DENVER, Sept. 12, 2019 /PRNewswire/ -- United Cannabis Corporation (OTCQB: CNAB) (the "Company" or "United Cannabis") today announced that it has initiated extraction services at its majority-owned processing plant in McMinnville, Tennessee (the "Facility").
The Company established the 20-acre, 23,000 square foot Facility to provide contract manufacturing to farmers working in accord with the 2018 Federal Farm Bill and Tennessee's Department of Agriculture's (TDA) Hemp Program.
Located in central Tennessee, the McMinnville operation is currently processing industrial hemp for CBD-rich distillates, oils and isolates for further processing. Fibrous bi-products generated during processing will also be collected for sale to a wide range of industrial manufacturing customers. Longer term, the Facility will also offer purification, testing and processing services, as well as packaging, fulfillment, and secure storage capabilities.
Tennessee's Hemp industry has grown rapidly since the passage of the 2018 Farm Bill; the TDA licensed more than 2,600 hemp growers in 2019, a ten-fold increase from 2018 when they approved 226 applicants.
Clifton Lambreth, the Company's Chief Marketing Officer, commented on the announcement, "This is an important addition to the United Cannabis production network as we gear up to hit 50,000 pounds of daily hemp processing in the first quarter. Tennessee is not only one of the fastest growing hemp farming markets in the country, it's also my home state, so I'm very familiar with the needs of the stakeholders in the region. Their response to our launch has been very enthusiastic and I look forward to working together to establish Tennessee and Untied Cannabis as leaders in the hemp sector.
Earnest Blackmon, Chief Executive Officer of United Cannabis, added, "The booming consumer demand for CBD products is driving demand for high-quality hemp extractions, like those produced by United Cannabis. We're meeting that demand by expanding our capacity in high-yield hemp farming states like Tennessee where our services provide farmers with a competitive advantage in the raw material supply chain. Similar launches are on the way in South Carolina, Illinois and New York."
About United Cannabis Corporation
United Cannabis Corporation is a biotechnology company dedicated to the advancement 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 develops, produces and distributes proprietary cannabis-centric products and technologies, including its patented product brand, Prana Bio Nutrient Medicinals, and has established a strong presence in the hemp-derived CBD market, with its state-of-the-art processing, testing and production facilities. United Cannabis also licenses its intellectual properties relating to the legalized growth, production, manufacture, marketing, management, utilization and distribution of medical and recreational marijuana and marijuana-infused products. Most importantly, United Cannabis is always driven by its underlying mission to help people in pain.
United Cannabis trades on the OTCQB under the symbol CNAB.
To discuss partnership opportunities or learn about our distributor program, contact Tres Walsh (email@example.com) or (720) 903-4656.
To discuss licensing the Company's patented technologies, please contact our General Counsel, Jesús M. Vázquez, at firstname.lastname@example.org or 800-701-1370
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.
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SOURCE United Cannabis Corporation