Principals Have Allocated a Portion of Their Proceeds to Help Fund Operations
DENVER, CO / ACCESSWIRE / September 29, 2016 / September 29, 2016- United Cannabis Corporation (OTCQB: CNAB) (the "Company" or "United Cannabis") today commented on the recent insider selling activity.
Over the past 30 days the three principals of United Cannabis have executed a number of transactions for the sale of stock held by them. A portion of the proceeds from these sales will be used to help fund the Company's day-to-day operations.
Commenting on the announcement, Earnest Blackmon, the Company's CEO stated, "United Cannabis began largely as a research and development company, which has occasionally been a strain on our finances. That being said, we have been successful in developing a broad portfolio of products and intellectual properties, including our line of Prana Bio Medicinals, which are now generating revenue in dispensaries in California."
Mr. Blackmon went on to say, "Rather than rely solely on investors for the funding of United Cannabis' operations, Tony and I elected to liquidate a portion of our holdings and reinvest a portion of the proceeds in the Company so that we can take advantage of some of the opportunities we see in the market. We believe United Cannabis remains a sound investment and hope that our investors will feel the same."
Following is an overview of these transactions, all of which have been disclosed on Form 4's as filed with the Securities & Exchange Commission, which can be accessed here
Earnest Blackmon, CEO
Tony Verzura, CTO
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 are broken into 5 easy to follow categories that are available from licensed marijuana dispensaries 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.
Contact: [email protected]
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and 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