United Cannabis Corporation Signs Memo Of Understanding with Herbal Biotech Pathways Labs to Establish Puerto Rican Joint Ven...
14 June 2017 - 5:30AM
Access Wire
Companies Will Establish Grow, Production, Research,
and Distribution Facilities to Operate in and Serve the
Commonwealth of Puerto Rico
DENVER, CO / ACCESSWIRE / June 13, 2017 /
United Cannabis Corporation (OTCQB: CNAB) (the "Company" or "United
Cannabis") today announced that it has signed a Memo Of
Understanding ("MOU") with Herbal Biotech Pathways Labs ("Herbal
Biotech") to form a joint venture ("NEWCO") in order to advance and
support access to medical cannabis in Puerto Rico. NEWCO will be
equally owned by the two companies and established according to the
laws of the Commonwealth of Puerto Rico.
According to the terms of the MOU, the Company will make
available to NEWCO its proprietary cannabis brands, products and
expertise, Prana formulations, delivery methods, software and
professional network, sufficient to launch complete cannabis based
business (grow, processing/manufacturing, retail and marketing for
cannabis and/or hemp) for the Commonwealth of Puerto Rico; and
Herbal Biotech will invest and/or make available capital, services
and equipment to support and develop the operation pursuant to a
business plan as agreed upon by both parties.
United Cannabis' Chief Executive Officer, Earnest Blackmon,
commented on the announcement, "Puerto Rico represents a
substantial opportunity within the cannabis market, and we have
been working to establish United Cannabis as a leader in that
market. Patients in Puerto Rico will not be allowed to smoke
medical marijuana, but can use other delivery methods, such as oral
drops, pills, topical creams and salves, and our proprietary Prana
line fully complies with these requirements. Cesar's general
expertise in the sector, as well as his contacts and financial
resources within the Puerto Rican community, will enable us to
expedite our plans to establish a comprehensive operation that will
support our efforts in research, product development, production
and distribution."
Cesar Cordero-Kruger, Principal at Herbal Biotech, went on to
say, "We are very enthusiastic about this new partnership, which
positions us in a very unique space, for the development of
phyto-therapeutics products that target Puerto Rico patient's
ailments in a safe and effective manner. The addition of United
Cannabis' remarkable science team strengthens our ability to become
a trusted provider of infused products with high therapeutic
value."
About United Cannabis Corporation
United Cannabis Corporation is a biotechnology company dedicated
to the development of phyto-therapeutic based products supported by
patented technologies for the pharmaceutical, medical, and
industrial markets. The Company is a pioneer in the application of
cannabinoids for medical applications and is building a platform
for designing targeted therapies to increase the quality of life
for patients around the world. The Company's products are patent
protected, first in class medicines with applications to a global
market. United Cannabis trades on the OTCQB under the symbol CNAB.
For further information, please visit www.unitedcannabis.us.
About Cesar Cordero-Kruger
Mr. Cordero-Krüger has over 30 years of management experience in
a diverse spectrum of businesses and academic environments. Since
1995 he has been a consultant for a major national drugstore chain,
assisting with its expansion plans in Puerto Rico and the US Virgin
Islands, resulting in the successful launch of over 60 new stores.
He is a co-founder of General Management Assistant Corp. and was
engaged by the Commonwealth of Puerto Rico's Economic Development
Administration on a variety of projects, such as a feasibility
analysis for the air cargo transportation industry, pilot's school
and air ambulance services in the Caribbean. Mr. Cordero-Krüger
served as a professor of Statistics and Operations Management at
the College of Business Administration of the Rio Piedras Campus,
University of Puerto Rico, and was a system design, work
measurement, and quality control professor at the Industrial
Engineering department of the Polytechnic University of Puerto
Rico.
Contact: Staff@UnitedCannabis.us
Phone: 303-386-7321
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933, and are subject to Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the safe
harbors, created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the company, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and other results and
further events could differ materially from those anticipated in
such statements. Future events and actual results could differ
materially from those set forth in, contemplated by, or underlying
the forward-looking statements.
SOURCE: United Cannabis Corporation