United Cannabis Corp (OTCMKTS:CNAB) is a stock that’s been advancing nicely in recent months along with other players in the cannabis space as legal barriers topple on public popular sentiment towards marijuana in an expanding sense. The stock also got a jolt of extra juice to close the week on the announcement that its Joint Venture, which is 50% owned with Jamaica-based Cannabis Research & Development, has submitted its application for a license to cultivate, process, transport and conduct research on cannabis in Jamaica.
The chart shows 130% tacked on to share pricing for the stock in the past month. Market participants may want to pay attention to this stock. CNAB is a stock whose past is littered with sudden rips. In addition, the company has witnessed a pop in interest, as transaction volume levels have recently pushed a bit over 480% over the long run average. This is particularly important with a float in play that’s extremely small — roughly 11.1M shares. This type of thing is something to watch out for: a jump in average daily transaction volume in a stock with a restricted float can unleash fireworks as supply is squeezed.
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.
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.
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As mentioned above, the company just announced that it is beginning the process of establishing the formal credentials for active engagement with the Jamaican marijuana space.
As noted in the company’s recent press release, “In keeping with its mission, UCANN/CRD has been working closely with its partners in Jamaica to assemble and prepare all the information and documentation required by the Cannabis Licensing Authority. The application was submitted on November 3 and has been accepted; the review process is expected to begin presently.”
Earnest Blackmon, Chief Executive Officer of United Cannabis Corp, commented on the announcement, “This is a significant milestone for our Jamaican team. The cannabis licensing application process is a cumbersome undertaking regardless of the domain. Fortunately, we have a strong business model, considerable experience with the process and a solid partnership with CRD. I am pleased that our application was accepted and expect it will be approved in the near term.”
Marcus “Bubbleman” Richardson, Director of CRD, also commented, “While the application has been our primary focus recently, we have also been fine-tuning our business plan and securing the relationships necessary to implement that plan. We are on track and anxious to get to work!”
Earning a current market cap value of $71.4M, CNAB has almost no cash on the books, along with total assets just shy of $170K, which stands against an appreciable load ($1.01M) of total accumulated debt. Revenues for the trailing 12-month period came in at $603.18k. How this stock behaves in coming days will go a long ways toward granting a window into its longer term prospects given the multiple recent catalysts. We will update the narrative again very soon. 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!