United Cannabis Partners with Releaf Global to Enter Australian Market
September 14 2017 - 1:20PM
Access Wire
Company Grants New Venture Exclusive License To
Commercialize Its Patented Prana Line Throughout
Australia
DENVER, CO / ACCESSWIRE / September 14, 2017 /
United Cannabis Corporation (OTCQB: CNAB) (United Cannabis or the
"Company") today announced that it has signed an Agreement with
Releaf Global Pty Ltd. ("Releaf") to form and operate an Australian
corporation ("NEWCO") for the purpose of commercializing the
Company's patented Prana Bio Nutrient Medicinals, cannabis-centric
products and technologies in Australia and other territories.
According to the terms of the Agreement, United Cannabis will
grant NEWCO an exclusive, royalty-bearing license to produce and
distribute its Prana line of products and will contribute its
expertise in cultivation, production and wholesale operations. The
partnership also provides the opportunity for NEWCO to import
United Cannabis' products from Jamaica until NEWCO is fully
operational and able to produce the Company's products in
Australia.
On February 24, 2016, Australia legalized medical marijuana for
patients with painful and chronic conditions, and provided for
approved companies to import, store and sell cannabis while
domestic production ramped up to support patient demand.
Australia's Office of Drug Control in the Federal Department of
Health issued the first license under the medicinal cannabis
provision earlier this year, on February 17th.
A study conducted by the University of Sydney Business School
forecasts initial demand for medicinal cannabis in Australia could
exceed AUD$ 100 million annually (approximately US$80 million). The
study indicated demand could grow to AUD$300 million (approximately
US$240 million) within the decade if cannabis-derived
pharmaceuticals become more mainstream.
Earnest Blackmon, United Cannabis' Chief Executive Officer,
commented, "Australia represents a substantial opportunity for
United Cannabis. Our Prana line is ideally suited for new markets
as it provides patients and caregivers with a guided program to
develop therapies targeted to a given patient's unique
concerns."
Blackmon went on to say, "The resources provided by Releaf will
expedite our ability to establish the infrastructure necessary for
a full-scale domestic operation. The relationship also allows us to
leverage our Jamaican operation, as Australian regulations provide
for the importation of approved products from Jamaica. Our ability
to serve the patients in Australia as soon as licenses are granted
provides us with a distinct competitive advantage."
Scott Parry, Chief Executive Officer of Releaf Global, added, "I
am a strong proponent of the benefits of medicinal cannabis, and
United Cannabis' Prana line is the most comprehensive and effective
product I've seen. This partnership enables us to introduce tested
therapies to the Australian market and gives us the opportunity to
help thousands of patients suffering from a wide range of medical
conditions. We have already initiated the process to establish this
venture and have high expectations for its success."
About United Cannabis Corporation
United Cannabis Corporation is a biotechnology company dedicated
to the development of phyto-therapeutic based products supported by
patented technologies for the pharmaceutical, medical, and
industrial markets. The Company has long advocated the application
of cannabinoids for medical applications and is building a platform
for designing targeted therapies to increase the quality of life
for patients around the world. The Company's products are patent
protected, first in class medicines with applications to a global
market. United Cannabis trades on the OTCQB under the symbol
CNAB.
For further information, please visit www.unitedcannabis.us.
Contact: Staff@UnitedCannabis.us
Phone: 303-386-7321
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933, and are subject to Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the safe
harbors, created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the company, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and other results and
further events could differ materially from those anticipated in
such statements. Future events and actual results could differ
materially from those set forth in, contemplated by, or underlying
the forward-looking statements.
SOURCE: United Cannabis Corporation