LAS VEGAS, Nov. 14, 2014 /PRNewswire/ -- CannaVest Corp. ("CannaVest" or the "Company") is reporting financial results for the quarter ended September 30, 2014.
During the third quarter we terminated our Non-Exclusive License and Distribution Agreement (the "HempMeds Agreement") with HempMeds PX, LLC ("HempMeds"). The HempMeds Agreement granted HempMeds a non-exclusive, worldwide license and right to promote, market, sell, distribute and service the Company's products and an exclusive right to online sales. The HempMeds Agreement termination resulted in a significant revenue loss for the Company but provided an opportunity for CannaVest to better control its sales channels, brand awareness and future profitability without having to rely on a single customer relationship. The termination also allowed CannaVest to pursue revenue from online sales.
"Our worldwide commitment to expanding the science, awareness and benefit of our PlusCBD™ brand of cannabidiol oil and products is gaining traction," said Mr. Mona. "The termination of the HempMeds Agreement required that we immediately expand our sales and marketing capability to better control the growth trajectory of CannaVest. We have expanded our sales force, commenced e-commerce operations and have made strategic marketing investments. Since the termination, we have made great progress. In less than one month we have transitioned from a single customer to literally hundreds of customers." Mr. Mona continued, "Our goal is to make our product portfolio available to the mainstream consumer market and we continue to make good progress in that direction."
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CannaVEST Corp. Increases Efficiencies and Scale, Broadening its Customer Base
LAS VEGAS, Oct. 30, 2014 /PRNewswire/ -- CannaVEST Corp. (OTC:CANV), a leading manufacturer and distributor of hemp and cannabidiol (CBD) based products, announces that it has broadened its customer base due in part to efficiencies in its supply chain and processing capabilities. As CannaVEST's processes and protocols have become more refined and efficient, and its supply chain more robust, CannaVEST has been able to pass savings on to its customers in the form of lower prices for its award winning CBD oil. This has resulted in an increase in CannaVEST's customer base, allowing the company to make its products available to a wider array of businesses and consumers.
"Over the last year, we have further established our supply chain relationships in Europe and have committed to additional inventory and processing capability. We have been able to pass on these economies of scale to our customers, which has resulted in a broader, more diverse customer base," said CannaVEST Corp. President and Chief Executive Officer, Michael Mona, Jr. Mr. Mona added, "[w]e continue to refine our processing capabilities, and have optimized our quality control and quality assurance protocols, which has led to a more streamlined, efficient and economical process for refining our award-winning CBD products and compounds."
CannaVEST is in active discussions with various enterprises to partner in providing its consumer-grade PlusCBD™ to existing and new, innovative consumer products.
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In plus one year ago suffered for injustified attacks in a well orchestrated news campaign, with analysis of manipulated samples published on the web.
LAS VEGAS, Oct. 24, 2014 /PRNewswire/ -- CannaVEST Corp. (OTC:CANV), a leading manufacturer and distributor of hemp and cannabidiol (CBD) based products, released a letter from Michael Mona, Jr., Chief Executive Officer, to stockholders and customers regarding a recent report issued by Project CBD:
Dear Stockholders and Customers,
First, thank you for your continued support of and belief in our company. As you may be aware, on October 14, 2014, Project CBD, an organization claiming to be an educational service on the medical utility of the cannabis plant, issued a "special report" titled Hemp Oil Hustlers. In the report, Project CBD makes numerous allegations against individuals and companies in the CBD industry who are not involved with or related to our company. However, of particular concern are the allegations and statements of purported fact concerning the quality and safety of our products.
We owe it to our stockholders and customers to respond to such allegations. The claims disparaging our products are based on scientific inconsistencies, critical flaws in the methodology used to perform tests and false data. Our industry as a whole is subject to numerous attacks, and typically we do not merit such attacks with a response. In this instance, where the quality and safety of our products is attacked, we owe it to our customers and stockholders to respond.
