COLORADO SPRINGS, Colo., Nov. 24, 2014 /PRNewswire/ -- In a move that signals a forceful reinvestment in the largest legal medical cannabis market, Cannabis Science, Inc. (OTC: CBIS), a U.S. company specializing in global cannabis formulation-based drug development and consulting, has successfully renegotiated its agreement with Apothecary Genetics Investments LLC to purchase and license two northern California production farms with a combined total of 51 acres. The purchase includes all related equipment for cannabis cultivation and production for the state's substantial medical cannabis market.
"With Apothecary Genetics, our state licensed and regulated partner, Cannabis Science is now able to proceed with licensing our California assets and our formulations for the development of the full spectrum of medical cannabis operations and products," said Mr. Raymond C. Dabney, Director, President & CEO and Co-Founder of Cannabis Science Inc. "Cannabis Science will now own 100% of all the assets previously held and accumulated from our previous deal with Apothecary and all newly-derived assets from this agreement."
As a consequence, Cannabis Science is entitled to substantial licensing fees and royalties, rights to assign assets and fees to affiliates and subsidiaries, and ownership of all tangible assets such as land, facilities and equipment as well as new business ventures pursuant to the agreement. Cannabis Science, in turn, will provide Apothecary Genetics with quarterly working capital to develop and expand operations, including the provision of research and development facilities.
"This is exciting news for the long-term benefit of patients, as the Company not only will be able to enter into opt-in programs for the evaluation of our proprietary formulations but also will be able to promote advanced medical cannabis R & D," said Mr. Dabney. "And now Cannabis Science will harness the strength of 100% of all the previous and accumulated assets to make a real difference."
The Company will inform the public as each step of its new blueprint for California is realized.
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. Cannabinoids have an extensive history dating back thousands of years, and currently, there are a growing number of peer-reviewed scientific publications that document the underlying biochemical pathways that cannabinoids modulate. 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.
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 Act of 1934. 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. Some or all of the events or results anticipated by these forward-looking statements may not occur. 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.
Cannabis Science, Inc.
Raymond C. Dabney, Director, President & CEO, Co-Founder
SOURCE Cannabis Science, Inc.