Cannabis Science Inc (OTCMKTS:CBIS) has been on the comeback trail, as we outlined in late October. The company’s latest extension higher has powered shares from around a nickel a piece to more than a dime in just the past few days of action. The catalyst for this move does not appear to be its recent attempt to push into the blockchain space, but instead its move to get more aggressive in front of the most important catalyst for the cannabis space right now: the imminent legalization of recreational marijuana in the state of California.
Specifically, the company just announced that its expansion plans are progressing rapidly as the final negotiations have been completed for the third medical marijuana dispensary in California. The Company is preparing the final documents now to complete integration of its third medical marijuana operations for the California market opening.
Cannabis Science Inc (OTCMKTS:CBIS) defines itself according to the narrative of a leading-edge researcher and designer of cannabinoid solutions to health problems.
CBIS 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, CBIS 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.
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As we have been discussing, the cannabis space has been on fire over the past 6 weeks as we approach the imminent moment when the state of California is truly open for business for legal recreational marijuana. This will be big for the pot space in terms of total new sales. But it will also be the most important modeling environment for other states to observe how it impacts budgetary health now the new GOP tax reform promises to hurt states with high fiscal burdens like CA, NY, and IL. This lab example could snowball into other high-profile moves in the same direction. But, for now, it promises to massively impact the playing field. And CBIS has been moving to take advantage.
“We are on track and on schedule to open the first two dispensaries in Los Angeles at the end of this year to meet the expected, increased demand in the Los Angeles market beginning January 2018 and we expect this latest acquisition to complete and be ready for opening shortly thereafter. It will be an interesting integration with our upcoming Cannabis Science Asset-Backed Blockchain Crypto-Currency ICO.
“I am very proud of our team, I’ve really seen some amazing teamwork! The construction, the architecture, the patient tracking systems, the inventory tracking systems, cultivation planning, manufacturing processes and partners, all our procedures & training manuals for staff, and patient flow – we have a great management team preparing and in training now to run the drug stores. I’m just very pleased at the whole team effort; the amount of work that has been done at this point, in such a short period of time, really speaks very highly to the expertise levels of our management team.
“Each location will be converted into the Cannabis Science brand drug store, with Grand Openings to showcase the Cannabis Science Brand of high-quality Cannabinoid and Cannabis products and accessories for patients, doctors, and the consuming public. These products will range from pills, creams, extracts, sprays, tinctures, edibles, balms, patches, oils, raw products, and merchandise. The dispensaries will showcase other brands as well for patient continuity and familiarity,” concludes, Cannabis Science Inc., President & CEO, Co-Founder, Mr. Raymond C. Dabney.
Earning a current market cap value of $268.7M, CBIS has virtually no cash on the books, which compares with about $2.3M in total current liabilities. CBIS is pulling in trailing 12-month revenues of $7K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -15.2%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $CBIS stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CBIS, either long or short, and we have not been compensated for this article.