populace, provide critical forward momentum as the Company positions itself as a leader in the medical cannabis industry," said Chad S. Johnson, Director, President and CEO of CBCA.
About Crown Baus Capital Corp.
Crown Baus Capital Corp. (CBCA) is a global acquisition-based conglomerate targeting five primary industries: High-Tech Incubation, Drug Development, Entertainment/Media, Education, and Financial Services. The Company is based in the United States but is already operating globally through its subsidiary, WebCongress, Inc., and Company partners. Crown Baus seeks to add shareholder value through cross-industry synergies and strategic growth.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing words such as "anticipate," "seek," intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Crown Baus Capital Corp. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Crown Baus Capital Corp.
Robert Kane, Director & CFO
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