Phivida Unaffected by Rescinded Cole Memorandum


Phivida Holdings Inc. (“Phivida” or the “Company” traded as (“VIDA:CNX“) or (“OTCMKTS: PHVAF“) announced today that it is confident that the hemp industry would be unaffected by the US Attorney General’s recent reversal of the Cole Memorandum.

The Cole Memorandum ? which was introduced by the Obama Administration ? was designed to protect US state level marijuana licensing programs from federal enforcement. Attorney General Sessions announced last week that the Cole Memo would be rescinded, creating temporary uncertainty in the US cannabis market.

For clarity to the marketplace, Phivida products are made from cannabidiol (CBD) derived from hemp oil. The rescinding of the Cole Memorandum does not pertain to full spectrum CBD-Hemp Oil extract-infused functional foods or natural health products sourced from state-permitted hemp farms covered by section 7606 of the?2014 Agricultural Act?? a federal program legalizing Industrial Hemp production. This view is widely shared across the US hemp industry and legal experts at the?Hemp Business Journal?and?Natural Products Insider.

In light of the Cole Memorandum being rescinded, The Canadian Securities Exchange contacted seventeen cannabis companies for public statements. Phivida has not been asked for any additional disclosure as this policy change does not directly affect its hemp oil extract businesses, but chose to provide additional clarity for the marketplace to ensure shareholders have clarity surrounding the facts of this recent policy change.

In contrast, Phivida identifies several positive shifts in regulation towards global acceptance of its CBD hemp oil ? and the growing trend towards continued mainstream adoption of Phivida CBD hemp oil extract products.

This was recently highlighted in three major industry developments:

“We are confident that CBD is a viable therapeutic option for patients, practitioners, athletes and trainers.” said?John David Belfontaine, President and CEO of Phivida. “With new distribution agreements signed in?California?and?Japan, we are just beginning to bring the Phivida brand into the global marketplace and will continue to develop markets domestically across the Pacific United States.”

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