Operation Will Enable Colorado Farmers to Convert Crops into a Variety of Products for Resale and Research
DENVER, CO / ACCESSWIRE / December 27, 2017 / United Cannabis Corporation (OTCQB: CNAB) (the “Company” or “United Cannabis”) today announced that it has secured an industrial building in Colorado where the Company will construct a state-of-the-art industrial hemp processing plant (the “Facility”) to provide contract manufacturing to farmers working under the 2014 Federal Farm Bill and Colorado’s Department of Agriculture’s Industrial Hemp Program. The multi-function Facility will include extraction, purification, testing and processing equipment, as well as packaging, fulfillment, and secure storage capabilities.
Services offered by the Company will enable farmers to convert harvested industrial hemp plants into a range of products, from simple extracts to capsules to sublingual drops, and have them packaged for resale. The processing plant will also have the capability to process raw hemp seed through cold press extraction. Valuable fibrous bi-products generated through the processing will also be collected for sale to a wide range of consumer product industries.
Colorado-grown hemp accounts for more than half of U.S. domestic hemp production, according to Duane Sinning, assistant director of the Colorado Department of Agriculture’s plant industry division. The Denver Post reports farms around the state are expected to harvest up to 9,000 acres of hemp in 2017, compared with just 200 acres in 2014. The harvest yielded 5,900 acres last year and 2,200 acres in 2015.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement saying, “We decided to establish this facility in the face of growing demand for Colorado-grown hemp products. Farmers are dedicating their resources to optimizing grows to yield high quality plants, but many do not have the expertise or equipment on-site to process the plants, and are therefore left to sell their harvest at commodity pricing.”
Blackmon went on to say, “By applying the technologies and GMP protocols we have developed through our previous medical cannabis experience, our Facility will enable them to extract the highest quality phytocannabinoids, terpenes, terpenoids, and flavonoids from their harvest. We will provide Colorado hemp farmers with the resources necessary to generate real value added, and in turn, higher margins, by creating finished products suitable for research or distribution in the State of Colorado.”
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 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. Most of 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 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