28.9 F
New York
Thursday, January 21, 2021

United Cannabis Corp (OTCMKTS:CNAB) Sparks Up in Jamaica

Must read

Solar Integrated Roofing Corp (OTCMKTS:SIRC) Stock is on a Tear. Buy, Sell, or Hold?

Solar power has grown in popularity in recent years owing to a definite shift towards clean energy. Solar Integrated Roofing Corp (OTCMKTS:SIRC)...

Critical Update: HUMBLE; Tesoro Enterprises, Inc. (OTCMKTS:TSNP)

Over the course of the past week, the rally in Tesoro Enterprises, Inc. (OTCMKTS:TSNP) has been one of the most eye-catching ones...

American Battery Metals Corp (OTCMKTS:ABML) Hits New High On Critical Milestones

The lithium-ion battery sector has been in focus in the markets for quite some time now, and the latest company to have...

Every Financial Professional Needs A CamScanner APP

Paid Advertisment: The job description of a financial professional demands a great level of...

United Cannabis Corp (OTCMKTS:CNAB) is a cannabis play that has offered one wild ride after another over the past 9 months. One might see CNAB down from $3/share to under a dollar and think it’s weak. But seen another way, if you bought it at $0.16 last September, you’re up 350% in under a year. (Last time I checked, that ain’t bad). CNAB’s latest catalyst came this week when it announced that Jamaica’s Ministry of Health has registered its Prana P5 Hemp Bio Nutrient Capsules, Aromatherapy Roll-On and Sublingual Drops, and approved a Jamaican bilateral partner of the Company, Caribbean Research & Development Limited, to begin production in Jamaica.

According to the release, the company now has approval through this partner to research, cultivate, manufacture, and distribute its CBD-based products in Jamaica and reciprocal countries, giving CNAB and CRD immediate means to revenue. “The Company has begun to secure facilities, hire and train staff and establish necessary contacts. The Company expects to commence production within 90 days.”

United Cannabis Corp (OTCMKTS:CNAB) teamed with Jamaica-based Cannabis Research & Development initiating 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.

Subscribe below and we’ll keep you on top of what’s happening before $CNAB stock makes its next move.

CNAB will work in collaboration with the Rastafari Studies Centre to support the activities of the DHAPA Association in accord with their broader objective of establishing an infrastructure for licensed Rastafari farmers and trainees to participate in the Jamaican marijuana industry.

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.

As noted above, CNAB has been an extremely volatile name, currently in the grips of an extended corrective move. However, the company just secured the means and rights to get down to business in Jamaica, which – according to their communications material – puts this company in immediate shape to generate revenues.

Whether or not this will actually happen is another story. But traders would be wise to keep this one on the radar. As stated by management, they foresee about a 3-month outside lag to initiating real production.

Earnest Blackmon, Chief Executive Officer of CNAB, commented on the announcement, “This is the culmination of a four-year effort by the management of United Cannabis to create a relationship with a supportive government in the Caribbean in order to give patients in the area access to improved, alternative health choices, greater access to research, and to create jobs and tax revenues for the local community. To that end, we have initially budgeted over $2 million for investment in facilities and operations at CRD to help ensure a world class operation in Jamaica.”

We’ve witnessed about -5% stripped out of the name during the trailing week. However, CNAB has evidenced sudden upward volatility on many prior occasions. Furthermore, the listing has seen interest climb, with an increase in recent trading volume of 12% above its longer run average levels.

This should not be overlooked given the stock’s tight trading float of just a tad more than 15M shares. As savvy traders are well aware, a jump in average daily transaction volume in a stock with a restricted float can unleash fireworks as supply is squeezed.

Currently trading at a market capitalization of $44.04M, United Cannabis Corp (OTCMKTS:CNAB) has virtually no cash on the books, which must be weighed relative to about $570K in total current liabilities. CNAB is pulling in trailing 12-month revenues of $659K. However, the company is seeing declines on the top line on a quarterly y/y basis, with revenues falling at -22.7%. You can bet we will update this one again as new information comes into view. 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!

Disclosure: we hold no position in $CNAB, either long or short, and we have not been compensated for this article.

Latest article

Artificial Intelligence Technology Solutions (OTCMKTS: AITX) Moves Up Quickly On Solid Volume

The artificial intelligence industry has grown at a remarkable pace over the past half a decade or so and over the coming...

Signal Advance Inc (OTCMKTS:SIGL) Makes a Big Move, Again.

Speculation and confusion can often lead to strange occurrences on the stock markets and that is what happened...

Ozop Energy Solutions Inc (OTCMKTS:OZSC) Remains Volatile: Stock in Focus

Those who are looking to discover stocks that may have made big moves over the course of the past week could consider...

Data Storage Corp (OTCMKTS:DTST) Gets Sudden Attention: What’s The Buzz?

One of the stocks to have made significant gains this week was that of Data Storage Corp (OTCMKTS:DTST). The Data Storage Corporation...

A Closer Looks at American Battery Metals Corp (OTCMKTS:ABML) Developments

American Battery Metals Corp (OTCMKTS:ABML) is one of the stocks to have been in focus among investors over the course of the...