SOURCE: Altitude Organic Corporation

May 26, 2011 08:00 ET

CEO Brian Cook Comments on Federal Legislation Introduced Today Directed Toward Legalizing Cannabis

"This Drug Is Wrongly Classified at the Federal Level. Its Adult Use Is Less Dangerous Than My Evening Aspirin Intake," Said CEO of Altitude Organic Brian Cook

PHOENIX, AZ--(Marketwire - May 26, 2011) - Altitude Organic Corporation (PINKSHEETS: ERBB), a leading national, publicly-traded medical marijuana company, announced today the National Cannabis Industry Association (NCIA) sponsored multiple Federal bills introduced in the House of Representatives today pertaining to marijuana legislation around the country. The timing of the bills was important as they coincided with Arizona Governor Jan Brewer's announced delay in the implementation of the Arizona medical marijuana program. The Governor is seeking legal clarification from the feds prior to her state's rollout of its medical marijuana program.

Two of the federal bills deal directly with legally providing medical marijuana to patients at the state level now. The "Small Business Tax Equity Act of 2011," authored by Rep. Pete Stark (D-CA) and Rep. Dana Rohrabacher (R-CA), would amend the federal tax code (Section 280E) to allow medical cannabis providers to take their tax deductions like any other legitimate business. The "Small Business Banking Improvement Act of 2011," sponsored by Rep. Jared Polis (D-CO) and Rep. Ron Paul (R-TX), seeks to provide state-legal medical cannabis businesses better access to financial institutions. This is the first time that the unique tax and banking issues facing our industry have even been addressed legislatively in Washington thanks to these Congressional representatives and members of the NCIA, www.thecannabisindustry.org.

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CEO of Altitude Organic Brian Cook continues "Cannabis continues to be the only drug that I'm aware of that has no overdose toxicology associated with it, yet it is more illegal than cocaine. Marijuana's current legal prohibitions defy all reason. Cannabis is legally classified as a schedule I controlled narcotic and cocaine is a schedule II narcotic, prescribable for medical purposes under Federal law. There is something very wrong and very outdated with everyone standing in the way of removing this dreadful legal classification of marijuana. I personally spoke to representatives of the Federal Office of Taxation in Washington DC with the NCIA trade group where we were the first people who had ever appeared before them to explain it how it really was to the Feds in the real world. They didn't understand that their excessive business taxation on the medical marijuana industry under IRS rule 280E was only going to lead to the drugs' sales being done outside of legal tax and regulation, as they created a far less expensive illegal marijuana market. I had to explain to the Feds that there is no age restriction on the illegal marijuana market, no quality control, no taxes collected, no physician approval, no job creation, and that there is a drug war fueled entirely by marijuana's Federal controlled substance schedule I classification because the government remains clueless on this issue. They finally seemed to begin to understand that they were not stopping the use of marijuana at all by excessively taxing the more transparent, legally approved operators in the state medical marijuana industry. If the governor of Arizona would also like me to explain this same thing again, despite the voters of Arizona already passing Prop 203, I'm free to meet anywhere else they need me to explain this, anytime. Altitude Organic Corporation will be here waiting to apply to open Arizona businesses, hire Arizona locals, and create dramatic Arizona economic benefits the day Gov. Jan Brewer is satisfied and the program resumes. This drug is classified wrong, Federally, and its adult use is less dangerous than my evening aspirin intake. Arizona needs to lead the charge taxing and regulating cannabis use right now! Altitude Organic Corp has the management company system that will advance industry legal compliance standards and help our economy create more jobs going forward."

ABOUT ALTITUDE ORGANIC CORPORATION

Altitude Organic Corporation (www.altitudeorganix.com) provides independently-owned retail dispensaries in Colorado, California, and Arizona business support services, while also acting as a one-stop-shop for entrepreneurs looking to enter the multi-billion dollar burgeoning industry of legal cannabis. Altitude Organic Corporation has launched its new management company strategy in Arizona. The company can manage, staff, consult, and provide uniquely branded products and concepts to medical marijuana dispensaries using a limited liability agreement. The company recently launched Doctor MMJ (www.doctormmj.com) -- a medical marijuana doctor referral service. Visit www.altitudeorganicmedicine.com or www.altitudeorganix.com today.

NOTES ABOUT FORWARD-LOOKING STATEMENTS

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.

Contact Information

  • Contact:
    Company and Contact
    :

    Mr. Brian Cook
    Altitude Organic Corporation
    14220 N. Northsight Blvd., Suite 139
    Scottsdale, Arizona 85260
    P - 480-443-1600
    info@altitudeorganix.com