Cansortium Comments on New Texas Law Enabling Access to Low-Level THC Cannabis Products for Texans Coping with Certain Chronic Medical Conditions
Jun 18, 2019, 08:47 ET
Company plans to utilize its existing home delivery capabilities and establish a network of Fluent™-branded dispensaries to serve customers across state
MIAMI, June 18, 2019 /CNW/ - Jose Hidalgo, Founder and CEO of Cansortium Inc. ("Cansortium" or the "Company") (CSE: TIUM), a vertically-integrated, global provider of premium-quality medical cannabis operating under the Fluent™ brand, issued the following statement in response to Texas Governor Greg Abbott's signing of HB 3703 which expands access to low-level THC (less than 0.5%) cannabis products to benefit Texas residents coping with certain chronic medical conditions.
"The Cansortium team is excited to work with the State of Texas to provide cultivation, processing and home delivery operations in Texas in order to bring the benefits of our premium-grade, low-level THC, cannabis products to Texas residents who are coping with chronic medical conditions. As one of the three medical cannabis licensees in the state of Texas, our company is also well-positioned to begin building a network of conveniently located dispensaries in key markets where authorized under the new law by the Texas Department of Public Safety."
The new law, which is now effective, contains the following three key provisions that, together, are expected to increase legal access to low-level THC medical cannabis products:
1. Expands the range of medical conditions for which licensed specialty physicians may recommend low-level THC cannabis products (containing up to 0.5 percent THC). In addition to intractable epilepsy, which was previously the sole eligible condition, the following additional chronic conditions now qualify for cannabis recommendation:
- All forms of epilepsy
- Terminal Cancer
- Amyotrophic Lateral Sclerosis (ALS)
- Incurable neurological disease
- Parkinson's Disease
- Multiple Sclerosis
- Autism
- Seizure disorders
2. Enables a patient to gain access to medical cannabis products based on the recommendation of a single licensed specialty physician, versus the previous requirement that a patient obtain recommendations from at least two licensed physicians.
3. Authorizes the Texas Department of Public Safety to oversee approval, regulation and administration of cannabis dispensaries to be constructed and operated by the state's three medical cannabis licensees, which include Cansortium.
Cansortium currently provides home-delivery services across Texas from a 4,000 square-foot cultivation facility and adjacent 650 square-foot processing facility in Schulenburg, Texas, with the ability to expand the cultivation facility up to an additional 200,000 square-feet to meet incremental demand.
ABOUT CANSORTIUM INC.
Cansortium is a global medical cannabis company operating in highly populous medical cannabis markets with a mission to deliver the highest standards of cannabis care from nursery to lab to shelf. Headquartered in Miami, FL and operating under the recently-launched Fluent™ brand (formerly Knox Medical), the Company through its subsidiaries operates cultivation, processing and dispensary facilities across Florida, Texas, Puerto Rico and a dispensary license in Pennsylvania. The Company also has licensed cultivation facilities in Colombia and Canada, with licensing pending in Michigan.
Cansortium Inc.'s common shares and warrants trade on the CSE under the symbol "TIUM.U" and "TIUM.WT.U" respectively.
Forward-Looking Information
Certain information in this news release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
For information on Cansortium Inc., please visit www.cansortium.com.
SOURCE Cansortium Inc
For further information: Jeffrey Reath, Executive Vice-President, Finance and Investor Relations, 786-373-2882 ext. 10007, [email protected]