LAS VEGAS, Oct. 24, 2014 /PRNewswire/ -- CannaVEST
Corp. (OTC:CANV), a leading manufacturer and distributor of hemp
and cannabidiol (CBD) based products, released a letter from
Michael Mona, Jr., Chief Executive
Officer, to stockholders and customers regarding a recent report
issued by Project CBD:
Dear Stockholders and Customers,
First, thank you for your continued support of and belief in our
company. As you may be aware, on October 14,
2014, Project CBD, an organization claiming to be an
educational service on the medical utility of the cannabis plant,
issued a "special report" titled Hemp Oil Hustlers. In the
report, Project CBD makes numerous allegations against individuals
and companies in the CBD industry who are not involved with or
related to our company. However, of particular concern are the
allegations and statements of purported fact concerning the quality
and safety of our products.
We owe it to our stockholders and customers to respond to such
allegations. The claims disparaging our products are based on
scientific inconsistencies, critical flaws in the methodology used
to perform tests and false data. Our industry as a whole is subject
to numerous attacks, and typically we do not merit such attacks
with a response. In this instance, where the quality and safety of
our products is attacked, we owe it to our customers and
stockholders to respond.
Our methods for processing our hemp oil are expertly controlled
from seed to sale. We have invested substantial effort and capital
in establishing a world-class research laboratory and processing
facility to ensure that our processes for purifying and processing
cannabidiol (CBD) exceed all applicable standards. Our lab has
achieved purification in excess of 97% on natural (non-synthetic)
hemp-based CBD, and our processes and the efforts of our scientific
team should be applauded and not disparaged.
With regard to the specific allegations made by Project CBD:
- Residual Solvents and Heavy Metals – We do not use
solvents in our extraction process. However, the Project CBD
report claims that two of the five samples of RSHO tested positive
for residual solvents. The Report states "these are all class one
solvents, the most dangerous and toxic class of solvents." First,
the solvents identified by Project CBD in the report (hexane,
pentane, butane and ethyl acetate) are, in fact, not Class I
solvents as defined by the United States Pharmacopia (USP). The
identified solvents are either Class II or Class III solvents, and
the USP has set acceptable exposure limits for Class II and Class
III compounds.
With respect to heavy metals, our products have, without exception,
tested below the practical quantitation limits for the industry
standard ICP-MS method as set forth in Steep Hill's monograph
titled, "Testing Cannabis for Contaminants." Quite simply our
products fall safely in line with the applicable standards, and the
Project CBD report is uninformed and just plain wrong.
- Testing Methods – In addition, the conclusions reported
as fact by Project CBD are based on suspect methods. First, Project
CBD concedes its sample batches had no chain of custody controls.
The samples (allegedly) tested by Project CBD were obtained from
third parties. Also, the laboratory used by Project CBD (Flora
Research Laboratories) had critical flaws in its methodology –
flaws that would prevent the release of data by any reputable,
unbiased lab. Specifically, the analysis performed by Flora
Research confirmed there were major residue impurities on their
injection needle that would lead to carryover between samples.
Flora Research also employed shoddy procedures relating to the wash
out of nonpolar hemp oil from their needle, which would not
dissolve the hemp oil matrix.
Based on the testing methods utilized by Flora Research, and what
is likely a bias based on its relationships with other CBD
suppliers, Project CBD's data should be disregarded. Although
written in a manner to suggest it is objective journalism, the
Report should be read for what it is – an effort to discredit our
company for the benefit of its competitors.
We have asked the Director of Project CBD, Martin A. Lee, to work with us to vet his
conclusions and statements in the interest of ensuring the public
has accurate and reliable data concerning our products. Mr. Lee has
accepted our invitation and we plan to educate Mr. Lee on our
processing methods and protocols. We also will work with
Project CBD to provide reliable and accurate test results.
Ultimately, we are confident Project CBD will agree its report is
fatally flawed as it relates to its conclusions about our
products. We look forward to working with Project CBD,
because we are confident our processes and end products are the
highest quality in the world.
My intention with this letter is to ensure our stockholders and
our customers have accurate data concerning the viability and
safety of our products. We stand behind our processes and
procedures, and we are proud of what we have accomplished to date.
We continue to work hard to become world's largest – and most
respected – developer of CBD-based products.
Michael Mona, Jr.
CEO
CannaVEST Corp.
About CannaVEST
Corp.
CannaVEST Corp. (OTCBB:CANV), based in Las Vegas, Nevada, focuses on the procurement
and wholesale of the hemp plant extract cannabidiol (CBD), and the
development, marketing and sale of end consumer products containing
CBD, which is refined into its own PlusCBD Oil™ brand.
CannaVEST resells raw industrial hemp product to third parties,
acquired through supply relationships in Europe. Additional information is available
from OTCMarkets.com or by visiting www.cannavest.com.
CannaVEST Corp.'s subsidiaries include CannaVest Laboratories, LLC
(www.CannaVestLabs.com), which facilitates cutting edge research
and develops nutraceutical and food products, containing
cannabidiol (CBD) oil, and is the developer and manufacturer of
CannaVEST's own award winning CBD Simple™, and US Hemp Oil,
LLC (www.USHempOil.com), which provides seed procurement,
cultivation, processing, and production consultation, and equipment
to support U.S. farmers, researchers and businesses to cultivate
and process industrial hemp in the US.US Hemp Oil plans to build
seed-processing mills and bring hemp-based products to market.
FORWARD-LOOKING DISCLAIMER
This press release may
contain certain forward-looking statements and information, as
defined within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, and is
subject to the Safe Harbor created by those sections. This material
contains statements about expected future events and/or financial
results that are forward-looking in nature and subject to risks and
uncertainties. Such forward-looking statements by definition
involve risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of CannaVest Corp. to
be materially different from the statements made herein.
CONTACT: Investor Relations, 866-290-2157
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