LAS VEGAS, Oct. 24, 2014 /CNW/ -- CannaVEST Corp. (OTC:CANV), a leading manufacturer and distributor of hemp and cannabidiol (CBD) based products, released a letter from Michael Mona, Jr., Chief Executive Officer, to stockholders and customers regarding a recent report issued by Project CBD:
Dear Stockholders and Customers,
First, thank you for your continued support of and belief in our company. As you may be aware, on October 14, 2014, Project CBD, an organization claiming to be an educational service on the medical utility of the cannabis plant, issued a "special report" titled Hemp Oil Hustlers. In the report, Project CBD makes numerous allegations against individuals and companies in the CBD industry who are not involved with or related to our company. However, of particular concern are the allegations and statements of purported fact concerning the quality and safety of our products.
We owe it to our stockholders and customers to respond to such allegations. The claims disparaging our products are based on scientific inconsistencies, critical flaws in the methodology used to perform tests and false data. Our industry as a whole is subject to numerous attacks, and typically we do not merit such attacks with a response. In this instance, where the quality and safety of our products is attacked, we owe it to our customers and stockholders to respond.
Our methods for processing our hemp oil are expertly controlled from seed to sale. We have invested substantial effort and capital in establishing a world-class research laboratory and processing facility to ensure that our processes for purifying and processing cannabidiol (CBD) exceed all applicable standards. Our lab has achieved purification in excess of 97% on natural (non-synthetic) hemp-based CBD, and our processes and the efforts of our scientific team should be applauded and not disparaged.
With regard to the specific allegations made by Project CBD:
- Residual Solvents and Heavy Metals – We do not use solvents in our extraction process. However, the Project CBD report claims that two of the five samples of RSHO tested positive for residual solvents. The Report states "these are all class one solvents, the most dangerous and toxic class of solvents." First, the solvents identified by Project CBD in the report (hexane, pentane, butane and ethyl acetate) are, in fact, not Class I solvents as defined by the United States Pharmacopia (USP). The identified solvents are either Class II or Class III solvents, and the USP has set acceptable exposure limits for Class II and Class III compounds.
With respect to heavy metals, our products have, without exception, tested below the practical quantitation limits for the industry standard ICP-MS method as set forth in Steep Hill's monograph titled, "Testing Cannabis for Contaminants." Quite simply our products fall safely in line with the applicable standards, and the Project CBD report is uninformed and just plain wrong.
- Testing Methods – In addition, the conclusions reported as fact by Project CBD are based on suspect methods. First, Project CBD concedes its sample batches had no chain of custody controls. The samples (allegedly) tested by Project CBD were obtained from third parties. Also, the laboratory used by Project CBD (Flora Research Laboratories) had critical flaws in its methodology – flaws that would prevent the release of data by any reputable, unbiased lab. Specifically, the analysis performed by Flora Research confirmed there were major residue impurities on their injection needle that would lead to carryover between samples. Flora Research also employed shoddy procedures relating to the wash out of nonpolar hemp oil from their needle, which would not dissolve the hemp oil matrix.
Based on the testing methods utilized by Flora Research, and what is likely a bias based on its relationships with other CBD suppliers, Project CBD's data should be disregarded. Although written in a manner to suggest it is objective journalism, the Report should be read for what it is – an effort to discredit our company for the benefit of its competitors.
We have asked the Director of Project CBD, Martin A. Lee, to work with us to vet his conclusions and statements in the interest of ensuring the public has accurate and reliable data concerning our products. Mr. Lee has accepted our invitation and we plan to educate Mr. Lee on our processing methods and protocols. We also will work with Project CBD to provide reliable and accurate test results. Ultimately, we are confident Project CBD will agree its report is fatally flawed as it relates to its conclusions about our products. We look forward to working with Project CBD, because we are confident our processes and end products are the highest quality in the world.
My intention with this letter is to ensure our stockholders and our customers have accurate data concerning the viability and safety of our products. We stand behind our processes and procedures, and we are proud of what we have accomplished to date. We continue to work hard to become world's largest – and most respected – developer of CBD-based products.
Michael Mona, Jr.
About CannaVEST Corp.
CannaVEST Corp. (OTCBB:CANV), based 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 CannaVest Laboratories, LLC (www.CannaVestLabs.com), which 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™, and US Hemp Oil, LLC (www.USHempOil.com), which 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.US Hemp Oil plans to build seed-processing mills and bring hemp-based products to market.
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.
CONTACT: Investor Relations, 866-290-2157
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SOURCE CannaVEST Corp.