Friday, June 24, 2022

United Cannabis Corp (OTCMKTS:CNAB) Continues to Power Higher

United Cannabis Corp (OTCMKTS:CNAB) is a stock that’s been powering in an uptrend on the strength of a broad sector move in the cannabis patch, as well as the company’s recent announcement on the initiation of 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.

Last time we covered this stock was about three weeks ago. We noted some insider sales among executives. But further made the following two points: “It seems a little concerning that the top guys would pull the type of maneuver described above. And in worse times for the market space, we would expect such a signal in a stock with this type of poor balance sheet to be disastrous for a penny stock. But, in the end, this is a pot stock. And that gets us back to the original point: pot stocks are good! Right now, you can’t beat that logic.” Second, “As savvy traders are well aware, a restricted trading float and a jump in trading volume can crimp supply and push share prices higher.” The stock has tripled since that point. And we would continue to put the same two ideas at the center of analysis here.

United Cannabis Corp (OTCMKTS:CNAB) bills itself as a company that United Cannabis Corporation 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.

It 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 Corporation was founded in 2007 and is based in Denver, Colorado.

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The big current initiative for the company right now is given best by their recent press release announcing the initiation of 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.

Dr. Jahlani Niaah, Coordinator of the Rastafari Studies Center/Centre for Ganja Research, commented on the announcement, “I would like to thank the entire team at CRD/UCANN/Blue River Extracts for their invaluable contribution of equipment to our educational outreach project. We are confident that the equipment will be instrumental in strengthening our data collection, documentation and media education campaign around cannabis. We look forward to deepening our collaboration in the upcoming months as we work to increase hands-on research, technological transfer and training in helping to build local capacity, especially within the Rastafari community.”

As noted in the release, 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.

Earning a current market cap value of $63.9M, CNAB has virtually no cash on the books, with total assets approaching $170K, which compares with an appreciable load ($1.01M) of total accumulated debt. The chart shows above 460% added to share values of the name over the past month of action. Furthermore, the stock has seen an influx in interest of late, with the stock’s recent average trading volume running just under 440% beyond what we have been seeing over the larger time frame. As noted above, it pays to take note of this fact due to the tiny float size in the stock (roughly 7.4M shares). As savvy traders are well aware, a restricted trading float and a jump in trading volume can crimp supply and push share prices higher. 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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