CannaVest Reports First Quarter 2014 Financial Results

 LAS VEGAS, May 20, 2014 /CNW/ - 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, 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.  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 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.  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 is 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  [Tables to Follow]         ________________________________________________________________     |CANNAVEST CORP. AND SUBSIDIARIES                                |     |________________________________________________________________|     |CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                 |     |________________________________________________________________|     |Unaudited                                                       |     |________________________________________________________________|     |                                   ||                          ||     |___________________________________||__________________________||     |                                   ||For the three months ended||     |___________________________________||__________________________||     |                                   ||March 31,                 ||     |___________________________________||__________________________||     |                                   ||2014        |||2013       ||     |___________________________________||____________|||___________||     |Product Sales                      ||$|2,631,869 |||$|1,082,375||     |___________________________________||_|__________|||_|_________||     |Cost of Goods Sold                 || |1,021,003 ||| |205,450  ||     |___________________________________||_|__________|||_|_________||     |Gross Profit                       || |1,610,866 ||| |876,925  ||     |___________________________________||_|__________|||_|_________||     |                                   || |          ||| |         ||     |___________________________________||_|__________|||_|_________||     |Operating Expenses:                || |          ||| |         ||     |___________________________________||_|__________|||_|_________||     |Selling, general and administrative|| |924,365   ||| |194,392  ||     |___________________________________||_|__________|||_|_________||     |Research and development           || |151,021   ||| |–  ||     |___________________________________||_|__________|||_|_________||     |Total operating expenses           || |1,075,386 ||| |194,392  ||     |___________________________________||_|__________|||_|_________||     |Operating income                   || |535,480   ||| |682,533  ||     |___________________________________||_|__________|||_|_________||     |                                   || |          ||| |         ||     |___________________________________||_|__________|||_|_________||     |                                   || |          ||| |         ||     |___________________________________||_|__________|||_|_________||     |Other expenses:                    || |          ||| |         ||     |___________________________________||_|__________|||_|_________||     |Interest expense (net)             || |(615,344) ||| |–  ||     |___________________________________||_|__________|||_|_________||     |Loss on equity investment          || |(38,552)  ||| |–  ||     |___________________________________||_|__________|||_|_________||     |Income (Loss) before income taxes  || |(118,416) ||| |682,533  ||     |___________________________________||_|__________|||_|_________||     |                                   || |          ||| |         ||     |___________________________________||_|__________|||_|_________||     |Provision for income taxes         || |–   ||| |–  ||     |___________________________________||_|__________|||_|_________||     |NET INCOME (LOSS)                  ||$|(118,416) |||$|682,533  ||     |___________________________________||_|__________|||_|_________||     |                                   || |          ||| |         ||     |___________________________________||_|__________|||_|_________||     |Earnings (loss) per Share          ||$|(0.00)    |||$|0.09     ||     |___________________________________||_|__________|||_|_________||     |Weighted Average Number of Shares  || |26,343,641||| |7,616,584||     |– Basic & Diluted            || |          ||| |         ||     |___________________________________||_|__________|||_|_________||      _________________________________________________________     |CANNAVEST CORP. AND SUBSIDIARIES                         |     |_________________________________________________________|     |BALANCE SHEET DATA                                       |     |_________________________________________________________|     |Unaudited                                                |     |_________________________________________________________|     |                    ||              |||                 ||     |____________________||______________|||_________________||     |                    ||March 31, 2014|||December 31, 2013||     |____________________||______________|||_________________||     |Cash                ||$|8,372,181   |||$|2,243,670      ||     |____________________||_|____________|||_|_______________||     |                    || |            ||| |               ||     |____________________||_|____________|||_|_______________||     |Working capital     || |15,562,338  ||| |7,633,717      ||     |____________________||_|____________|||_|_______________||     |                    || |            ||| |               ||     |____________________||_|____________|||_|_______________||     |Total assets        || |21,711,200  ||| |14,232,028     ||     |____________________||_|____________|||_|_______________||     |                    || |            ||| |               ||     |____________________||_|____________|||_|_______________||     |Total liabilities   || |269,983     ||| |5,925,220      ||     |____________________||_|____________|||_|_______________||     |                    || |            ||| |               ||     |____________________||_|____________|||_|_______________||     |Stockholders' equity|| |21,441,217  ||| |8,306,808      ||     |____________________||_|____________|||_|_______________||     |                    || |            ||| |               ||     |____________________||_|____________|||_|_______________||  Logo - http://photos.prnewswire.com/prnh/20140403/LA98016LOGO    SOURCE  CannaVest Corp.  http://cannavest.com  http://photos.prnewswire.com/prnh/20140403/LA98016LOGO  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/20/c9095.html  CO: CannaVest Corp. ST: Nevada NI: HEA NASDAQ MTC BTC AGR NUTRITION HEALTH ERN  
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