LAS VEGAS, Nevada – May 20, 2014 – CannaVest Corp. - (“CannaVest” or “the Company”) (OTC:BB CANV) is reporting financial results for the quarter ending March 31, 2014.
During this time, CannaVest made tremendous progress, including an expansion of its laboratory and administrative facilities, expanding its team to support marketing and public relations, and establishing a solid domestic industrial hemp cultivation and production infrastructure.
“This is an exciting time for CannaVest and our team”, said Michael Mona, President and Chief Executive Officer of CannaVest Corp. “By making key investments in our team, and infrastructure we can be laser focused on increasing awareness and understanding of industrial hemp as a vital commodity. From here, we intend to build on the first quarter, and increase revenues throughout the year.”
First Quarter 2014 Operating Results
The Company’s net loss for the first quarter of 2014 was $118,416, or $0.00 per share (basic and diluted), compared to a net income of $682,533, or $0.09 per share (basic and diluted) for the same period in 2013.
The net loss for the first quarter 2014 included $589,474 in amortization of a discount on the note payable and accrued interest of $25,870 for the quarter related to the note payable to Roen Ventures, LLC, which was converted to 10 million shares of common stock during the quarter. Net income from operations was $535,480 for the quarter ended March 31, 2014 and $682,533 for the same period in 2013.
Selling, general and administrative expenses for the first quarter of 2014 were $924,365 compared to $194,392 for the same period in 2013. The increase was related to the continued growth of the operations of the Company, additional personnel related to farming operations, web development and increased legal and marketing costs.
Research and development costs for the first quarter of 2014 were $151,021. This includes the cost of process development, rental of laboratory space, personnel costs, laboratory supplies, product development and testing.
Balance Sheet Highlights
As of March 31, 2014, the Company has cash of $8.372 million. Stockholders equity amounted to $21.441 million as of March 31, 2014.
For a further discussion of the Company’s financial results for the period ended March 31, 2014, please refer to the Company’s consolidated financial statements and related Management Discussion and Analysis, which can be found at www.cannavest.com or EDGAR at www.sec.gov/edgar/searchedgar/webusers.htm.
About CannaVest Corp.
CannaVest Corp. is in the business of investing and developing hemp-based cannabinoid companies. CannaVest develops, products, 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 its supply relationships in Europe. CannaVest Corp. 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 (cannibidiol/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 www.cannavest.com.
About CannaVest Laboratories
CannaVest Laboratories is a global phytocannabinoid biotechnology company and a wholly-owned subsidiary of CannaVest Corp. The company utilizes advanced cultivation methods and state-of-the-art processing technology leading to development of pharmaceutical, nutraceutical and food products.
About US Hemp Oil
US Hemp Oil seeks to develop the United States industrial hemp industry. The company is dedicated to the procurement, processing, marketing and distribution of bulk wholesale hemp seed, hemp oil, protein, food and hemp body care products. US Hemp Oil currently has three brands: RSHOTM, CibadermTM, and CibdexTM. US Hemp Oil is determined to bring hemp products into the mainstream by creating greater public awareness of and media exposure for the exceptional nutritional profile of hemp and the environmental benefits of growing industrial hemp. For more information, please visit: USHempOil.com.
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.
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.
Corporate Contact:CannaVest Corp. 2688 S. Rainbow Blvd., Ste. B Las Vegas, NV 89146 Office: 866-290-2157