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      ||
    |____________________||_|____________|||_|_______________||
    |                    || |            ||| |               ||
    |____________________||_|____________|||_|_______________||

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SOURCE  CannaVest Corp. 
http://cannavest.com 
http://photos.prnewswire.com/prnh/20140403/LA98016LOGO 
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CO: CannaVest Corp.
ST: Nevada
NI: HEA NASDAQ MTC BTC AGR NUTRITION HEALTH ERN  
-0- May/20/2014 15:37 GMT
 
 
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