CannaVEST Corp (OTCMKTS:CANV) is making an explosive move up since reversing off $0.70 lows last week. The stock was trading well over $4 a share earlier this year.
On July 21 the Company announced it has entered into a Settlement Agreement with Medical Marijuana, Inc. and its affiliated companies (the “MJNA Parties”) to resolve all pending litigation. Pursuant to the settlement, the MJNA Parties will pay CannaVest the sum of $750,000, $150,000 of which has been received and the remaining $600,000 is payable pursuant to the terms of a Secured Promissory Note payable in six equal monthly installments. Also pursuant to the settlement, CannaVest received by assignment certain domain names associated with CannaVest’s business from the MJNA Parties, and assigned all of its right and interest in certain trademarks affiliated with the RSHO(TM) and Real Scientific Hemp Oil(TM) brands.
CannaVEST Corp (OTCMKTS:CANV) is a manufacturer and distributor of hemp and Cannabidiol (CBD) based products. The Company is focused on the procurement and wholesale of the hemp plant extract cannabidiol (CBD), and the development, marketing and sale of end consumer products containing CBD, which is refined into its own PlusCBD Oil™ brand. CannaVest resells raw industrial hemp product to third parties, acquired through supply relationships in Europe.
Much has been made of the fact that CANV is not technically a pot stock; the Company sells CBD related products but this seems to matter little to speculators who bided up the shares of CANV more than any other in the sector. The move last year was so EPIC that CANV was featured in Forbes in an article that looked at the Company’s formation and noted that CANV backer Bart Mackay was worth $1.8 billion on paper when CANV hit $200.
CANV subsidiaries are: CannaVest Laboratories is a global phytocannabinoid biotechnology company based in San Diego. Our focus is the science of phytocannabinoids and the marketing and distribution of phytocannabinoid-based products. We utilize advanced cultivation methods and state-of-the-art processing technology that lead to the development of hemp-based pharmaceutical and nutraceutical products.
Cibdex™ is the first commercially available phytocannabinoid-rich hemp extract that is manufactured based on current good manufacturing practice (cGMP) protocols (in accordance with FDA’s Current Good Manufacturing Practices).
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Cibaderm™ is a revolutionary personal care line infused with our Hemp CBD Complex™—a unique extraction of the hemp plant—and natural steam-distilled botanicals. Indulge your body with the power of Cannabis Beauty™. Your skin, hair, and nails will look healthier and more radiant, naturally, thanks to Cibaderm™.
US Hemp Oil is dedicated to the procurement, processing, marketing and distribution of bulk wholesale hemp oil, protein, food and hemp body care products. US Hemp Oil is determined to bring hemp food products into the mainstream by creating greater public awareness and media exposure for the exceptional nutritional profile of hemp seeds and the environmental benefits of growing industrial hemp.
The PlusCBD™ emblem is the first universal standard for CBD quality control and quality assurance. Every product bearing a PlusCBD™ monogram certifies that your hemp-based CBD originates with us. It is a visual reminder to your customers that you have added CBD to your product. PlusCBD™ assures your customers that they are getting a safe, legal ingredient in your products.
CannaVEST has some interesting characters behind it, the two lead figures being CEO Michael Mona, Jr. and backer and primary shareholder Bart Mackay. According to the Forbes article ”Michael Mona Jr. went before the Nevada Gaming Control Board seeking a license for his Mediterranean-style Sunrise Suites hotel and casino in Las Vegas, it didn’t go well. The board, reportedly wary of his ties to shady telemarketers, including one who spent time in jail, told Mona his application would be rejected. He in turn withdrew his application and subsequently filed for personal bankruptcy when the casino could not open.”
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Currently trading at a $60 million market valuation CANV does have $2.4 million in the treasury and litlle debt. They also reported significant revenue growth of $10,190,667 in sales for 2014 up from $2,154,063 the year before. We will be updating on CANV when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CANV.
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Disclosure: we hold no position in CANV either long or short and we have not been compensated for this article.