CAVE CREEK, AZ, Sept. 26, 2019 -- CBD Unlimited, Inc., formerly known as Endexx Corporation (EDXC), a provider of innovative phytonutrient-based food and nutritional products, today commends the U.S. House of Representatives’ approval of the SAFE Banking Act.
The Secure and Fair Enforcement (SAFE) Banking Act, H.R. 1595, first introduced in 2017 and reintroduced in March 2019 by Rep. Ed Perlmutter (D-CO), was officially passed by the U.S. House of Representatives yesterday afternoon.
The hemp and cannabis industries have been forced to operate through cash-only transactions caused by the industry's barrier to banking problem. The SAFE Banking Act provides safer and more sustainable methods of payment which will protect the communities with digital tracking and provide smarter forms of transaction. According to Rep. Ed Perlmutter, "Only Congress can provide the certainty financial institutions need to start banking legitimate marijuana businesses - just like any other legal business - and reduce risks for employees, businesses and communities across the country." The SAFE Banking Act not only benefits the Company as a whole, but it will strongly benefit the Company’s customer base.
"Yesterday’s passage of the SAFE Banking Act in the House marks a monumental day and paradigm shift for the hemp industry," commented Todd Davis, CEO & Chairman of CBD Unlimited. "We look forward to the expanded opportunities available to CBD Unlimited. This Act empowers Mass Retail and small businesses considering entering the CBD marketplace to operate under traditional business and banking standards. Both regional and national banks will be able to assist this booming market with safe and legal payment methods and merchant processing."
Representatives Ed Perlmutter (D-CO) and Andy Barr (R-KY) added specifications to the H.R. 1595, before the vote, to clarify the majority considers all legal, federal hemp and hemp-derived CBD affiliated businesses. CBD Unlimited has seen significant improvement in revenue and sales following the Farm 2018 bill and the SAFE Act will give the Company more options, on a federal level, to proceed with sales and distribution of CBD products.
About CBD Unlimited, Inc.
CBD Unlimited. Inc. develops and distributes all-natural products from the cannabis sativa plant (hemp) with less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief. The science behind these products involves half a decade of research and experiments in order to perfect the accuracy in dosage and delivery of absorption per each serving.
In order to provide conformity with federal and state mandates, the company has incorporated the “Gorilla-Tek” platform into their business practices. The Gorilla-Tek platform is the first standardized hardware agnostic and software solution that tracks high-risk, high-shrink regulated and restricted products maintained under federal/state/local compliance. The platform provides asset protection, inventory management, compliance and an “end of sale” technology integration. Along with that, Gorilla-Tek is tremendously efficient as it provides up-to-the-minute accounting and product details. Gorilla-Tek increases CBD Unlimited Inc.’s productivity, while reducing costs for retailers and costs in time for customers.
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.
For further investor and media information, contact:
CBD Unlimited, Inc.
Chairman & CEO