Flagship Lab Will Serve as Company's Primary Production and Distribution Facility to Manage Increased Demand Across California
DENVER, CO / ACCESSWIRE / April 20, 2017 / United Cannabis Corporation (CNAB) (the "Company" or "United Cannabis") today announced that it has entered into a Strategic Partnership with Advesa, a California Corporation ("Advesa"), to serve as its flagship product manufacturing facility in California for United Cannabis branded products and technologies, such as Prana Bio Medicinals, as well as affiliate brands Blue River and Bubbleman products.
Advesa was designed and created by the Company's Chief Technology Officer, Tony Verzura, to facilitate the expansion of United Cannabis branded products, technologies, and its research and development activities for all global partnerships.
Located in Oakland, California, the 6,000 square-foot non-volatile facility comprises automated manufacturing, multiple processing procedures, software tracking systems, employee training programs and research and development functions.
Under the terms of the partnership, Advesa will provide pass-through net product revenues from United Cannabis branded products to the Company, as well as an additional 5% gross technology fee of any other brands produced at the facility and sold state-wide.
Verzura commented on the announcement, "Many shareholders have expressed concern regarding the number of shares I have liquidated as reported through our public filings. I would like to clarify that, rather than access high cost capital that could negatively affect the company, I elected to undertake the licensing process and fund the project by selling my own personal shares."
Verzura went on to say, "Since establishing a presence in California, we have worked tirelessly to build a strong product line and brand recognition for United Cannabis and our affiliates, Blue River, Prana, Bubbleman; collectively, these three brands have earned 23 medical cannabis awards including Best CBD Topical, Best THC Topical, Best CBD Concentrate, Best THC Concentrate, Highest Terpene Award, Best Vaporizer, and Best Non-Solvent Hash. Advesa will incorporate all of these technologies and brands in one facility, allowing us to expand across California, providing access to patients throughout the State."
Earnest Blackmon, United Cannabis' Chief Executive Officer, added, "This is a transparent transaction, and is what we believe is in the best interest of our shareholders. Advesa will add value and revenue to the Company, and accelerate our ability to expand throughout California at no additional cost to shareholders. In addition, if federal laws governing medical cannabis change throughout the United States, Advesa has extended a purchase option to United Cannabis."
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 is a pioneer in 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. Our 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, and are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor 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.
SOURCE: United Cannabis Corporation