IRVINE, CA, Mar 27, 2018 (GLOBE NEWSWIRE via COMTEX) --
Cannabis Science, Inc. CBIS, -0.74% a U.S. company specializing in the development of cannabinoid-based medicines, is pleased to announce that it fully supports the Global Hemp Group and the Hemp Farming Act of 2018.
Yesterday, Senator Mitch McConnell announced he will introduce the Hemp Farming Act of 2018, co-sponsored by Senators Ron Wyden (D-OR) and Rand Paul (R-KY), following this state work period. This proposed, bi-partisan legislation would legalize hemp as an agricultural commodity and remove hemp from the list of controlled substances. This would be, by far, the biggest step forward for cannabis companies and would further Cannabis Science's industrial hemp farming initiative for research and medicinal purposes. This legislation would also remove the federal barriers in place that have stifled the industry, which should help promote and expand the domestic production of hemp. It should also give hemp researchers the chance to apply for competitive federal grants from the U.S. Department of Agriculture - allowing them to continue their impressive work with the support of federal research dollars.
"We support Senator McConnell's proposed legislation and welcome the opportunity for federal funding to become available to support industrial hemp research for our formal and observational drug development programs. It would be extraordinary to open our 1st CBIS Pharmacy in Los Angeles on 4/20, have a Grand Opening Party, and join in the 4/20 celebrations with everyone! It would be outstanding to showcase and display our industrial hemp research products and THC combination drug development regimens alongside a plethora of other high-end, quality products from our CBIS brand and our brand partners, along with other brands that our doctor partners, researchers, and patients have come to recognize and request," stated Mr. Raymond C. Dabney, Cannabis Science's President, Chief Executive Officer, and Co-founder.
"In addition to our current research with leading, private institutions in the U.S. and globally, we have successfully registered our company with the U.S. federal government and we are currently eligible to receive federal contracts and grants. Cannabis Science is a registered vendor in the U.S. federal government's System for Award Management (SAM), and has initially established three North American Industry Classification System (NAICS) Codes for its work - 541711 (Research and Development in Biotechnology), 621511 (Medical Laboratories), and 624230 (Emergency and Other Relief Services)," stated Dr. Allen Herman, Cannabis Science's Chief Medical Officer (CMO).
Cannabis Science's business strategy is focused on acquiring top-tier land and investing in infrastructure within the licensed, medical cannabis industry. The Company welcomes this positive development and will continue to monitor any changes in state and federal legislation. Cannabis Science remains focused on the medical cannabis markets covered by the proposed Hemp Farming Act of 2018, as well as expanding the Company's presence nationwide and globally as conditions warrant.
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.
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