Intiva BioPharma
Comments on Attorney General Jeff Sessions' Actions on January
4th that Affect State-Licensed Cannabis
Businesses
Intiva
BioPharma indicated that Sessions' actions in no way affect
its drug development activities, nor its current or contemplated
business plans
Denver, CO -- February 5, 2018 --
InvestorsHub NewsWire -- Intiva BioPharma Inc.,
OTC: NTVA ("Intiva" or
the "Company"), today commented on the January 4,
2018 announcement by U.S. Attorney General Jeff Sessions
and the Department of Justice related to state-licensed
cannabis companies in the United States.
Intiva is a U.S. based biopharmaceutical
company engaged in the development
of cannabinoid-based drugs under U.S. Food and Drug
Administration (FDA) protocols. The Company indicated that
Sessions' actions in no way affect its drug development activities,
nor its current or contemplated business plans.
In commenting on the impact of Sessions' actions,
Jeffrey Friedland, Intiva's CEO stated, "Despite
Sessions' actions, companies involved in the development of
cannabinoid-based drugs under FDA protocols remain a "safe
harbor" for U.S. investors. Sessions' actions in no
way adversely affect Intiva, our drug development
activities, nor our current or
contemplated future business plans."
Mr. Friedland also stated, "Prior to
Sessions' actions, our drug development activities were fully
in compliance with U.S. federal law, including all provisions of
the Controlled Substance Act, and now, after Sessions' January
4th announcement, Intiva's activities continue
to be in full compliance with federal law."
Sessions' actions terminated the executive actions
of the Obama Administration that allowed state-licensed cannabis
businesses to operate under state laws, despite the illegality of
cannabis federally, due to its classification as a Schedule 1
substance under the Controlled Substances Act.
Today, 29 states plus Puerto Rico and Washington
DC have legalized some form of medical cannabis, and nine states
have legalized, or are in the process of legalizing, adult-use
or recreational cannabis. The latest national polls indicate that
over 60 percent of the American public believes that cannabis
should be legalized.
Despite the illegality of marijuana at the federal
level, the executive actions of the Obama administration including,
most importantly, the Cole Memorandum, provided a "safe-harbor"
that allowed state-licensed cannabis businesses to exist, without
threat of federal actions by U.S. Attorneys. The Obama
Administration's executive actions also provided a safe harbor for
investors, landlords, and providers of goods and services to
state-licensed cannabis businesses.
In conclusion, Intiva BioPharma and other
companies who are developing cannabinoid-based drugs under U.S.
Food and Drug Administration (FDA) protocols are not impacted by
Sessions' actions. In addition to Intiva BioPharma, these companies
include GW Pharmaceuticals (NASDAQ: GWPH)
and Insys Therapeutics (NASDAQ: INSY).
About Intiva BioPharma
Inc.
Intiva BioPharma Inc. is a biopharmaceutical
company with three integrated business
directions:
1. Developing, licensing and commercializing
cannabinoid-based medications for specific medical conditions and
disorders. Our drug development activities are undertaken in
accordance with Food and Drug Administration (FDA) or comparable
development pathways in other countries. Our intent is that any
medications we develop will be physician-prescription
based.
2. The development or licensing of proprietary
delivery systems for cannabinoid-based
medications.
3. Investments in companies, and the acquisition
of technologies, or medications, focused on cannabinoid-based
research, through Special Purpose Investment
Vehicles controlled by Intiva
Biopharma.
Intiva Disclosure
Notice:
This press release contains "forward-looking
statements" as that term is defined in the Private Securities
Litigation Reform Act of 1995. For this purpose, any statements
contained herein or which are otherwise
made by or on behalf of the Company that are not statements of
historical facts may be deemed forward-looking statements. Without
limiting the generality of the foregoing, words such as "may,"
"will," "to," "plan," "expect," "believe," "anticipate," "intend,"
"could," "should," "would," "estimate," or "continue," or the
negative or other variations thereof or comparable terminology are
intended to identify forward-looking statements. Readers are
cautioned that all forward-looking statements involve risk and
uncertainties which may cause results to differ materially from
those set forth in the statements. Such risks and uncertainties
include, but are not limited to the following: the success of
research and development activities and the speed with which
regulatory authorizations and product launches may be achieved;
government regulation generally; competitive developments; the
ability to successfully market products domestically and
internationally; difficulties or delays in manufacturing or issues
relating to manufacturing capacity; commercial obstacles to the
successful introduction of brand products generally; legal defense
costs, insurance expenses, settlement costs, and the risk of an
adverse decision or settlement relating to product liability,
patent protection, governmental investigations, and other legal
proceedings; the Company's ability to acquire and protect patents
and other intellectual property both domestically and
internationally; the absence of certainty regarding the receipt of
required regulatory approval or the timing or terms of such
approvals; any changes in business, political and
economic conditions; business interruption due to hurricanes or
other events outside of the Company's
control.
Readers are cautioned not to place reliance on
these forward-looking statements, which are valid only as of the
date they were made. The Company undertakes no obligation to update
or revise any forward-looking statements to reflect new information
or the occurrence of unanticipated events or otherwise, except as
expressly required by law.
Contact:
Mark Lubchenco
Director of Shareholder and Investor
Relations
Intiva BioPharma Inc.
Tel. 1-800-497-2915
Email: mlubchenco@intivabiopharma.com
Website: www.IntivaBioPharma.com
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