Contract Is The Company’s First Significant Agreement To Be Fulfilled By Its State-Of-The-Art Mead Facility
DENVER, July 09, 2019 (GLOBE NEWSWIRE) -- United Cannabis Corporation (CNAB) (the “Company” or “United Cannabis”) today announced it has signed a $16.25 million contract with a single customer to provide crude CBD oil over a period of 26 weeks. The Contract will be processed at the Company’s 14,300 square foot, state-of-the-art extraction facility in Mead, Colorado.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, “This contract is a direct result of our investment in the expansion of our hemp processing operation; the Mead facility came online in June with 10 times the capacity of our original processing operation. This agreement represents only a small percentage of the plant’s capacity, and we are confident that it is the first of many to come.”
About United Cannabis Corporation
United Cannabis Corporation is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. The Company has long advocated the application of cannabinoids for medical applications and is building a platform for designing targeted therapies to increase the quality of life for patients around the world. Most of the Company’s products are patent protected first in class medicines with applications to a global market. United Cannabis trades on the OTCQB under the symbol CNAB.
For further information, please visit www.unitedcannabis.us.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbors, created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.