Wednesday, June 29, 2022

Penny Stock Spotlight on United Cannabis Corp (OTCMKTS:CNAB)

United Cannabis Corp (OTCMKTS:CNAB) is a penny stock that has continued to rank among the most heavily traded pot stocks on the OTC. Recent action reflects the stock’s recent announcement that its investment holding, BudCube Cultivation Systems, a subsidiary of Cherubim Interests Inc, has completed construction and deployment of its first mobile testing and extraction laboratory. According to the recent release, the companies expect deployment of the laboratory to the West Indies on January 13, 2017.

As we have previously noted, United Cannabis Corp. has teamed with Jamaica-based Cannabis Research & Development and initiated a pilot program in collaboration with the Rastafari Studies Centre for Cannabis Research, University of West Indies, Mona, to establish protocols for the development of Ital Standards which will be used as a guide for the processing, cultivation and consumption of cannabis.

United Cannabis Corp (OTCMKTS:CNAB) bills itself as a company that owns intellectual properties related to growth, production, manufacture, marketing, management, utilization, and distribution of medical and recreational marijuana, and marijuana-infused products in the United States.

It also provides consulting and product placement services related to marijuana industry. The company focuses on developing therapeutics, including Prana Bio Nutrient Medicinal products for supplement deficiencies related to the endocannabinoid system, including pain, neuropathy, arthritis, MS, IBS, autism, seizures, eczema, sleep, anxiety, head trauma, opioid dependency, and clinical endocannabinoid deficiencies; and Prana Aromatherapy Transdermal Roll-on line that provides targeted and large surface relief with combinations of aromatherapy.

CNAB has strategic partnerships with WeedMD RX Inc.; Harborside Health Center; and Westside Enterprises, LLC. The company also has a production and placement agreement with Jason Emo and Emotek LLC; licensing and exclusive distribution agreement with DNA Holding, LLC; and consulting and licensing agreement with Marcus Richardson.

The company was formerly known as MySkin, Inc. and changed its name to United Cannabis Corporation in May 2014. United Cannabis Corp was founded in 2007 and is based in Denver, Colorado.

According to company materials, “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.”

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According to the company’s recent release, CNAB plans to work in collaboration with the Rastafari Studies Centre to support the activities of the DHAPA Association in accord with their broader objective of establishing an infrastructure for licensed Rastafari farmers and trainees to participate in the Jamaican marijuana industry.

The Joint Venture’s initial task will be to document and verify the genetics of the Centre’s preliminary plantings, as well as provide guidance in the development of appropriate standards and training methods for future activities.

“We at United Cannabis and Cannabinoid Research and Development are extremely happy with the attention to detail CHIT showed throughout this project. We feel the option to drop ship a lab pre-made to our specifications will deliver a competitive advantage to our affiliates and partners,” said CEO Earnest Blackmon.

“We are thrilled to execute and formally enter into this niche and position ourselves on firmer footing to take on more orders,” said CHIT CEO Patrick Johnson.

We’ve witnessed 42% tacked on to share pricing for the stock in the past month, a rally that has pushed up against longer standing distributive pressure in the stock. This is emblematic of the stock. CNAB has evidenced sudden upward volatility on many prior occasions. Moreover, the name has registered increased average transaction volume recently, with the past month seeing 43% above its longer-run average levels.

Traders should note this as important due to the tight float size in the stock (about 11M shares). Traders should not overlook this combination, as a restricted trading float and a jump in trading volume can crimp supply and push share prices higher.

At this time, carrying a capital value in the market of $75.7M, CNAB has virtually no cash on the books, which stands against about $932K in total current liabilities. CNAB is pulling in trailing 12-month revenues of $735K. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 98.4%. We will update the story again soon as developments transpire. For continuing coverage on shares of $CNAB stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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