United Cannabis Corp (OTCMKTS:CNAB) has announced that it has signed a non-exclusive licensing agreement with Harborside Health Association LLC which cover the Company’s patented methods of extraction, preparation as well as consumption of cannabis.
According to the Agreement, United Cannabis has assigned Health Association LLC the rights to the methodologies and procedures used in manufacturing and distribution of its own proprietary line using United Cannabis’ patented technology. In exchange, Health Association LLC will pay an agreed licensing fee.
While commenting on the announcement, United Cannabis Chief Executive Officer Earnest Blackmon said the company initially sought patents for its technologies so as to protect its investments which it had made in research and development as well as protect its pharmaceutical applications. He added that the company has been working closely with the Harborside team in the distribution of Prana in California for many years.
On his part, United Cannabis Chief Operating officer Tony Verzura said they are so much pleased to with the opportunity to advance the relationship that they have with a Harborside product line as well as expand the company’s patent technology in the medical cannabis sector.
Blackmon added that although the company perfected its technologies in the course of developing its product portfolio, the company is also aware of the values that the protocols may have on others in the hemp and cannabis industry. He said on several occasions, they have found companies which use the technology which is protected by their patent.
On his part, Harborside Founder Steve DeAngelo said the medical cannabis is filled with a lot of untested products, a trend he says it will go on as more players enter the market. He added that because many of his company’s patients get their treatment and a lot of benefits from the Prana Bio Nutrient line, they felt it worthy to start offering the product at their facilities. DeAngelo said the license will offer them with a competitive advantage in the market not only to have access to United Cannabis’ expertise but will also assure their customers that they are buying Prana from an authorized dealer.