United Cannabis Corp. (OTCBB:CNAB) aka MySkin Inc has been making a spectacular run in recent days from well under $1 recently touching the $2 mark before some healthy consolidation in the $1.50 range. CNAB is a stock with a history of spectacular moves running from just over $0.05 to highs of $11.45 the last time pot stocks went parabolic.
With that kind of history we should not be surprised at CNAB latest action as pot stocks heat up across the board. There are plenty of reasons to get excited about pot stocks here; according to a recent report from MMJ Business Daily suggests that 2015 is expected not only to see more investment dollars flow into the market but it could even outpace the growth rate seen in 2014. States like Nevada, Illinois, Massachusetts, Oregon, and Alaska have all been identified as industry drivers this year. Furthermore, the rise in “big money” from some major investment funds has just started to hit the sector.
United Cannabis Corp came into being in May 2014 after the name change from MySkin Inc to reflect the Company’s entry into the pot industry. The shell was originally formed as a California Corp on November 15, 2007. The Company changed their state of incorporation to Colorado when they changed their name to United Cannabis Corp.
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.
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.
In recent news CNAB said on January 6 that it has signed a consulting and licensing agreement with FoxBarry Farms, LLC whereby FoxBarry will be the exclusive licensee and distributor of United Cannabis branded medical marijuana products in the State of California.
According to the release FoxBarry will be the exclusive authorized distributor of the United Cannabis brand of medical cannabis products in the State of California. FoxBarry has earmarked $30 million to fund all phases of the California state-wide program. The Company will receive $200,000 in prepaid royalties for exclusive licensing rights in the State of California.
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United Cannabis will provide a variety of consulting services to FoxBarry-managed operations, including cultivation, harvesting, processing and sales of medical marijuana and medical marijuana infused product. United Cannabis will assist FoxBarry in coordinating programs with at least three different federally recognized tribes on their reservations, covering the northern, central and southern areas of California
The FoxBarry group of companies provides a variety of economic development opportunities to its Native American partners. Working directly with its tribal partners, FoxBarry provides funding and management expertise in turnkey business enterprises that work within the constructs of the laws and ordinances of the tribes.
CNAB CEO Earnest Blackmon said “What a great way to start the New Year. This partnership alone gives us access to more than half of all registered marijuana patients in the country. When you factor in Colorado and our affiliates in Nevada, we have the potential to reach nearly two thirds of the registered patients in the US; the opportunity is enormous.”
Working with FoxBarry, the Company intends to establish United Cannabis as a premier brand with the State’s medical cannabis patients. The first program will be established in Northern California, with ground breaking to occur in the next 30 days, and operations to begin in February of this year.
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CNAB has been moving up steadily since its lows below $0.50 last summer. While the Company does not have much in terms of real fundamentals they have clearly invested some money in a ramped up new corporate domain and Investors presentations. Currently trading at a $62 million market valuation CNAB is priced relatively cheap compared to most in the sector and has a history of spectacular moves running from under $0.06 to over $11 the last time pot stocks got hot. As we come into the season when pot stocks heat up with plenty of catalysts in the New Year to keep the sector buzzing investors are once again flocking to CNAB. This is one pot stock to watch.
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Disclosure: we hold no position in CNAB either long or short and we have not been compensated for this article