LAS VEGAS, Dec. 8, 2014 /PRNewswire/ -- CannaVest Corp.
(OTCBB:CANV), a leading manufacturer and distributor of hemp and
Cannabidiol (CBD) based products, announces that it is begun
cooperative efforts with Project CBD and its Director, Martin A. Lee, 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) and other components of the cannabis plant.
"We are pleased to be working with Project CBD and Martin Lee to ensure consumers and the
marketplace are provided reliable data concerning our products,"
said Michael Mona, Jr., President
and Chief Executive Officer of CannaVest Corp. "We will
commence our joint efforts immediately, and look forward to
reporting the results of our cooperative activities to our
stockholders and the general public," continued Mr. Mona.
The full text of the Joint Statement is reprinted
below:
JOINT STATEMENT
CannaVest Corporation ("CannaVest") and Project CBD, a
non-profit organization, along with its Director, Martin A. Lee, jointly issue this statement:
In a special report on the hemp oil industry published on
October 14, 2014 titled "Hemp Oil
Hustlers", Project CBD reported that a consumer product, which is
labeled as containing hemp oil and which was produced by CannaVest
and then sold in 2013 to a distributor in 2013, tested positive for
hexane and other solvent residues, none of which were listed as or
intended to be ingredients in this product.
Since the October 14 publication,
Project CBD corrected its report in some respects and posted those
revisions on its web site. In an effort to provide accurate
information to consumers and the public about the report and about
CannaVest's products, the parties have been in frequent
communication with one another. As a result, both parties now
agree that it is important to emphasize to the marketplace each of
the following:
- The Project CBD report did not conclude that CannaVest was
responsible for the presence of solvent residue in the product
samples.
- The Project CBD report did not conclude that other products
containing hemp oil manufactured by CannaVest contain residual
solvents.
- The Project CBD report did not conclude that the solvent
residues reported by Project CBD were responsible for consumer
complaints of adverse health events after consumption of the
CannaVest product that was tested by Phytatech and Flora Research
Laboratories.
CannaVest acknowledges that at the time of its October 24, 2014 report to its stockholders, it
did not have in its possession important facts about the scope of
the testing undertaken by Flora Research Laboratories, its testing
procedures and equipment used when it tested the samples it
received from third parties (not CannaVest) for Project CBD. Flora
Research Laboratories' goal was not to perform quality control
testing on the samples nor to determine compliance with any
established residue limits, but rather to conduct a phytoforensic
examination of the samples to assist PhytaTech lab in investigating
unidentified peaks, and completing its analysis. Now with a further
understanding of the testing procedures, CannaVest withdraws its
comments about the lack of quality of the analytical testing
conducted.
Significantly, Project CBD and CannaVest have agreed to jointly
test samples of CannaVest's currently produced hemp oil
product in order to determine the absence or presence of
heavy metals and industrial solvents in that product. The
parties are in the process of agreeing upon the selection and
number of samples to be tested, the parameters of the testing, the
lab that will conduct the testing, and the timing of the testing,
which the parties intend to undertake shortly. The parties will
make public the results of that testing.
Finally, both CannaVest and Project CBD acknowledge that this
cooperative effort may be the beginning of a more extensive working
relationship aimed at providing accurate and meaningful information
to the cannabis/hemp industry and to the consuming public.
About CannaVest Corp.
CannaVest Corp. (OTCBB:CANV),
located in Las Vegas, Nevada,
focuses on the procurement and wholesale of the hemp plant extract
cannabidiol (CBD), and the development, marketing and sale of end
consumer products containing CBD, which is refined into its own
PlusCBD Oil™ brand. CannaVest resells raw industrial hemp product
to third parties, acquired through supply relationships in
Europe. Additional information is
available from OTCMarkets.com or by visiting www.cannavest.com.
CannaVest Corp.'s subsidiaries include: US Hemp Oil, LLC
(www.USHempOil.com) that provides seed procurement, cultivation,
processing, and production consultation, and equipment to support
U.S. farmers, researchers and businesses to cultivate and process
industrial hemp in the US; and CannaVest Laboratories, LLC
(www.CannaVestLabs.com), that facilitates cutting edge research and
develops nutraceutical and food products, containing cannabidiol
(CBD) oil, and is the developer and manufacturer of CannaVest's own
award winning CBD Simple™.
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, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, 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.
Corporate Contact:
CannaVest Corp.
2688 S. Rainbow Blvd., Ste. B
Las Vegas, NV 89146
Office: 866-290-2157
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SOURCE CannaVest Corp.