United Cannabis Corp. (OTCBB:CNAB) is back over its $0.50 support on moderate volume after the recent run up CNAB made off its $0.50 base to highs near $2 a share.
The stars aligned for CNAB when the U.S. Justice Department recently said that Indian tribes can grow and sell marijuana on their lands as long as they follow the same federal conditions laid out for states that have legalized pot.
This opened up the door for Indian Reservations to mount large scale grow operations and United Cannabis Corp along with FoxBarry Farms has emerged as the de facto consultant and business partner in this new emerging multi-billion dollar industry.
The big story here is the planned $10 million indoor large-scale, federally-legal marijuana farm on Pinoleville Pomo Nation land located near Ukiah, Mendocino County California. United Cannabis Corp along with Foxbarry farms will be running the entire operation.
The 250-member Pinoleville Pomo Nation said on January 8 that is has entered into a contract with United Cannabis and Kansas-based FoxBarry Farms to grow thousands of marijuana plants on its 99-acre rancheria just north of Ukiah.
This is the first of 3 such grow operations that are planned in California by United Cannabis and FoxBarry and construction on the 2.5-acre indoor facility is expected to begin within a month and operations are expected to be underway in February, according to a spokesman for the tribe.
MySkin Inc (OTCBB:CNAB) aka United Cannabis Corp. (OTCBB:CNAB) was founded to advance the use of cannabinoids in medicine through research, product development and education. The Company is dedicated to improving the lives of patients through the creation of products using only the highest quality genetics, purest extractions and most effective protocols possible.
CNAB A.C.T. Now Program and patent-pending Prana Bio Nutrient Medicinals provide a comprehensive solution, designed to enable physicians and patients to design, implement and monitor effective therapy protocols.
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CNAB focus is to develop and license proprietary cannabinoid products for a variety of therapeutics applications as well as license their proprietary software to physicians seeking cannabinoid-‐based products.
On February 25 CNAB said it has entered into a Business Partnership with Cannabinoid Research & Development (“CRD”) and Jamaica’s Scientific Research Council, to establish a branded genetic database and conduct product analysis and preclinical studies of its entire Prana Bio Medicinal product line. The Partnership will collaborate with the University Of The West Indies, Mona (“UWI”) and have access to its staff and facilities, most notably the School of Medical Sciences, Clinical Trial Centre, and eight associated hospitals.
The announcement comes on the heels of last night’s news that Jamaica’s House of Representatives passed an amendment to its Dangerous Drugs Act, decriminalizing small amounts of marijuana and instituting a licensing agency to establish and regulate a domestic medical marijuana industry.
Pot stocks could get a bump after a Medical marijuana bill was introduced in the Senate last week that declared that the federal prohibition against medical marijuana was out of step with science proposing to make the drug more accessible nationwide for medical purposes. The bill was introduced by Sen. Cory Booker, D-New Jersey, Sen. Kirsten Gillibrand, D-New York, and Rand Paul, R-Kentucky.
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Currently trading at a $42 million market valuation CNAB has $189,000 in the treasury, rising short term debt and minimal revenues to date; the kind of financial picture that can and has led to significant dilution. CNAB has some exciting projects in the works that we have reported on earlier. We will be updating on CNAB when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CNAB.
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Disclosure: we hold no position in CNAB either long or short and we have not been compensated for this article