SAN DIEGO, March 6, 2014 (GLOBE NEWSWIRE) -- CannaVest Corp. (OTC:CANV), the world's leading hemp-based investment company spearheading the development of cannabidiol (CBD)-rich hemp oils and other hemp industry-related products and services, would like to clarify its relationship with both General Hemp, LLC and Kannaway, LLC.
Kannaway, LLC is marketed as a hemp lifestyle company with a focus on nutritional wellness whose products contain CBD rich hemp oil. Kannaway was founded in 2014 and is a wholly-owned subsidiary of General Hemp, LLC.
The sole owner of General Hemp is Stuart Titus. Mr. Titus formerly was a consultant and advisor to CannaVest, and currently owns less than 2% of the outstanding shares of CannaVest. Mr. Titus no longer has any affiliation with CannaVest, and no person affiliated with General Hemp is employed by CannaVest in any capacity. The sole relationship between CannaVest and General Hemp is Mr. Titus' ownership of CannaVest stock.
Products for Kannaway's business will exclusively be supplied by HempMedsPX, LLC, which is a distributor of federally legal, hemp-based CBD products and a wholly-owned subsidiary of Medical Marijuana, Inc. (MJNA). HempMeds is the master distributor and marketing company for CannaVest. As a result, CannaVest's product offerings will be available to Kannaway for its business. CannaVest has no ownership or other interest in Kannaway, and CannaVest solely will act as a supplier of products to Kannaway.
"We have received numerous telephone calls from the public leading us to believe there is general confusion relating to our relationship to Kannaway," says Michael Mona III, Vice President of Operations for CannaVest Corp. "Our business focus continues to be on being the world's leading bulk CBD-rich hemp oil supplier, and we intend to continue selling our product offerings to HempMeds, which ultimately will allow Kannaway to launch and sustain its business. We are excited that our products will be available to consumers through the Kannaway model."
About CannaVest Corp.
CannaVest Corp. is in the business of investing and developing hemp-based businesses. CannaVest Corp. also develops, produces, markets and sells end-consumer products to the nutraceutical industry containing the hemp plant extract, cannabidiol (CBD). Additionally, the company resells—to third parties—raw product acquired by CannaVest Corp. pursuant to the company's supply international relationships. CannaVest seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers. Cannabinoids (cannabidiol/CBD) are natural constituents of the hemp plant, and CBD is derived from hemp stalk and seed. Additional information is available from OTCMarkets.com or by visiting CannaVest.com.
About PhytoSPHERE Systems, LLC
PhytoSphere Systems is a global phytocannabinoid biotechnology company based in San Diego, California and a wholly-owned subsidiary of CannaVest Corp. (OTC:CANV). The company utilizes advanced cultivation methods and state-of-the-art processing technology leading to development of pharmaceutical, nutraceutical and food products.
PhytoSphere Systems, the manufacturer of the CBD-rich hemp oil used in Real Scientific Hemp Oil (RSHO), has developed special cultivars (similar to "strains") that produce hemp that is especially rich in CBD, making it possible for PhytoSPHERE to offer all-natural products with high concentrations of hemp-based CBD. For more information, visit: PhytoSphereSystems.com
About HempMedsPX
HempMedsPX™, Inc. offers mainstream marketing, sales, customer service, and logistics for the cannabis industry. HempMedsPX is a corporate portfolio company of Medical Marijuana, Inc. (OTC Pink:MJNA) and the exclusive master distributor and contracted marketing company for CannaVest Corp. (OTC:CANV) and Medical Marijuana Inc. In addition to handling sales and distribution, HempMedsPX is the communication hub for the Medical Marijuana Inc. portfolio of companies.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of CannaVest Corp. to be materially different from the statements made herein.
LEGAL DISCLOSURE
CannaVest Corp. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). The company does grow, sell and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.