Denver, CO -- January 25, 2018 -- InvestorsHub NewsWire -- United Cannabis Corporation (OTCBB: CNAB) (the “Company” or “United Cannabis”) today announced that it has entered into a non-exclusive licensing agreement (the “Agreement”) with Harborside Health Association LLC (“HHA”), covering the Company’s patented methods of extracting, preparing and using cannabis.
According to the terms of the Agreement, United Cannabis has assigned HHA the rights to the methodologies necessary to manufacture and distribute its own proprietary line utilizing United Cannabis’ patented technology, in exchange for which, HHA will pay the Company an agreed upon licensing fee.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, “We initially sought patents for our technologies to protect the investment we made in research and development and to protect our pharmaceutical applications. We’ve been working with the Harborside team to distribute Prana in California for several years now, so it is fitting that we are signing our first licensing agreement with them, and they truly recognize the value of our technology and patent.”
Tony Verzura, the Company’s Chief Technology Officer, added, “I am excited about the opportunity to further foster our relationship with a Harborside product line and expand our patented technology in the medical cannabis industry”.
Blackmon went on to say, “While we perfected these methodologies in the course of developing the United Cannabis product portfolio, we are also cognizant of the value these protocols have to others in the cannabis and hemp industry. We have found a number of participants utilizing technology protected by our patent – which covers any cannabinoid mixture delivered in an aqueous solution -- and have identified several that are interested in licensing our technology to ensure authorized use within their operations. I expect that this will be the first of many such agreements that we enter into.”
Steve DeAngelo, Founder of Harborside, added, “There are so many untested products in the medical cannabis space, a trend which I expect will continue as more participants enter the market. Since so many of our patients are receiving great benefit from the Prana Bio Nutrient line, we felt it was important to ensure that we are always able to offer it at our facilities. This license provides us with a real competitive advantage in the market; not only do we have access to United Cannabis’ expertise, it also certifies to our customers that they are purchasing Prana from an authorized provider.”
