COLORADO SPRINGS, Colo., Nov. 7, 2014 /PRNewswire/ -- Cannabis Science, Inc. (OTC: CBIS), a U.S. company specializing in cannabis formulation-based drug development and related consulting, is pleased to announce that as disclosed on August 25, 2014, the Company is in the final stages for the acquisition of a Marihuana for Medical Purposes (Canada) company, which has already submitted application to Health Canada (the "TargetCo"). The acquisition includes a site located in British Columbia, Canada with a highly experienced and professional team. The TargetCo currently produces marijuana under the Marihuana Medical Access Regulations (Canada). While the Company is optimistic about the acquisition of the TargetCo, it recognizes that, as with due diligence and negotiations, the process has been lengthy and without assurances until the transaction closes.
Raymond Dabney, Director, President and CEO, notes that "the Company is conducting its last stages of due diligence and is excited about the opportunity to expand its operations in Canada and begin utilizing some of the highest quality cannabis in the world to research and develop cannabinoid based medicine and therapies and to commercialize medical cannabis."
The picture below is an actual picture taken of the facility located in British Columbia. This is one of several growing rooms located in the facility. Please click http://www.cannabisscience.com/news-media/cbis-latest-news/654-cannabis-science-inc-cbis-is-in-the-final-stages-to-acquire-a-british-columbia-company-that-has-submitted-marihuana-for-medical-purposes-application-to-health-canada-as-previously-announced to see the images of the TargetCo facility.
A double stack of ballasts is required to meet the power demands for the state of the art lighting system in the growing facility.
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, President & CEO
Robert Kane, CFO & Director
SOURCE Cannabis Science, Inc.