CannaVest Wins Record Fourth Medical Marijuana Cup

CannaVestImageCannaVest, a maker and distributor of hemp and Cannabidiol-based products, won the CBD concentrate category at the 2014 Michigan Medical Cannabis Cup. The July 27 victory marks the fourth time the pink sheets company nabs first place in that High Times Cannabis Cup category. Previously, CannaVest won at the Los Angeles medical cannabis cup in February, and the cannabis cups in Amsterdam and Seattle last year. It’s strain “CBD Simple” also took top honors at the 2013 Michigan Medical Marijuana Conference “Green Cup” contest for Highest CBD Concentrate.

“Winning our third Cannabis Cup in less than a year is a major accomplishment,” says Michael Mona III, VP of Operations for CannaVest Corp. “We were thrilled to come away with another first place finish over 40 other competitors.”

However, CannaVest has not made CBD Simple available to patients. Instead, the company uses the strain in the development of other CBD-rich hemp oil products.

The win comes four months after the Las Vegas-based firm was featured in a scathing Forbes article that tied CannaVest Chief Executive Michael Mona Jr. to another unrelated penny stock marijuana company’s executives, one of whom facing federal mortgage fraud charges. The article also questioned the effectiveness and production of CannaVest’s products, as well as its web of subsidiaries.

In May, CannaVest released a statement on its website claiming the Forbes article “marred” the company with inaccuracies and false information. The statement said: “Forbes repeatedly and mistakenly categorized CannaVest, a publicly-traded company that legally imports and sells hemp oil and products containing hemp oil, with companies that are commercializing products related to marijuana. The magazine also cast unfair aspersions on CannaVest leadership, which includes a prominent lawyer and respected public policy advocates who have supported hemp for decades. Forbes compared our leaders to marijuana company executives who have spent time in prison and are under investigation by regulatory agencies, that is a complete falsehood.”

CannaVest chalked up the Forbes piece as part of the larger battle hemp and marijuana firms face:

“As pioneers in the next-generation agricultural hemp industry, we at CannaVest have always known two things: (1) public demand for these products, coupled with demonstrable evidence of their value and safety, would eventually lead to public acceptance; and (2) misguided stereotypes about “the drug culture” would linger on even after legal commercial product launches.”

In closing, CannaVest said their products would prove naysayers wrong: “Ultimately, we are confident that our innovative science, the success of our product line, and the satisfaction of our customers will serve as the last word.”

The fact CannaVest continues winning cannabis cups does too.