Company to Report $2 Million in Revenue for the Second Quarter, Up 1400% Over 2017, Forecasting $10 Million for the Year
DENVER, CO / ACCESSWIRE / July 12, 2018 / United Cannabis Corporation (CNAB) (the "Company" or "United Cannabis") today provided preliminary, unaudited figures on revenues for the second quarter 2018 and offered guidance for the year.
Revenues for the second quarter 2018 are $2 million, up 1400% as compared to the same period in 2017, and 800% over the first quarter 2018. This increase is primarily due to the launch of its industrial hemp-based processing facility.
Management indicated that it expects to maintain this level of revenue going forward, forecasting a minimum of $10 million in revenue for 2018.
Earnest Blackmon, United Cannabis' Chief Executive Officer, commented, "The pilot run of our industrial hemp facility was very successful, resulting in a breakout second quarter. Looking forward, we project the Company will, at a minimum, continue this level of production throughout the year, and we expect to bring the full capacity of that operation online by the first quarter of 2019."
About United Cannabis Corporation
United Cannabis Corporation is 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. 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.
SOURCE: United Cannabis Corporation