Cannabis Science Inc (OTCMKTS:CBIS) is a stock that’s been powering in an uptrend boosted along with the cannabis space into the major catalyst of the upcoming November voting on potential legalization in 9 different states. The company is focused on its California-based business at present given the total retail value of medical marijuana consumed in California, which can be estimated at between $1.5 and $4.5 billion per year, assuming a market of 2% to 3% of the population, average use of 0.5 to 1 gram per day, and an average cost of $320 per ounce. With the Passage of Proposition 64, Cannabis Science expects these numbers will at least triple.
We’ve witnessed 81% tacked on to share pricing for the stock in the past month. The situation may be worth watching. CBIS has a track record that includes a number of dramatic bounces. Moreover, the company has registered increased average transaction volume recently, with the past month seeing nearly 150% above its longer-run average levels. The stock is testing the pivot highs logged back in March at the $0.025 level, but running with a tremendous amount of momentum.
Cannabis Science Inc (OTCMKTS:CBIS) frames itself as a company that develops, produces, and commercializes phyto cannabinoid-based pharmaceutical products primarily in the United States. The company is involved in developing medicines for autism, blood pressure, cancer and cancer side effects, as well as for other illnesses comprising for general health maintenance. It also develops CS-TATI-1 for newly diagnosed and treatment-experienced patients with drug-resistant HIV strains, as well as those intolerant of available therapies; CS-S/BCC-1 to treat basal and squamous cell carcinomas; and a proprietary cannabis-based therapy for neurological conditions.
In addition, the company offers an online video-based medical cannabis education system, including courses, such as medical cannabis law, medical marijuana, cooking, horticulture, and bud tending; and manufactures and distributes specialty horse and pet grooming and topical applications. It has a license agreement with Apothecary Genetics Investments LLC to produce various brand formulations for California medical cannabis market.
The company also has collaboration with IGXBio, Inc. to develop GenePro, a DNA-based immunotherapeutic drug. Cannabis Science, Inc. is based in Colorado Springs, Colorado. Cannabis Science, Inc. is a subsidiary of Weedmaps Media, Inc.
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Shares of CBIS stock got a major boost on Friday as the company released what we might call a “message” press release. And it drives home a very important point that we have been making in our coverage of the space lately.
When November 8 comes and goes, if we have a Yes vote in a number of new places, the most key being California’s prop 64 to legalize for recreational use of marijuana, the most important part will be an intangible element: it’s a tipping point in public attitude around perception.
On the other side of that tipping point will be a lot of good things for a company like CBIS.
If Proposition 64 passes, the company expects public perception of cannabis use to improve dramatically; in addition, the drug will become easier to study, and thus studied more prevalently. With more laws in support of cannabis consumption, it is expected that the market for adults of legal age will increase substantially due to less uncertainty and it will successfully help eliminate the fear of being imprisoned for usage.
The Nation watches closely as this November the vote to legalize marijuana in California can eradicate the stigmas against cannabis as it will become legal for adult use. The proposition details a plan to protect children and potentially generate over $1B in tax revenue for the state of California.
“We have never been in a better time and place for Cannabis Science; the timing for this Historic vote in California could not be better for us, as we are currently ramping up our medicinal product lines to fulfill a potential windfall of new self-medicating patients. We are focusing our efforts on creating natural, cannabis-based medications. It is no surprise that more recreational marijuana markets open up, especially in our home state; this will be outstanding for our medicinal drug development business,” said President, CEO & Co-Founder, Mr. Raymond C. Dabney. “It will help increase access to education, research opportunities, and improve overall market quality and size. There is a lot for us to be excited about, right now, pending Proposition 64’s approval.”
With the election being held very soon, the company is releasing even more new product lines at such a great time. These early launches will allow the products to gain a following, which can then be amplified via word of mouth to new patients. Additionally, Cannabis Science is hard at work creating an e-commerce platform to serve clientele in Californian markets, pending legislation. Getting products available for sale online early gives the company an edge, especially as the legal market expands to other states. This additional digital infrastructure comes with low overhead and high acceptance potential. It also smooths future product releases by cutting the time and cost of shipping products to third-party vendors.
Currently trading at a market capitalization of $48.9M, CBIS has minimal cash on the books, with total assets above $2M, which compares with an appreciable load ($1.67M) of total accumulated debt. The dilution story here is a huge item, but the stock is managing to haul its massive float higher right now to the tune of some massive gains. We will continue to keep it on our screens. For continuing coverage on shares of $CBIS stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!