United Cannabis Corp (OTCMKTS:CNAB) recently announced that The Independent Physicians Association of America has selected the Company’s CBD products for endorsement to and by its membership.
According to the release, “The IPA Association of America (TIPAAA) is the leading trade association serving Independent/Integrated Physician Associations. Founded in 1994, TIPAAA provides a wide range of products, services, and educational programs to help its affiliates operate effectively and successfully. The growing network currently includes over 650 Associations with chapters in 39 states and more than 300,000 affiliated physicians.”
United Cannabis Corp (OTCMKTS:CNAB) promulgates itself as a company that 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.
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 also develops Epidiferphane, a therapeutic for the prevention of the negative side effects of chemotherapy, as well as therapeutics for the management of rheumatoid arthritis and treatment of brain cancer.
According to company materials, “United Cannabis Corporation is a biotechnology company dedicated to the advancement 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 develops, produces and distributes proprietary cannabis-centric products and technologies, including its patented product brand, Prana Bio Nutrient Medicinals, and has established a strong presence in the hemp-derived CBD market, with state-of-the-art grow, processing, testing and production facilities in Colorado and South Carolina. United Cannabis also licenses its intellectual properties relating to the legalized growth, production, manufacture, marketing, management, utilization and distribution of medical and recreational marijuana and marijuana-infused products. Most importantly, United Cannabis is always driven by its underlying mission to help people in pain.”
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As noted above, CNAB just announced that The Independent Physicians Association of America has selected the Company’s CBD products for endorsement to and by its membership.
Recent action has seen 40% added to share values of the stock over the past month of action. What’s more, the company has seen interest climb, with an increase in recent trading volume of 78% above the average volume levels in play in this stock over the longer term.
Earnie Blackmon, Chief Executive Officer of United Cannabis, added, “We are proud to receive this endorsement. Partnering with powerful organizations like TIPAAA and NuAxess, the independent insurance provider we signed with in September, is a key strategic initiative for United Cannabis in 2020 and going forward, and we look forward to working with their members to accelerate the availability of our CBD products to patients across the country.”
Currently trading at a market capitalization of $13.7M, CNAB has a store ($565K) of cash on the books, which stands against about $13.4M in total current liabilities. One should also note that debt has been growing over recent quarters. CNAB is pulling in trailing 12-month revenues of $16.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 121.6%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $CNAB stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CNAB, either long or short, and we have not been compensated for this article.