SFWJ/MedCana Reacts to US DEA's Rescheduling of Marijuana

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May 1, 2024 9:00 AM EDT

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AUSTIN, Texas, May 01, 2024 (GLOBE NEWSWIRE) -- via IBN -- SFWJ, doing business as MedCana, a holding company focused in the cannabis and agricultural technology sectors, joins the cannabis industry in acknowledging a historic milestone as the U.S. Drug Enforcement Administration (DEA) moves to reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). This monumental decision, based on recommendations from the U.S. Department of Health and Human Services, signifies a significant shift in U.S. drug policy initiated by President Biden's directive in October 2022.

For over four decades, cannabis has been unjustly categorized as a Schedule I substance alongside heroin and LSD, despite its recognized medical benefits and low potential for abuse. The DEA's move to reschedule cannabis acknowledges its therapeutic value and aligns with evolving attitudes towards cannabis policy.

CEO of MedCana, Jose Gabriel Diaz, emphasizes the significance of this decision, stating, "The DEA's decision to reclassify cannabis is a watershed moment in our nation's drug policy. It opens the door to further research, innovation, and accessibility, signaling a new era of acceptance and understanding. MedCana is proud to be part of an industry that advocates for sensible cannabis regulation and equitable access to this vital medicine."

As the DEA's proposed rule undergoes public comment, MedCana remains committed to advancing the dialogue around cannabis policy and supporting initiatives that promote responsible use and access to quality cannabis products.

About SFWJ/MedCana

Software Effective Solutions/MedCana is a holding company focused on developing companies in the agricultural technology and the cannabis industries. As MedCana moves forward with its expansion plans, the company remains committed to delivering on its promise of building a solid foundation for future growth of its holdings.

For more information, please visit: www.MedCana.net

Or connect with us via:MedCana | LinkedIn Facebook/MedCanaBio MedCana (@MedCanaBio)/ X (Twitter)

SAFE HARBOR STATEMENTThis press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Contact:Juan Gabriel Diaz, CEOwww.medcana.net [email protected]

Corporate Communications:InvestorBrandNetwork (IBN)Los Angeles, Californiawww.InvestorBrandNetwork.com310.299.1717 Office[email protected]