Agreement Requires $2 Million Minimum Sales Quota By Year Three
DENVER, CO / ACCESSWIRE / February 13, 2018 / United Cannabis Corporation (CNAB) (the ''Company'' or ''United Cannabis'') today announced that it has entered into an exclusive distribution agreement (the ''Agreement'') with Mink Enterprises (''Mink''), for the Company's patented Prana Bio Nutrient Medicinals P5 Sublingual Varieties.
According to the terms of the Agreement, Mink has exclusive distribution rights, within the territory of Malta, for the following Prana ''Bio Nutrient Medicinals'' Sublingual products:
- Prana P5/ Prana Hemp 10ml bottle 400 mg
- Prana ''Bio Nutrient Medicinals''
- Prana Roll-on 10ml 65 mg
The Agreement also requires that Mink will make an initial minimum order of $50,000 and requires the following minimum purchases from the Company for the distribution agreement to remain in effect:
- $500,000 for the first year
- $1,000,000 the second year
- $2,000,000 every year thereafter.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, ''Malta represents a significant opportunity for United Cannabis, and may well serve as a gateway to the EU, as we continue to make progress in our efforts to increase the availability of Prana for patients around the world.''
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. 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, and 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