CannaVest Reports Second Quarter 2014 Financial Results

LAS VEGAS, Aug. 14, 2014 /CNW/ -- CannaVest Corp. - ("CannaVest" or the 
"Company") is reporting financial results for the quarter ending June 30, 2014. 
During the quarter, CannaVest continued investing in its San Diego 
headquarters and laboratory facilities expansion, and in its sales, marketing, 
and finance personnel additions; and it completed a major milestone in 
establishing a domestic industrial hemp cultivation infrastructure, via its 
involvement in one of the first U.S. pilot cultivations of industrial hemp. 
"We continue to expand our infrastructure investment, both internally, and 
now, in the field," said Michael Mona, President and Chief Executive Officer 
of CannaVest. "By making investments in key personnel and operating 
infrastructure, and now, with our historic involvement in the first legal 
cultivation pilot at Kentucky's Murray State University since the passage of 
the 2014 Farm Bill- we are positioned to establish industrial hemp as a vital 
U.S. commodity." 
Second Quarter 2014 Operating Results 
The Company's net income for the second quarter of 2014 was $8,040,430, or 
$0.24 per share (basic and diluted), compared to a net loss of $348,134, or 
$0.04 per share (basic and diluted) for the same period in 2013. 
Net income for the second quarter 2014 included $7,899,306 of gain on sale of 
the Company's equity investment in KannaLife Sciences, Inc. ("KannaLife"). The 
Company sold its 24.97% equity investment in KannaLife for 500,000 shares of 
Company common stock held by PhytoSPHERE Systems, LLC, an affiliate of 
KannaLife. There was no cash exchanged in the transaction. Net income from 
operations was $131,892 for the quarter ended June 30, 2014, compared to an 
operating loss of $327,611 for the same period in 2013. 
Selling, general and administrative expenses for the second quarter of 2014 
were $1,507,423 compared to $419,002 for the same period in 2013. The increase 
was related to the continued growth of the operations of the Company, 
technology infrastructure investments, and increased legal and marketing costs. 
Research and development costs for the second quarter of 2014 were $156,501. 
This includes the cost of process development, rental of laboratory space, 
personnel costs, laboratory supplies, product development and testing. 
Balance Sheet Highlights 
As of June 30, 2014, the Company had cash of approximately $9.3 million. 
Stockholders equity amounted to approximately $22.4 million as of June 30, 
For a further discussion of the Company's financial results for the period 
ended June 30, 2014, please refer to the Company's consolidated financial 
statements and related Management Discussion and Analysis, which can be found 
at or EDGAR at in 
the Company's Quarterly Report on Form 10-Q as filed with the U.S. Securities 
and Exchange Commission on August 14, 2014. 
About CannaVest Corp. 
CannaVest Corp. (OTCBB: CANV), located 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 or by visiting 
CannaVest Corp.'s subsidiaries include: US Hemp Oil, LLC ("US Hemp Oil") 
(, CannaVest Laboratories, LLC ("CannaVest 
Laboratories") ( and Plus CBD, LLC (formerly, 
Global Hemp Source, LLC) ("Plus CBD"). US Hemp Oil provides farming, 
procurement, processing, marketing and distribution services of bulk wholesale 
hemp seed. In addition, US Hemp Oil is involved with industry advocacy, 
creating greater public awareness and media exposure for the nutritional 
profile of hemp seeds and the environmental benefits of growing industrial 
hemp. CannaVest Laboratories (formerly PhytoSPHERE Systems, LLC) provides 
processing technology and product development of hemp-based pharmaceutical and 
nutraceutical products. Plus CBD is the operating entity for Company sales and 
expense of CBD oil and end consumer products. 
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, as amended, and Section 21E of the Securities Exchange Act of 
1934, as amended, 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. 
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 are 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 
Logo -

SOURCE  CannaVest Corp. 
CO: CannaVest Corp.
ST: Nevada
-0- Aug/14/2014 17:15 GMT
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