Cannabis Science, Inc. (CBIS) In Final Negotiations To Acquire British Columbia Company That Has Submitted 'Marihuana For Medical Purposes' License Application To Health Canada
COLORADO SPRINGS, Colo., Aug. 25, 2014 /PRNewswire/ -- Cannabis Science, Inc. (OTC-QB: CBIS), a U.S. company specializing in cannabis formulation-based drug development and related consulting, is pleased to announce that it is in the final stages of negotiations for the acquisition of a company that has applied for a "Marihuana for Medical Purposes" (Canada) license with Health Canada. The application includes a site located in British Columbia, Canada with a highly experienced and professional team. The target company currently produces cannabis under the "Marihuana Medical Access Regulations" (Canada).
The target company's facility is approximately 10,000 square feet and is already providing medical cannabis to patients under Canada's "Marihuana Medical Access Regulations". Upon receiving the final license under the new Canadian regulations, the Company intends to utilize its team medical and industry experts both to begin research and development into medicine derived from cannabis and to commercially sell medical cannabis produced at the facility in British Columbia, Canada.
The Company is also in talks with medical doctors in Canada in order to collaborate on research and trials involving cannabinoids. Dorothy H. Bray, Ph.D., Director, President and CEO of Cannabis Science commented, "The new regulatory regime in Canada allows medical cannabis producers and clinical researchers to collaborate and undertake research for the benefit of patients in manner previously unavailable in Canada."
The subject of this news release are unrelated and in addition to the previously announced joint-venture in Canada for a medical cannabis at issue in a Company news release dated August 7, 2014.
About Cannabis Science, Inc.
Cannabis Science, Inc., takes advantage of its unique understanding of metabolic processes to provide novel treatment approaches to a number of illnesses for which current treatments and understanding remain unsatisfactory. The Company works with leading experts in drug development, medicinal characterization, and clinical research to develop, produce, and commercialize novel therapeutic approaches for the treatment for illnesses caused by infections as well as for age-related illness. Our initial focus is on skin cancers and neurological conditions.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. A statement containing words such as "anticipate," "seek," intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future events or future performance, but reflect CBIS management's current beliefs, based on information currently available. Some or all of the events or results anticipated by these forward-looking statements may not occur. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements.
Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. Cannabis Science, Inc., does not undertake any duty nor does it intend to update the results of these forward-looking statements, whether as a result of new information, future events or otherwise.
Robert Kane, CFO & Director
Cannabis Science, Inc.
Raymond C. Dabney, Management Consultant, Co-Founder
SOURCE Cannabis Science, Inc.