Company Generated Revenue Of $8.1 Million In First Six Months Surpassing Total For 2018
DENVER, July 18, 2019 (GLOBE NEWSWIRE) -- United Cannabis Corporation (CNAB) (the “Company” or “United Cannabis”) today provided preliminary, unaudited figures on revenues for the first six months of 2019 and offers guidance for the year.
Revenues for the first six months of 2019 are expected to be $8.1 million, and approximately $30.5 for the year; the Company’s revenues for 2018 totaled $7.2 million. The increase in revenue is primarily attributed to the Company’s hemp operation, specifically its processing and testing services.
“Look for significant revenue growth from United Cannabis in the second half of 2019. Our Mead facility came online mid-June, and we just brought on a powerhouse Chief Marketing Officer in Clifton Lambreth, who hit the ground running a week ago,” commented Earnest Blackmon, United Cannabis’ Chief Executive Officer.
Blackmon went on to say, “In the past month alone, we secured two purchase agreements representing approximately $50 million in revenue, one for CBD isolate and one for crude CBD oil, and they only account for a fraction of our current capacity. And, we expect to launch comparable facilities in South Carolina, Tennessee and Illinois by year-end, with California, New York and Florida following in 2020.”
About United Cannabis Corporation
United Cannabis Corporation is a biotechnology company dedicated to the advancement 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. The Company develops, produces and distributes proprietary cannabis-centric products and technologies, including its patented product brand, Prana Bio Nutrient Medicinals, and has established a strong presence in the hemp-derived CBD market, with a state-of-the-art grow, processing, testing and production facility in Colorado. United Cannabis also licenses its intellectual properties relating to the legalized growth, production, manufacture, marketing, management, utilization and distribution of medical and recreational marijuana and marijuana-infused products. Most importantly, United Cannabis is always driven by its underlying mission to help people in pain.
United Cannabis trades on the OTCQB under the symbol CNAB.
For further information, please visit www.unitedcannabis.us.
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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.