Eco Innovation Group, Inc., an innovative company developing new green energy solutions, is pleased to update current and prospective shareholders as the Company’s supercritical Glycerin Extraction Technology (“GET”), an advanced cannabis extraction system, advances through the United States Patent and Trademark Office (USPTO) while a key bill contemplating federal legalization of cannabis heads toward a vote in the United States House of Representatives this week.
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As announced by the Company in its release dated March 17, 2022, Eco Innovation Group recently received a Notice of Allowance from the USPTO for its patent covering methods of extraction of plant materials obtained using the GET system, which has been exclusively licensed to ECOX by Glytech, LLC (“Glytech”).
“The GET system is an upgrade of the technology horizon for producing superior high-grade plant extracts with a provable reduction in costs, as well as time and energy, during the extraction process, which has enormous implications for the cannabis products industry,” stated Julia Otey-Raudes, CEO of Eco Innovation Group. “As we move toward full IP protection to accompany our exclusive license rights for this next-generation extraction technology, we believe legislative momentum is a tailwind for the cannabis industry, and we applaud lawmakers who are helping to drive progress and provide for more equity and greater access.”
The Marijuana Opportunity, Reinvestment and Expungement Act (the “MORE Act”) is a bill sponsored by House Judiciary Committee Chairman Jerrold Nadler (D-NY) that is up for a vote to clear the United States House of Representatives as early as this week. The bill essentially aims to remove cannabis from the list of federally controlled substances, which could open the door for true federal legalization of cannabis in the United States. However, the bill would not require states to legalize cannabis but would leave regulatory discretion up to states.
At the same time, the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1996), sponsored by Rep. Ed Perlmutter (D-CO), is now up for consideration in the Senate with a version that was reintroduced on March 23, 2021, and is sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), with 180 current cosponsors. The SAFE Banking Act would create protections for financial institutions that provide financial services to state-legal cannabis businesses, offering small and minority-owned cannabis businesses access to banks and regulated financial services.
Management views these measures as important steps in leveling the playing field for consumers and businesses as the GET system moves toward commercial launch, which is currently planned for Q4 2022 or early 2023.