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).
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