TORONTO, Jan. 17, 2018 /CNW/ - High Hampton Holdings Corp. (CSE: HC)(FSE: 0HCN) ("High Hampton" or the "Company") wishes to provide an update on a new federal act proposal that was introduced on Friday, January 11 by California Congresswoman Rep. Barbara Lee into the US House to protect state-legal Cannabis from "excessive federal enforcement". The Restraining Excessive Federal Enforcement & Regulations of Cannabis (REFER) Act of 2018 would prohibit federal agencies from spending money to "detain, prosecute, sentence, or initiate civil proceedings against an individual, business or property, that is involved in the cultivation, distribution, possession, dispensation, or use of cannabis" if those actions are in compliance with a state law or any local regulations in effect.
The new bill would effectively expand the protection of the Rohrabacher–Blumenauer amendment, which prohibits the Department of Justice from arresting and prosecuting medical marijuana patients and providers in legal states, to include adult-use cannabis, to apply to all federal agencies and to be permanent.
David E. Argudo, CEO of High Hampton, commented:
"I am pleased to see that Congresswoman Barbara Lee, a California representative, has introduced new legislation that would permanently protect state-compliant operators from excessive federal enforcement. The REFER Act of 2018 builds upon the Rohrabacher and Blumenauer Bill by making it permanent and not having to renew it each year. In addition, the legislation expands the protection to cover recreational cannabis.
I am very optimistic that, in 2018, we can expect more discussion at the federal level than ever before. With the introductions of several bills, it is an indication that the federal government is interested in addressing and resolving the issue that hinders the cannabis industry's progress. We will see discussions on banking, descheduling cannabis, controlling the industry like alcohol and much more. This development provides High Hampton with solid confidence as we embark on a sure to be eventful year for the company."
The Company also wishes to announce that it has issued a total of 4,434,341 shares as a result of recent warrant and debenture exercises for additional proceeds to its treasury totaling $866,727.
About High Hampton Holdings
High Hampton Holdings is a cannabis sector investment company focused on opportunities in California. The Company's wholly owned subsidiary, CoachellaGro Corp., is a California corporation focused on the development of a 10.8-acre property situated in the proposed cannabis industrial park located in Coachella, California. CoachellaGro is in the application process for a conditional use permit for development of a full-service production facility in order to serve third party state licensed medical marijuana operators. The City of Coachella has been progressive in setting up city ordinance that sets aside 90 acres within which will be a legal framework for the cultivation, production, extraction and transportation of cannabis. The complex is intended to contain all the necessary; security, infrastructure, equipment, labour and skilled management, supplies and ancillary services for a closed loop production process flow.
High Hampton trades in Canada, ticker symbol HC on the CSE, and in Europe, ticker symbol 0HCN on the FSE. Neither the CSE, nor the FSE has approved nor disapproved the contents of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Marijuana Industry Involvement
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. Marijuana is legal in certain states however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that High Hampton's ability to access private and public capital could be affected and or could not be available to support continuing operations.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Acquisition and certain ancillary transactions contemplated thereby. These transactions are subject to a number of material risks, and there is no assurance that they will be completed on the terms or within the timeframes currently contemplated, or at all. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All monetary references herein refer to Canadian dollars unless otherwise specified.
SOURCE High Hampton Holdings Corp.
For further information: High Hampton, please contact: 8 Wellington St. E. Mezzanine Level, Toronto, On, M5E 1C5, www.HighHampton.com; David E. Argudo, Chief Executive Officer, Email: [email protected] Or Christian Scovenna, Director & VP Corporate Finance, Email: [email protected], Phone: 416.453.4708