United Cannabis Corporation (OTCQB: CNAB) operates as a biotech company, which develops CBD-based treatments for the pharmaceutical, medical, and industrial industries. Shares of the cannabis company are rallying 6.12%, through afternoon trading on Wednesday, June 14, 2017. Over the past month, United Cannabis Corporation has seen average daily volume of 239,306 shares. However, volume of 25,476 shares or dollar volume of $26,495, has already exchanged hands on Wednesday.
Shares of United Cannabis Corporation are rallying, after the company announced it has signed a Memo of Understanding with Herbal Biotech Pathways labs, in order to establish a Puerto Rico-based joint venture. The joint venture will focus on developing medical cannabis access in Puerto Rico, through its NEWCO cannabis brand. Here is the full press release detailing of the signed agreement and medical cannabis expansion:
United Cannabis Corporation Press Release:
DENVER, CO / ACCESSWIRE / June 13, 2017 / United Cannabis Corporation (OTCQB: CNAB) (the “Company” or “United Cannabis”) today announced that it has signed a Memo Of Understanding (“MOU”) with Herbal Biotech Pathways Labs (“Herbal Biotech”) to form a joint venture (“NEWCO”) in order to advance and support access to medical cannabis in Puerto Rico. NEWCO will be equally owned by the two companies and established according to the laws of the Commonwealth of Puerto Rico.
According to the terms of the MOU, the Company will make available to NEWCO its proprietary cannabis brands, products and expertise, Prana formulations, delivery methods, software and professional network, sufficient to launch complete cannabis based business (grow, processing/manufacturing, retail and marketing for cannabis and/or hemp) for the Commonwealth of Puerto Rico; and Herbal Biotech will invest and/or make available capital, services and equipment to support and develop the operation pursuant to a business plan as agreed upon by both parties.
United Cannabis’ Chief Executive Officer, Earnest Blackmon, commented on the announcement, “Puerto Rico represents a substantial opportunity within the cannabis market, and we have been working to establish United Cannabis as a leader in that market. Patients in Puerto Rico will not be allowed to smoke medical marijuana, but can use other delivery methods, such as oral drops, pills, topical creams and salves, and our proprietary Prana line fully complies with these requirements. Cesar’s general expertise in the sector, as well as his contacts and financial resources within the Puerto Rican community, will enable us to expedite our plans to establish a comprehensive operation that will support our efforts in research, product development, production and distribution.”
Cesar Cordero-Kruger, Principal at Herbal Biotech, went on to say, “We are very enthusiastic about this new partnership, which positions us in a very unique space, for the development of phyto-therapeutics products that target Puerto Rico patient’s ailments in a safe and effective manner. The addition of United Cannabis’ remarkable science team strengthens our ability to become a trusted provider of infused products with high therapeutic value.”
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.
About Cesar Cordero-Kruger
Mr. Cordero-Krüger has over 30 years of management experience in a diverse spectrum of businesses and academic environments. Since 1995 he has been a consultant for a major national drugstore chain, assisting with its expansion plans in Puerto Rico and the US Virgin Islands, resulting in the successful launch of over 60 new stores. He is a co-founder of General Management Assistant Corp. and was engaged by the Commonwealth of Puerto Rico’s Economic Development Administration on a variety of projects, such as a feasibility analysis for the air cargo transportation industry, pilot’s school and air ambulance services in the Caribbean. Mr. Cordero-Krüger served as a professor of Statistics and Operations Management at the College of Business Administration of the Rio Piedras Campus, University of Puerto Rico, and was a system design, work measurement, and quality control professor at the Industrial Engineering department of the Polytechnic University of Puerto Rico.
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.