IRVINE, CA, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Cannabis Science, Inc. (OTC Pink: CBIS), a U.S. company specializing in the development of cannabinoid-based medicines, is pleased to announce its intent to partner with its sister company, Crown Baus Capital Corporation (OTC Pink: CBCA), to strengthen CBIS’ planned blockchain crypto-currency ICO offering.
Details of the CBIS and CBCA cryptocurrency blockchain arrangement are expected to be finalized and announced shortly. Mr. Dabney and his management team are working to make the best deal structure for all shareholders involved, including a CBIS equity stake in CBCA or vice versa. Working together is in the best interests of both CBCA and CBIS as this type of relationship leverages the capabilities, experience, and expertise of both Companies. CBIS seeks to link the capital structure of CBCA with its upcoming asset backed blockchain cryptocurrency ICO, as well as leverage the pharmacies and pharmaceutical drug development programs currently underway as well as in the robust pipeline.
Crown Baus Capital Corp., (www.crownbaus.com) is a global, acquisition-based conglomerate targeting opportunities in drug development, high-tech incubation, entertainment & media, education, and financial services. CBIS is looking to leverage CBCA’s capital structure to access even more additional strength to fast-track the Company’s growth plans for its pharmacy openings and pharmaceutical drug development programs which are consistent with the Company’s aggressive global business development strategy that now will include a proposed asset backed blockchain cryptocurrency ICO offering.
“Alongside our Lawyers and Accountants, we have been working very hard behind the scenes to finish updating the Crown Baus financials and audit to get Crown Baus current and up to date with its SEC/FINRA filings with audited full and transparent disclosures. Now that we have completed the bulk of the work, we are pretty much ready to begin the audit and complete filing of all outstanding financials and exhibits to bring CBCA current on all financials with the SEC/FINRA, This needs to happen regardless and we are in the middle of doing it, so I expect this auditing process to be completed and filed early in 2018,” stated Mr. Raymond C. Dabney, President & CEO, Co-Founder of both Cannabis Science Inc., (CBIS) and Crown Baus Capital Corp., (CBCA).
“These types of agreements closely align with the interests of CBCA and CBIS in drug development and financial security, thus enabling each company to focus on its particular area of expertise. I believe this is a very smart move for a number of reasons, considering the size of the pharmaceutical drug development industry and the newly formed crypto-currency blockchain industry, so we are looking to add two or three engines to this blockchain thing and see what it does. We most certainly believe it will actually put us in a much stronger position to move our projects forward at a much faster growth rate. With California alone having the world’s sixth largest economy with a GDP of 2.5 trillion dollars, this has opened up a very large market for both Companies in our own backyard. I expect the shareholders of CBCA and CBIS to see an increased book value as a direct result of this agreement. Particularly, this relationship will help CBIS to focus on pharmaceutical drug development and will allow CBCA to focus on finance, as well as on future acquisition deals,” stated Mr. Raymond C. Dabney.
CBIS will officially open the first two Cannabis Science Pharmacies in the city of Los Angeles and the greater San Fernando Valley area of Los Angeles. Both pharmacies are scheduled to open January 2018. These pharmacies are looking to meet the expected increased demand in the Los Angeles market from the much-anticipated, new California recreational market influx. These pharmacies will lead to increased access to high quality over the counter pharmaceuticals, nutraceuticals, and cosmeceuticals. Opening these first two pharmacies in Los Angeles is a huge step for Cannabis Science and it will accelerate the Company’s aggressive pharmaceutical expansion plans in the Los Angeles area, throughout California, and eventually nationwide.
Cannabis Science Proposed Asset Backed Blockchain Crypto-Currency ICO
This January 2018 Cannabis Science Inc. plans pre-launch sales of its own proprietary blockchain and will commence ICO trading with a unique three symbol trading symbol on a number of blockchain currency exchange markets after pre-launch sales have completed with similar Bitcoin type ICO trading to follow. The Cannabis Science blockchain white papers are being finalized now for January 2018 release.
Initial coin offering (ICO) is a controversial means of crowdfunding via use of cryptocurrency, which can be a source of capital for startup companies. In an ICO, a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum.
Early token sales were held by Mastercoin in July 2013 and Ethereum and Karmacoin in 2014, but "mainstream" ICOs began with messaging app developer Kik in September 2017. By November 2017 there were around 50 offerings a month.
A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. The Harvard Business Review describes it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.
The first blockchain was conceptualized in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
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 cancers, HIV/AIDS, and neurological conditions. 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.
Cannabis Science, Inc.
Dr. Allen Herman
Chief Medical Officer (CMO)
Cannabis Science, Inc.
Mr. Raymond C. Dabney
President & CEO, Co-Founder