Cannabis Science Inc Reports Strongest Financial Position in its History
COLORADO SPRINGS, Colo., June 5, 2014 /PRNewswire/ — Cannabis Science, Inc. (CBIS), a U.S. Company specializing in cannabis formulation-based drug development and related consulting, issued comments and guidance with respect to its latest filings and overall financial state of the company with the Company’s Chief Financial Officer stating that Cannabis Science is in a strong financial position to move forward with its pre-clinical drug development.
Robert Kane, CFO of Cannabis Science, Inc., announced, “Cannabis Science is in the strongest financial position in the Company’s history. With a positive cash position after the successful capital raise earlier this year, the Company has the ability to conduct basic science research and to begin new cannabis-drug development programs. In fact, this has begun and our development team is analyzing proprietary data right now.”
Cannabis Science has documented observational success with data from self-administered, topical cannabis-based extract, and has seen promising results in a reduction of the mass of cancerous tumors.
The Company is currently developing formulation for the preclinical investigations to treat basal and squamous cell carcinomas (CS-S/BCC-1) and looking into antiviral properties of CS-TATI-1. The observational study in The Netherlands aims to obtain further valuable observational data from the patients who use cannabis products for a wide range of severe illnesses from cancer to Lyme’s Disease and neurological conditions.
Research using proprietary pure cannabinoid-based product for neuroprotective properties has commenced with initial data obtained this week. The additional studies in Europe are expected to begin as soon as later this month, to be followed by the studies in the United States.
Post signing a Worldwide Distribution Agreement with MDS, a subsidiary of Medbox, Inc., Cannabis Science plans to announce plans to develop this opportunity during this calendar year. Cannabis Science enjoys a 50/50 gross profit exclusive on any and all MDS equipment sales for worldwide markets as set forth below: Asia (All exclusive), Africa (All exclusive), Canada (exclusive), USA (non-exclusive), South America (All non-exclusive), Europe (All exclusive, excluding United Kingdom, Russia, Ukraine, Georgia, Belarus, Estonia, and Latvia), and Australia/Oceania (All exclusive).
The overall financial environment has improved dramatically since Cannabis Science’s inception in 2009, as the target market has grown substantially and legal and social developments have been favorable with respect to expanding the Company’s opportunities worldwide. As economic benefits of the medical cannabis industry are being realized, the resources available to take advantage of these opportunities have grown 1000% in a relatively short time frame.
Cannabis Science executive and supportive teams have substantially improved the balance sheet of the Company. Highlights from the recent filings include:
Current assets grew from $302,355 ending March 31, 2013 to $866,428 ending March 31, 2014, which made Total Assets grow from $577,454 March 31, 2013 to $1,738,985 ending March 31, 2014.
Net loss decreased to $5,934,301 for the fiscal year ended December 31, 2013 from $16,037,572 for the fiscal year ended December 31, 2012, representing a decrease of $10,103,271.
General and administrative expenses decreased by $1,854,950 from $5,068,446 for the fiscal year ended December 31, 2012 to $3,213,496 for the same period ended December 31, 2013.
For the fiscal year ended December 31, 2013, the net loss per share was $0.01, compared to a net loss per share of $0.05 per share for the fiscal year ended December 31, 2012. Total operating expenses decreased from $8,412,158 for the fiscal year ended December 31, 2012 to $3,447,487 for the fiscal year ended December 31, 2013, representing a decrease of $4,844,526. Company professional fees also decreased $147,615 to $114,267 for the fiscal year ended December 31, 2013 compared to $261,852 for the fiscal year ended December 31, 2012.
The loss on settlement of debt decreased to $2,305,650 in 2013 from $10,654,433 for the year ended December 31, 2012. This decrease was due to decreased settlement of debt through stock and resulting losses on the settlements.
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.
Robert Kane, CFO & Director
Cannabis Science, Inc.
Raymond C. Dabney, Management Consultant, Co-Founder