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CannaVEST Corporation (OTCMKTS:CANV) Establishes Hemp Cultivation Infrastructure And Releases 2014 Financial Results

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Boston, MA, 08/15/2014 (medicalmarijuanareporter) – CannaVEST Corporation (OTCMKTS:CANV) has reported its financial results for the quarter that ended on 30th June, 2014.During the whole quarter, Cannavest invested time, energy, efforts, skills and money for the expansion of sales, marketing, finance and personnel department in its San Diego headquarters. The persons were required for extension of laboratory facilities and thus company has achieved one of the biggest achievements to set up a domestic cultivation infrastructure for industrial hemp. This was possible for the company by getting involved in US pilot cultivation process of industrial hemp, which was first of its kind.

Performance On Right Track

The President and CEO of CannaVEST Corporation (OTCMKTS:CANV), Michael Mona says that company is happy and will continue to extend its investment for developing infrastructure both internally and externally too, out in the field. The company has invested sufficient into human resources and operational infrastructure. Additionally, company’s involvement at Kentucky’s Murray State University in its first legal cultivation pilot is helping company to position its industrial hemp as an essential and basic US commodity.

Second Quarter Results

CannaVEST Corporation (OTCMKTS:CANV)’s net income for the second quarter that ended on 30th June 2014 was $8040130 i.e. $0.24 per share. Last year, for the same quarter it was at a net loss of $348134. The company has sold about 24.97% of its equity investment in KannaLife for exchange of 5 lac shares of company’s common stock held by Phytosphere Systems LLC. Phytosphere Systems is an associate partner of KannaLife. There was no cash transaction in the overall process. Net income from operations was also $131892 for the quarter ended in June 2014 while the same was in loss of $327611 in 2013. This positive statement reflects that the company’s efforts have improved its financial results. General selling and administrative costs was also high at $1507423 in comparison to $419002, last year. This was up due to increase costs in technology; marketing and legal infrastructure. The company had $9.3 million of cash in hand with shareholder’s equity worth $22.4 million. This was the highlighting factor of the whole result.

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