COLORADO SPRINGS, Colo.,
Nov. 24, 2014 /PRNewswire/ -- In a
move that signals a forceful reinvestment in the largest legal
medical cannabis market, Cannabis Science, Inc. (OTC: CBIS), a U.S.
company specializing in global cannabis formulation-based drug
development and consulting, has successfully renegotiated its
agreement with Apothecary Genetics Investments LLC to purchase and
license two northern California
production farms with a combined total of 51 acres. The purchase
includes all related equipment for cannabis cultivation and
production for the state's substantial medical cannabis market.
"With Apothecary Genetics, our state licensed and regulated
partner, Cannabis Science is now able to proceed with licensing our
California assets and our
formulations for the development of the full spectrum of medical
cannabis operations and products," said Mr. Raymond C. Dabney, Director, President & CEO
and Co-Founder of Cannabis Science Inc. "Cannabis Science
will now own 100% of all the assets previously held and accumulated
from our previous deal with Apothecary and all newly-derived assets
from this agreement."
As a consequence, Cannabis Science is entitled to substantial
licensing fees and royalties, rights to assign assets and fees to
affiliates and subsidiaries, and ownership of all tangible assets
such as land, facilities and equipment as well as new business
ventures pursuant to the agreement. Cannabis Science, in
turn, will provide Apothecary Genetics with quarterly working
capital to develop and expand operations, including the provision
of research and development facilities.
"This is exciting news for the long-term benefit of patients, as
the Company not only will be able to enter into opt-in programs for
the evaluation of our proprietary formulations but also will be
able to promote advanced medical cannabis R & D," said Mr.
Dabney. "And now Cannabis Science will harness the strength
of 100% of all the previous and accumulated assets to make a real
difference."
The Company will inform the public as each step of its new
blueprint for California is
realized.
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.
Raymond C. Dabney, Director,
President & CEO, Co-Founder
raymond@cannabisscience.com
Tel: 1.310.650.3788
Chad S. Johnson, Esq., Director,
COO, & General Counsel
www.cannabisscience.com
info@cannabisscience.com
1.888.777.0658
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SOURCE Cannabis Science, Inc.