United Cannabis Corporation Receives $5 Million Commitment from Tangiers Global
Funds Will Facilitate Expansion, Advance Clinical Studies And Subsidize Working Capital
DENVER, CO / ACCESSWIRE / December 22, 2016 / United Cannabis Corporation (OTCQB: CNAB) (the "Company" or "United Cannabis") today announced that Tangiers Global, LLC ("Tangiers") has provided the Company with a Fixed Funding Commitment (the "Agreement") for up to $5 Million.
Earnest Blackmon, United Cannabis' Chief Executive Officer, commented on the announcement, "What a great way to end the year! We've retired our outstanding notes, established a growing revenue stream from our Prana products, and entered into several strategic relationships. This commitment from Tangiers gives us the financial resources we need to advance a number of the expansion projects we are pursuing, most notably the launch of our new extraction products and services and the initiation of clinical trials on our Prana line."
Justin Ederle, Managing Partner of Tangiers Global, LLC added, "We are very active in the cannabis sector and are always looking for innovative companies with strong growth potential over the long term. United Cannabis' approach to the market made them a very attractive investment candidate - we were quite impressed with their management team, Prana line, strategic relationships in the US and Jamaica, intellectual property portfolio, and product pipeline. We are confident that our investment will provide United Cannabis the funds needed to capitalize on the many opportunities available to them and we look forward to working with them in that endeavor."
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