NEW YORK, NY -- (Marketwired) -- 01/27/14 --
Nuvilex, Inc. (OTCQB: NVLX) has emerged as a biotechnology firm that will develop treatments for both Cancer and Diabetes using the Cell-in-a-Box™ technology it owns exclusive worldwide rights to use. But, the company will also be engaged in the medical marijuana industry to research and develop treatments for some of the most difficult to treat cancers. Nuvilex, is one of the legitimate businesses in the industry waiting for regulations and nationwide legalization to play itself out to remove any legalities that may face any company using the drug for medicinal purposes.
Banking news out of Washington, D.C. last week generated a great deal of excitement for those companies with legitimate businesses in the cannabis space, and the most recent might be the biggest news to date in the industry. Attorney General Eric Holder stated that the Obama administration will soon announce regulations to make it easier for banks to do business with legal marijuana businesses.
This represents a giant leap in what has been an all cash industry to date as it allows legitimate businesses to introduce banking which will clearly make doing business much easier and could signal further regulations on the way. It appears the administration may use the "safety concerns" angle of having large amounts of cash lying around to introduce regulations that allow legitimate businesses to deposit money into U.S. banks.
Early last week news of the New Yorker magazine's interview with President Obama began to make its rounds. The president all but endorsed future legalization by stating the drug is no more dangerous than alcohol, and by citing that support for both Washington and Colorado's recent legalization of marijuana is necessary for fairness purposes given some are being arrested and incarcerated for the illegal drug while others face no penalties at all.
Cannabis has been in the conversation a great deal of late in Washington and companies like Nuvilex hope it signals an even bigger shift in the debate.
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Source: Nuvilex, Inc.