United Cannabis Corp (OTCMKTS:CNAB) is trading up 18% percent today with volume as high as 248,385. Since the beginning of the week, the stock is on a 35% rip in price and +100$ tear for the month. Now, if you bought the stock in fall of last year you are up +300%. Now, most of the recent action is off the news coming out of Jamaica, but the company has also reportedly closed a deal in Louisiana as well.
In Jamaica, CNAB has permission through this partner to research (‘through the partner’ is the key detail there), cultivate, manufacture, and distribute its CBD-based products in Jamaica and reciprocal countries, giving CNAB and CRD immediate means to revenue. “The Company has begun to secure facilities, hire and train staff and establish necessary contacts. CNAB expects to commence production within 90 days.” 90 days is good news for investors and the market is reacting.
United Cannabis Corp (OTCMKTS:CNAB) has also signed an LOI to be the medical marijuana provider for Southern University. According to the terms of the Letter of Intent, the Company will assist in preparing a response to a Request for Application (“RFA”) anticipated to be issued by Southern University, who has been granted a license by the State of Louisiana to be a therapeutic marijuana producer. This license would include responsibilities to build and operate a facility, cultivate, process, extract, and manufacture products.
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Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, “As United Cannabis continues to build our presence within the industry, we are experiencing an increased demand for our expertise as more states recognize the benefits of medical cannabis and seek to establish legal and effective operations within their localities. We look forward to working with our partner to broaden access to medical cannabis for patients in Louisiana.”
United Cannabis is a biotechnology firm committed to the advancement of phytotherapeutic based offerings supported by patented know-how for the medical, industrial and pharmaceutical markets. The firm is a leader in the application of CBDs for medical applications and is establishing a platform for designing intended treatments to enhance the quality of life for people across the globe. The firm’s offerings are patent protected, premium class drugs with applications to an international market.
Earlier United Cannabis closed a MoU with Herbal Biotech Pathways Labs to develop a joint venture NEWCO which can support and offer access to medicinal cannabis in the Puerto Rico. This JV will be owned by both entities and will be established as per the guidelines of the Commonwealth of Puerto Rico. The company will make accessible its cannabis brands, products, Prana formulations, professional and software network and delivery mechanisms to NEWCO.
United Cannabis Corp (OTCMKTS:CNAB) is a hot name across the OTC right now and traders are betting that the wheels get off the ground in Jamaica and here in the States. There is still a possibility that none of those deals materialize, so buyer beware. The company has a restricted float, so volume can cause some serious big moves for CNAB. The company currently has a market cap of $60.32M and 51.33M shares outstanding. We are watching the company closely this week and will provide another update. For continuing coverage on shares of $CNAB stock, as well as our other breakout picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: we hold no position in $CNAB, either long or short, and we have not been compensated for this article.
