Wednesday, June 29, 2022

Recent Resurgence Takes Hold in United Cannabis Corp (OTCMKTS:CNAB)

United Cannabis Corp (OTCMKTS:CNAB) is yet another example of a late-year comeback or resurgence from an old-guard name in the cannabis patch. We’ve seen a ton of 2016 leaders in the space start to reignite over the past 1-2 months. In this case, shares have clawed over 100% higher in that time, breaking back above the key 200-day simple moving average. To foment that return to momentum, the company just announced that Jamaica’s Ministry of Health has approved its patent-protected Prana Medicinal Sublinguals and Prana Medicinal Transdermals for use by registered medicinal cannabis patients.
According to the release, “the Prana Collection is the foundation of the Company’s cannabis-centric formulations, which patients have found effective in providing relief from the symptoms of arthritis, neuropathy, acute pain, joint aches, muscle tension, muscle spasms, muscle recovery, migraines, and various skin conditions.”
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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As noted above, the stock has been recapturing some of its old magic in recent weeks, and in the spirit of continuing that newfound strength, the company just hit the wires with news that Jamaica’s Ministry of Health has approved its patent-protected Prana Medicinal Sublinguals and Prana Medicinal Transdermals for use by registered medicinal cannabis patients.
According to company information, the products will be manufactured and distributed by the Company’s Jamaican subsidiary, Cannabinoid Research & Development Limited. CRD is currently making preparations to produce the complete line of Prana products in Jamaica in anticipation of receiving a license from the Cannabis Licensing Authority.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, ”Jamaica remains at the forefront of the medical cannabis market, both domestically and as a distribution hub for other markets around the world, including Canada, the European Union and Australia. Our partners at CRD are working to establish relationships with potential distributors in those markets so that we’re ready to initiate sales as soon as we are licensed to begin production.”
Interestingly, this would push CNAB into the ranks of just a handful of names in the patch that have begun to coordinate something approaching a globalized outlook on future distribution. We look for this type of shift to increasingly show up in the space.
Earning a current market cap value of $67.6M, CNAB has a reserve ($648K) of cash on the books, which is balanced by virtually no total current liabilities. CNAB is pulling in trailing 12-month revenues of $464K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -61.3%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $CNAB stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CNAB, either long or short, and we have not been compensated for this article.

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