Cannabis Science Issues 2019 Guidance Report; Under SEC Sanctions the Company Goes Private as It Enters Into Step (2) of Its Growth Transition, Enabling Full Transparency and Revenue Growth
IRVINE, CA, Oct. 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Cannabis Science, Inc. (OTC: CBIS), a U.S. company specializing in the development of cannabinoid-based medicines, has agreed to go private under sanctions by the U.S. Securities and Exchange Commission (“SEC”). All Cannabis Science shareholders and their shareholdings will remain intact under the same name and entity, Cannabis Science Inc., a Nevada Corporation. Cannabis Science shares will no longer be quoted or traded on any stock market exchange.
Once the private corporation status takes effect the Company’s President will begin the steps to file a Dutch auction IPO targeting $25,000,000 USD or more with all current shareholders intact with completed financials, first rights IPO offerings for current shareholders, new shareholder IPO offerings, and a new company trading symbol. All Cannabis Science shareholders of record as of the last day trading whether individuals or entities will be eligible for the first rights IPO offering and shareholder loyalty gifts; all other new shareholders will be officially closed-out once the transition to private company status has occurred.
Cannabis Science Inc. President and CEO Raymond C. Dabney stated, “This is probably one of the most exciting times for Cannabis Science in terms of the rate of our growth and the number of international positive cash flow projects the company is entering into right now through its Economic Development Program (CBIS-EDP). We are certainly transitioning into a very large multi-national conglomerate real fast and we must guide this massive battleship home with ease and control. As we transition into ‘Step (2)’ of this growth, the associated growing pains we are experiencing right now have certainly shaken up and taken a toll on the company’s operations and our complete line of auditing and fully reporting capabilities. After extensive communications with the SEC regarding our business growth and how best to manage it with the SEC’s reporting requirements and information-flow constraints, I have come to realize that this is the best course of action right now so we can focus on growing our business and becoming cash-flow positive. With that in mind, I agree with the SEC on this one; it is time to make the required moves to protect our successful business growth and as a result protect our shareholders’ value.
“All shareholders will be able to register on www.iCannabinoid.com to get live access to current financial information, share trading status, new acquisitions, partnerships and opportunities, news releases, progress reports, presentations, new financings, first rights IPO opportunities and shareholder loyalty gifts. As well, inside of the iCannabinoid website we will be offering businesses, students, and entrepreneurs everywhere full access to our university economic development plan (CBIS-EDP) categorized by Countries, Regions, Industries, Educational, Leadership, and Partnership Opportunities. We will be accepting pre-registrations for our hybrid-University courses and accepting bid tenders for partnerships, operations and expansions in the many different industries we are targeting for the CBIS-EDP.
“Our strong partnership opportunities is the main reason our CBIS-EDP is seeing such success; for the past ten years we have built up a robust pipeline of economic growth opportunities worldwide centered around education, job creation, drug development, agriculture, high-tech, banking & finance, communications, real estate & construction, medical services, security, TV & media, mining & natural resources, political & government relations, manufacturing, teaching, sales & marketing, retail services, warehousing & distribution, and entrepreneurial business incubators for those who wish to own their own businesses and create jobs anywhere, even in your own community, in virtually any industry worldwide.
“These new initiatives have created significant reporting requirements for the Company in multiple jurisdictions worldwide, while Cannabis Science is simultaneously investing in the necessary infrastructure to successfully execute these exciting initiatives. By going private, the Company will have the opportunity to stabilize its growth and put the necessary systems in place to ensure that Cannabis Science successfully maintains its growth over the long-term, and over the short-term the Company will be able to move at the speed of light. Cannabis Science’s CEO will be empowered to move much faster to structure new partnerships and acquisitions to add value and liquidity to the Company’s shares through partnerships and acquisitions with new private and public companies operating on exchanges worldwide, to take advantage of and better align with Cannabis Science global operations.
“Over the last several years, Cannabis Science has invested heavily in its drug development, education, and economic development initiatives. As for drug development, Cannabis Science has a tremendous pipeline of potential critical ailment products and is planning for clinical trials early next year. Cannabis Science also has a number of products currently available and under development for the state and over-the-counter (OTC) markets. Similarly, Cannabis Science has made considerable progress with its education and economic development programs internationally.
"This is what it’s all about; the CBIS-EDP is real, down to earth, accessible economic development plans, industry specific enhancements, job creation, education, food and drug distribution. We have made this program available to everyone in virtually any demographic worldwide that needs economic industry stimulation or cost-effective drug development for medical issues, restructure for economic growth, education, and jobs for the people. We just made the World Series, and its game on! Looking forward to seeing you all live on iCannabinoid!” Concludes Mr. Dabney.
About Cannabis Science, Inc.
Cannabis Science is the first publicly-traded cannabinoid company on the market, and is a leader in the research and development of cannabinoid-based medicines and associated delivery technologies. Cannabis Science and its research collaborators are currently conducting pre-clinical research on cannabinoid-based medicines with plans to transition to clinical trials on a number of products this year. Targeted indications include Lung Cancer, Pancreatic Cancer, Chronic Prostatitis, Obsessive Compulsive Disorder (OCD), Oro-bucco-lingual Dyskinesias, Oxidative Stress, Psychosis, and Post Traumatic Stress Disorder (PTSD). CBIS is also currently in negotiations to license the Company’s U.S. patent number 9,763,991 for the Compositions of Cannabinol (CBN) for Treatment of Various Neurobehavioral Disorders, including Sleep Disorders. CBIS recently announced its drug-development pipeline and the transition into clinical trials as well as other major company initiatives.
Cannabis Science 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 cancers, HIV/AIDS, neurological conditions, and other indications as identified previously. The Company is proceeding with the research and development of its proprietary drugs as a part of this initial focus: CS-S/BCC-1, CS-TATI-1, and CS-NEURO-1, respectively.
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. Safe Harbor Statement. The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for forward looking statements. Certain of the statements contained herein, which are not historical facts are forward looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.