cannavest

U.S.: CannaVest Says Quality, Safety of Its CBD Products Proved By Testing

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CannaVest Corp., a manufacturer and distributor of hemp and cannabidiol (CBD) based products, announced on Thursday that "the results of independent testing have proved the safety and quality of its products."

In December, CannaVest Corp. commenced cooperative efforts with Project CBD to ensure the cannabis/hemp industry and the consuming public is provided with accurate and meaningful information concerning CannaVest Corp.'s CBD offerings. Project CBD is a non-profit educational service dedicated to promoting and publicizing research into the medical utility of cannabidiol (CBD).

CannaVest Corp. initiated its cooperative efforts with Project CBD in response to a special report on the hemp oil industry published by Project CBD titled "Hemp Oil Hustlers" on October 14, 2014 and revised on November 5, 2014.

Project CBD reported that a consumer product, which is labeled as containing hemp oil and which was produced by the company and then sold in 2013 to a distributor, tested positive for hexane and other solvent residues.

Following the publication of the Project CBD report, CannaVest agreed to work with Project CBD to independently test its products. Based on the results of this testing, Project CBD has concluded that CannaVest Corp.'s products are not contaminated with heavy metals or industrial solvent residues in amounts that pose health and safety issues for consumers, according to officially recognized safety standards.

CannaVest and Project CBD have released a joint statement.

Nevada: CannaVest Terminates Agreement With HempMeds; Reports 3Q Financials

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CannaVest Corporation this week reported financial results for the third quarter 2014. During the third quarter, CannaVest terminated its non-exclusive license and distribution agreement with HempMeds PX, LLC, which had granted HempMeds a non-exclusive, worldwide license to promote, market, sell distribute and service CannaVest'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 company reported. "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 CannaVest CEO Michael Mona Jr. . "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," Mona said. "Since the termination, we have made great progress.

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