Agreement Grants Harborside Rights To The Use Of The Company's Patented Technologies
DENVER, CO / ACCESSWIRE / January 25, 2018 / United Cannabis Corporation (CNAB) (the "Company" or "United Cannabis") today announced that it has entered into a non-exclusive licensing agreement (the "Agreement") with Harborside Health Association LLC ("HHA"), covering the Company's patented methods of extracting, preparing and using cannabis.
According to the terms of the Agreement, United Cannabis has assigned HHA the rights to the methodologies necessary to manufacture and distribute its own proprietary line utilizing United Cannabis' patented technology, in exchange for which, HHA will pay the Company an agreed upon licensing fee.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, "We initially sought patents for our technologies to protect the investment we made in research and development and to protect our pharmaceutical applications. We've been working with the Harborside team to distribute Prana in California for several years now, so it is fitting that we are signing our first licensing agreement with them, and they truly recognize the value of our technology and patent."
Tony Verzura, the Company's Chief Technology Officer, added, "I am excited about the opportunity to further foster our relationship with a Harborside product line and expand our patented technology in the medical cannabis industry."
Blackmon went on to say, "While we perfected these methodologies in the course of developing the United Cannabis product portfolio, we are also cognizant of the value these protocols have to others in the cannabis and hemp industry. We have found a number of participants utilizing technology protected by our patent - which covers any cannabinoid mixture delivered in an aqueous solution -- and have identified several that are interested in licensing our technology to ensure authorized use within their operations. I expect that this will be the first of many such agreements that we enter into."
Steve DeAngelo, Founder of Harborside, added, "There are so many untested products in the medical cannabis space, a trend which I expect will continue as more participants enter the market. Since so many of our patients are receiving great benefit from the Prana Bio Nutrient line, we felt it was important to ensure that we are always able to offer it at our facilities. This license provides us with a real competitive advantage in the market; not only do we have access to United Cannabis' expertise, it also certifies to our customers that they are purchasing Prana from an authorized provider."
About Harborside Health Center
Founded in 2006 by Steve DeAngelo, Harborside Health Center is the most respected and largest medical cannabis dispensary in the United States. Harborside has over 300,000 registered patients and was first in the nation to support education for seniors, veterans and families with severely ill children; first in the country to offer CBD-rich medicine; and the first to treat children with Dravet syndrome. Harborside continues to set an example of diversity and compliance, and is one of the prime advocates of diversity, sustainability and economic justice in the industry.
DeAngelo also co-founded the nation's first cannabis-testing facility, Steep Hill Labs, and the country's first cannabis investment and research firm, The ArcView Group. His book, 'The Cannabis Manifesto: A New Paradigm for Wellness', is published by North Atlantic Books and distributed by Penguin/Random House. DeAngelo was named one of the most influential people and "gatekeeper" of the marijuana industry in 2015 by the International Business Times, and one of the most powerful people in the cannabis industry in 2016 by Fortune Magazine.
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 first in class medicines with applications to a global market. Most of the Company's products are patent protected. 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