2000% increase in revenues is great. Sad about the 60 day delay from startup of the Mead facility. BUT... Still 2000% over 2017! with the existing Hemp facility. Clinical trials and Pranna sales moving...GLTA...
The Company experienced a 60-day delay in the delivery of industrial hemp processing equipment to its facility in Mead, Colorado, causing a delay in the scheduled expansion of its capacity at that facility as well as related revenue.
Presently, revenues for the 4th Quarter of 2018 are estimated to be approximately $2,000,000 to $2,500,000, as compared to $259,340 of revenues for the same period for 2017; and, revenues for the year are estimated to be approximately $6,500,000 to $7,000,000 for 2018, as compared to revenues of $362,323 for 2017.
The Company also announced that it has achieved the following milestones during the quarter:
The academic laboratory of Dr. Brent Reynolds, cofounder of Prana Therapeutics, Inc., the Company's 95% owned subsidiary, has been issued a Schedule 1 drug license from the DEA. This License will allow the laboratory to purchase and study the ability of cannabinoids to treat diseases and dysfunctions in laboratory animals.
The first delivery of its patented Prana Hemp products is onsite in Jamaica; distribution throughout the Caribbean will begin this month.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, "While I am certainly disappointed that we had to postpone the expansion of our hemp operation, 2018 was still a substantial growth year for United Cannabis; revenues are up 2,000 percent over 2017. Looking to 2019, I expect we will see continued growth in our existing business, as well as significant contributions from our hemp facility and Jamaica operation."
