Business
HB19-1090 Opens a Strategic Door for ILUS To Own and Hold Cannabis License as a Public Company
HB19-1090 Opens a Strategic Door for ILUS To Own and Hold Cannabis License as a Public Company.
About this update from Ilustrato Pictures International Inc.
[{"type":"text","content":"\nMONUMENT, Colo., June 04, 2019 (GLOBE NEWSWIRE) -- Illustrato Pictures International, Inc. (OTCPK: ILUS) (to be renamed Red Creek Diversified Holding Corporation) announced today that with the passage of HB19-1090, the Company can now move forward in completing its due diligence on its pending acquisitions and apply for operational licenses. \n House Bill 19-1090 repeals the Colorado legislative provision that prohibits publicly traded corporations from holding a marijuana license. The Bill was introduced in January 2019 and was strongly sponsored by two Democrats and two Republicans. It passed unanimously out of the House Finance Committee on March 4th and then referred to the House Appropriations Committee.  HB19-1090 passed out of the Senate Finance Committee with a vote of five to two on April 18th and was then passed on to the Senate Appropriations Committee. The second reading took place on April 23rd. The final decision of the Bill was made by the full legislature on April 27, 2019 by a vote of 27-7-1.  On April 29th, Colorado Governor Jared Polis signed into law HB19-1090 – ‘Publicly Licensed Marijuana Companies’ which repeals the provision that prohibits publicly traded companies from holding a marijuana license. Larson Elmore, CEO of Red Creek Reserve, stated, \"We greatly appreciate the passage of HB19-1090, which will significantly allow us to move forward with our game plan. This is a monumental time for our Company and we believe the growth potential is both substantial and compelling. We thank our legislative support and the support from our shareholders as we move forward in executing our vision as a leader and vertically integrated operator in the cannabis space. One of the requirements of the Bill is that the public company must be fully reporting, which we are in the process of becoming.\" Colorado was the first state in the United States to legalize cannabis for adult use and the initial regulations introduced in 2014 did not permit any out-of-state ownership of MED-licensed cannabis businesses. The regulations were subsequently amended to permit some out-of-state ownership for qualified US residents, capped at fifteen individuals, effectively barring public companies from having direct ownership of MED-licensed business...