Our methods for processing our hemp oil are expertly controlled from seed to sale. We have invested substantial effort and capital in establishing a world-class research laboratory and processing facility to ensure that our processes for purifying and processing cannabidiol (CBD) exceed all applicable standards. Our lab has achieved purification in excess of 97% on natural (non-synthetic) hemp-based CBD, and our processes and the efforts of our scientific team should be applauded and not disparaged.
With regard to the specific allegations made by Project CBD:
Residual Solvents and Heavy Metals – We do not use solvents in our extraction process. However, the Project CBD report claims that two of the five samples of RSHO tested positive for residual solvents. The Report states "these are all class one solvents, the most dangerous and toxic class of solvents." First, the solvents identified by Project CBD in the report (hexane, pentane, butane and ethyl acetate) are, in fact, not Class I solvents as defined by the United States Pharmacopia (USP). The identified solvents are either Class II or Class III solvents, and the USP has set acceptable exposure limits for Class II and Class III compounds.
With respect to heavy metals, our products have, without exception, tested below the practical quantitation limits for the industry standard ICP-MS method as set forth in Steep Hill's monograph titled, "Testing Cannabis for Contaminants." Quite simply our products fall safely in line with the applicable standards, and the Project CBD report is uninformed and just plain wrong.
Testing Methods – In addition, the conclusions reported as fact by Project CBD are based on suspect methods. First, Project CBD concedes its sample batches had no chain of custody controls. The samples (allegedly) tested by Project CBD were obtained from third parties. Also, the laboratory used by Project CBD (Flora Research Laboratories) had critical flaws in its methodology – flaws that would prevent the release of data by any reputable, unbiased lab. Specifically, the analysis performed by Flora Research confirmed there were major residue impurities on their injection needle that would lead to carryover between samples. Flora Research also employed shoddy procedures relating to the wash out of nonpolar hemp oil from their needle, which would not dissolve the hemp oil matrix.
Based on the testing methods utilized by Flora Research, and what is likely a bias based on its relationships with other CBD suppliers, Project CBD's data should be disregarded. Although written in a manner to suggest it is objective journalism, the Report should be read for what it is – an effort to discredit our company for the benefit of its competitors.
We have asked the Director of Project CBD, Martin A. Lee, to work with us to vet his conclusions and statements in the interest of ensuring the public has accurate and reliable data concerning our products. Mr. Lee has accepted our invitation and we plan to educate Mr. Lee on our processing methods and protocols. We also will work with Project CBD to provide reliable and accurate test results. Ultimately, we are confident Project CBD will agree its report is fatally flawed as it relates to its conclusions about our products. We look forward to working with Project CBD, because we are confident our processes and end products are the highest quality in the world.
My intention with this letter is to ensure our stockholders and our customers have accurate data concerning the viability and safety of our products. We stand behind our processes and procedures, and we are proud of what we have accomplished to date. We continue to work hard to become world's largest – and most respected – developer of CBD-based products.
Michael Mona, Jr. CEO CannaVEST Corp.
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If you want to know what this Company is able to do ...
LAS VEGAS, Dec. 2, 2014 /PRNewswire/ -- CannaVest Corp. (OTCBB:CANV), a leading manufacturer and distributor of hemp and Cannabidiol (CBD) based products was awarded first place honors once again for the Highest CBD Concentrate of its CBD Simple™ hemp Cannabidiol (CBD) oil at the 2014 High Times Cannabis Cup in Amsterdam, The Netherlands on Thursday November 27, 2014. This is the company's industry record sixth first place High Times Cannabis Cup win in the CBD concentrate category. The company's High Times Cannabis Cup awards include first place in Seattle and Amsterdam in 2013, as well as first place awards in Los Angeles, Michigan, and Seattle in 2014. In addition, CannaVest Corp. received the first place win at the 2013 Michigan Green Cup in the CBD concentrate category.
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