DENVER, CO / ACCESSWIRE / December 13, 2018 / United Cannabis Corporation (CNAB) (the "Company" or "United Cannabis") today provided an update on its operations.
The Company experienced a 60-day delay in the delivery of industrial hemp processing equipment to its facility in Mead, Colorado, causing a delay in the scheduled expansion of its capacity at that facility as well as related revenue.
Presently, revenues for the 4th Quarter of 2018 are estimated to be approximately $2,000,000 to $2,500,000, as compared to $259,340 of revenues for the same period for 2017; and, revenues for the year are estimated to be approximately $6,500,000 to $7,000,000 for 2018, as compared to revenues of $362,323 for 2017.
The Company also announced that it has achieved the following milestones during the quarter:
- The academic laboratory of Dr. Brent Reynolds, cofounder of Prana Therapeutics, Inc., the Company's 95% owned subsidiary, has been issued a Schedule 1 drug license from the DEA. This License will allow the laboratory to purchase and study the ability of cannabinoids to treat diseases and dysfunctions in laboratory animals.
- The first delivery of its patented Prana Hemp products is onsite in Jamaica; distribution throughout the Caribbean will begin this month.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, "While I am certainly disappointed that we had to postpone the expansion of our hemp operation, 2018 was still a substantial growth year for United Cannabis; revenues are up 2,000 percent over 2017. Looking to 2019, I expect we will see continued growth in our existing business, as well as significant contributions from our hemp facility and Jamaica operation."
About United Cannabis Corporation
United Cannabis Corporation focused on the industrial hemp industry through its industrial hemp farm program, its cannabinoid extraction facilities, and the production of CBD and CBN sublingual drops, capsules and topical creams, which the Company wholesales and retails to the general public. Additionally, the Company 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. Future events and results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
SOURCE: United Cannabis Corporation