March 12, 2014
COLORADO SPRINGS, Colo., March 12, 2014 /PRNewswire/ -- (CBIS) Cannabis Science, Inc., a U.S. Company specializing in cannabis formulation-based drug development and related consulting, announces that the investors acquiring $500,000 of the recent private placement included Weedmaps Media Inc. (Weedmaps), the world's largest online guide for medical cannabis patients, and an Amsterdam-based investment company. The full $1,000,000 private placement has been paid into the Company bank account.
"We view this investment and collaboration as a great vote of confidence by those who know our industry best, and this is a major step forward for our company, giving us the kind of financial, market, and industry support that we see as key to the growth model of Cannabis Science," said Dorothy H. Bray, Ph.D., Director & CEO of Cannabis Science, Inc.
Justin Hartfield, Founder and CEO of Weedmaps, commented on Weedmaps' investment in and joint venture opportunities with Cannabis Science: "Weedmaps is very pleased to make an investment in Cannabis Science and to develop joint ventures with them in the US and Europe. We believe that we can use our market leadership to help them better communicate with the patient community, and by working together we can accelerate product development. We view this project, combining an investment with joint ventures, as a template for similar efforts that we may explore with other companies in the cannabis industries."
Mr. Hartfield continued, "Although bio-tech research companies are inherently speculative, we believe that Cannabis Science's executive leadership makes it unique in its field. Based on Dr. Melamede's pioneering research on the role of cannabinoids in human health, and guided by Dr. Bray's extensive background in bringing new products to market, Weedmaps views Cannabis Science as a logical partner globally."
Last month, Cannabis Science announced that an initial agreement had been signed with key players in Spain to expand into the Spanish market to conduct cannabis research and other operations. And last year, Cannabis Science made its European market intentions clear with the opening of subsidiaries and an office in The Netherlands. Weedmaps is also increasingly active in the European markets, including Spain; the relationship with Weedmaps further supports Cannabis Science's international operations.
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.
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 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.
Dr. Dorothy Bray, CEO & Director
Robert Kane, CFO & Director