United Cannabis (OTCQB:CNAB) signed a letter of intent with a Louisiana-based company to assist it in the pursuit of a contract to be the sole operator of a therapeutic marijuana facility for Southern University.
As quoted in the press release:
According to the terms of the Letter of Intent, the Company will assist in preparing a response to a Request for Application (“RFA”) anticipated to be issued by Southern University, who has been granted a license by the State of Louisiana to be a therapeutic marijuana producer. This license would include responsibilities to build and operate a facility, cultivate, process, extract, and manufacture products.
Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, “As United Cannabis continues to build our presence within the industry, we are experiencing an increased demand for our expertise as more states recognize the benefits of medical cannabis and seek to establish legal and effective operations within their localities. We look forward to working with our partner to broaden access to medical cannabis for patients in Louisiana.”