Creso Pharma to explore near-term US opportunities after lawmakers take first step to decr…

() (FRA:1X8) is exploring several near-term opportunities to enter the world’s largest recreational and medical cannabis market after the US House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act to decriminalise cannabis for the first time on a national level.

This Act removes cannabis from the US Controlled Substances Act and aims to erase certain federal convictions.

The bill was passed in the lower chamber 228 to 164 on December 4, 2020, and will now move to the Senate for voting.

CPH co-founder and director Boaz Wachtel said it was a historic ruling that had the potential to create significant growth opportunities in a burgeoning industry with the US cannabis market estimated to be worth around US$130 billion by 2024.

“Well-positioned”

He said: “It follows similar regulatory shifts in the European Union and from the United Nations that highlight public acceptance for cannabis and CBD-derived products is at an all-time high.

“Creso is very well-positioned to capitalise on opportunities arising from the market in the USA, including expanding distribution of its existing cannabis products through the scale-up of its operations in Canada and Switzerland.

“As a listed vehicle with access to capital, Creso is also an…

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