Funds Will Facilitate Expansion, Advance Clinical Studies And Subsidize Working Capital
DENVER, CO / ACCESSWIRE / December 22, 2016 / United Cannabis Corporation (OTCQB: CNAB) (the "Company" or "United Cannabis") today announced that Tangiers Global, LLC ("Tangiers") has provided the Company with a Fixed Funding Commitment (the "Agreement") for up to $5 Million.
Earnest Blackmon, United Cannabis' Chief Executive Officer, commented on the announcement, "What a great way to end the year! We've retired our outstanding notes, established a growing revenue stream from our Prana products, and entered into several strategic relationships. This commitment from Tangiers gives us the financial resources we need to advance a number of the expansion projects we are pursuing, most notably the launch of our new extraction products and services and the initiation of clinical trials on our Prana line."
Justin Ederle, Managing Partner of Tangiers Global, LLC added, "We are very active in the cannabis sector and are always looking for innovative companies with strong growth potential over the long term. United Cannabis' approach to the market made them a very attractive investment candidate - we were quite impressed with their management team, Prana line, strategic relationships in the US and Jamaica, intellectual property portfolio, and product pipeline. We are confident that our investment will provide United Cannabis the funds needed to capitalize on the many opportunities available to them and we look forward to working with them in that endeavor."
About United Cannabis Corporation
The Company's Prana Bio Medicinal products provide patients a way to mix/match cannabinoids for therapeutic purposes. These products, licensed to regulated marijuana dispensaries, are broken into 5 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 combinations of cannabis derived terpenes to increase bioavailability.
For further information, please visit www.unitedcannabis.us.
About Tangiers Global
Tangiers Global is a specialty investment arm of Tangiers Capital, which was founded in 2006. It is a private firm that provides working and expansion funding to small and microcap public companies through a variety of investment structures, including the new Fixed Funding Commitment™; www.tangierscapital.com.
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, 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