United Cannabis Corporation (OTCQB: CNAB) is engaged in the growth, production, manufacture, marketing, consulting, and distribution of recreational and medical marijuana within the United States. Shares of United Cannabis Corporation have staged an impressive rally of 76% over the past five trading sessions; including 22% during afternoon trading on Monday, October 10, 2016. Over the past three months, United Cannabis Corporation has seen average daily volume of 232,095 shares. However, nearly 338,500 shares or dollar volume of $203,100, has already exchanged hands through afternoon trading Monday.
Shares of United Cannabis Corporation have been rocketing higher over the past five trading sessions after the company recently announced they would begin to process industrial hemp. Management hopes to begin extracting cannabinoids, terpenes, and additional hemp compounds. Here is the complete press release detailing of industrial hemp production:
United Cannabis Corporation Press Release:
DENVER, CO / ACCESSWIRE / October 6, 2016 / United Cannabis Corporation (CNAB) (the “Company” or “United Cannabis”) today announced that it will begin processing industrial hemp to extract cannabinoids, terpenes and other compounds for use in its existing and future products.
Although hemp is a member of the cannabis genus, more specifically, Cannabis Sativa, the 2014 U.S. Farm Bill differentiates industrial hemp, defining it as “a plant of the genus cannabis and any part of the plant, whether growing or not, containing a delta-9 tetrahydrocannabinol (“THC”) concentration of no more than three-tenths of one percent on a dry weight basis.”
Since passing, nine states have established pilot programs licensing production. According to VoteHemp, approximately 12,000 acres were planted this year, primarily in Colorado, Kentucky and Tennessee.
The Colorado Department of Agriculture, overseer of the State’s industry, reports 42 of 64 counties in the state currently have growers registered to cultivate industrial hemp. As reported in July 2016, there were 361 active registered land areas, with a total of 8,896 outdoor acres and 1.1 million square feet of indoor production.
Commenting on the announcement, Chad Ruby, the Company’s COO stated, “We’ve been watching the momentum in the industrial hemp sector since 2014, when the Farm Bill passed, and it looks to us like the trends are fixed, with Colorado leading the way. Our expertise in plant genetics and extraction technologies, combined with the vast array of growers right in our backyard, makes this venture a natural evolution for United Cannabis.”
Earnest Blackmon, the Company’s CEO, went on to say, “Just like all cannabis plants, each cultivar of industrial hemp has its own genetic profile, with unique variations of cannabinoids, terpenes and other compounds. We decided to pursue this market because we believe the larger our portfolio of active compounds, the better our ability to offer patients and caregivers the broadest possible spectrum of therapeutic options.”
About United Cannabis Corporation
The Company’s Prana Bio Medicinal products provide patients a simple, safe, accurate, and easy way to mix/match cannabinoids for therapeutic purpose. These products, licensed to regulated marijuana dispensaries, are broken into 5 easy to follow categories that are available in capsules, sublingual’s, and topical delivery methods. The Company uses a patent-pending infusion process utilizing select fatty acids, lipids, and specific combination of cannabis derived terpenes to increase bioavailability. Prana Bio Medicinal products are NON-GMO, ethanol free, alcohol free, glycerin free, gluten free, 100% naturally derived, chemical-free, solventless, and hypoallergenic.
For further information, please visit www.unitedcannabis.us.