The Black Keys
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I have been mobile all day and didn't
scrutinize L2.
Why do see a break out?
I would think we would have seen more churning
but maybe some probing has K&D pushed off the terminal
It is nice that cbis hasn't pr'ed that the toilet is working.
I doubt that is Dr. Robert M.
A call to the TA would get him my share count, at least the shares I am holding in my name/personal/account. Dick & Mark know who I am and how to reach me.
no responce to my questions?
Leads me to believe my assumptions are true and correct.
I intend on forwarding my compaint(s) to persons that are familiar with Dabney & Co. http://www.sec.gov/complaint/selectconduct.shtml
good day & good luck
GO CBIS :)
I believe common share holders are being misslead
and I would like nothing more than to be proved wrong.
Are you able to speak officially for CBIS?
I did send my questions / as posted / to cbis info @ c b . Com (as well as other persons)
waiting for a responce from cbis.
are you an employee of cbis?
Do you have anything to offer the ihub shareholders
of cbis other than my questioning?
K&D Equity maintains majority interest in CBIS?
Anyone here know who is behind the terminal
and running the big show at K&D Equity???
Because they sfio/cbis has filed a new llc state of Nevada
are we just left to assume that a favorable agrement has been reached and finalized for this DJV?
Why did you answer all of my inquaries with questions?
Thank you
It might help to get the officers attention if some of you would write a letter of support
copying and pasting my questions after or before your questions or concerns
but I think it is time to start asking instead of hoping
info@cannabisscience.com
An open Letter to CBIS Officers.
I would like to purchase more common stock, averaging down on my substantially negative equity position with Cannabis Science
but before I do that, I would greatly appreciate a response to these simple questions regarding our publicly traded comany
Because of the sensitivity of some of these questions and to protect my interest I have blind carbon copied my council
and have poised these questions to the trading public on an open forum.
Your timely response either private or public will be appreciated.
Questions for CBIS Officers:
1. Does CBIS have any intent or plan of action for capitalizing on California's upcoming Proposition19 vote should it pass as expected?
if so, please describe in specifics.
If not why have you ignored this market; California has paved the way to greatness with it's unofficial most profitable & largest export (ahead of even wine, women and song) being Marijuana. CBIS officers have claimed to be industry leaders with massive foresight and industry knowledge. Please explain why you are not poised within California.
2. In June of 2010 CBIS publicly released the acquisition of Montana Pain Management. Two months later you publicly released that CBIS would pursue legal action against Mr. Rosio for deliberately breaching a non disclosure/non-circumvention agreement.
Have you exhausted this pursuit?
Does Dr. Morales have any interest with CBIS?
Does Mr. Rosio have any interest with CBIS?
3. On feb. 18, 2010, The Vancouver Sun Reported: Banned promoter (Ray Dabney) may soon be back touting penny stocks
Read more: http://www.vancouversun.com/life/Banned+promoter+soon+back+touting+penny+stocks/2579722/story.html#ixzz10n0ZamGq
Is this the same Ray Dabney that Richard Cowan admits to receiving equity / stock advise from?
Is Ray Dabney involved with CBIS in any form?
If so in what capacity?
Does Ray Dabney in any form maintain interest in CBIS?
4. On July 8, 2010 CBIS publicly released the "Acquisition of New 9,500 Square foot Denver facility for researching, Developing, Testing and Producing Medical Cannabis. Since that release shareholders have not received an update regarding this space.
Has CBIS executed a lease or purchase agreement?
If so please offer further details regarding this space, its condition, and if or if not CBIS is operating or improving this space for operations.
Specifics here would be welcomed regarding this as shareholders have sent numerous inquiries that have gone unanswered.
5. A shareholder has recently calculated that CBIS has swapped some 33,888,295 shares of common stock between Aug of 2009 and May 19, 2010
How many shares of common stock has CBIS issued in the period from May 19, 2010 to our current date?
Do the officers of CBIS foresee sustainability at any point, from revenues or profit or activities other than the issuing of shares, that will relief the issuing and dilution of our common stock?
6. Because of the transfer of Title, Ticker, Ownership, and cusip: It is difficult to conclude who or what entity maintains majority interest.
It is assumed that K&D Equity maintains majority interest.
Please clarify;
Who (or what combined group) maintains majority interest in CBIS?
7. On Aug 18, 2010 multiple statements were released by CBIS
A. regarding Rockbrook: Please describe our current working relationship and operations and wether officers are pleased with the agreement that was reached.
Has Rockbrook produced funds per the agreement?
Do we expect to continue our relationship with Rockbrook?
B. regarding Smokefree Innotec: It was publicly released that CBIS was entering into a joint venture agreement with SFIO to develop and market smoke free vaporized medical cannabis pharmaceutical products.
Has the Joint Venture been executed? If so what are the basic terms
Has any progress been made with these smoke free vaporized medical cannabis pharmaceutical products?
If so to what extent?
Thank you for your time and service
The shareholders and Trading Public on our open forum are excited for you response.
Respectfully,
I guess I see our glass less than half empty here
yeah Storm has shown us they are working and producing
but I don't see sustainability without the company selling shares: dilution
I see the dilution as mild as Ive held companies that have gone anywhere from 500-1000%
(I think we went double or triple here iirc?? not bad almost dare I say responsible). Some would say dilution @ mrnj is a necessary evil. I say why it seems to me the idevices (and now droids and ichina) are the only thing selling other than food. So what is it? overhead, poor management, short interest, something is fockering us up here, IMO....
Other app companies are flying and we are pounding sand, for all of 2010.....
like it or not since we came under pennies shareholders went from hundreds to thousands
those thousands will flip out with massive volume for +100% profit before we hit a nickel
holding long & hoping.....
Im thinking we would need days of volume near
high tens of millions to break past
flippers between .016 - .02
and I looks like the company is set to meet any demand
at whatever price they are comfy selling at
what is our $ burn rate at mrnj?
How many shares are loaded?
How much $ do we think they need until the next round of dilution?
Pump; don't hate on me, please. Just ask mark real questions other than:
What is up?
How's it going?
What do you think?
Seriously, ask him some tough questions for us.
Respectfully,
Pump. That has nothing to do with CBIS
explain to us how CBIS will benifit if Prop19 passes?
Any news on The CBIS headquaters building in Co.?
Does K & D still hold majority interest in CBIS?
How many shares have CBIS printed and produced in the past 4 months?
When will they need to turn up the dilution further?
reap and learn
the wall is coming down
fresh post
My take on the fluffy dividend email;
Board of Directors have begun investigating the corporate and legal requirements required to issue dividends to shareholders to create a new class of common shares.
The company is in advanced negotiations with several groups pursuing funding opportunities for up to $5 million between $1.00 and $3.00 per new share. [[SOUND VERY COMPLICATED AND MOST OF THIS FLUFF $$ WILL HIT THE FLOOR OR WALK OUT THE DOOR]]
The proceeds will be used to fund FDA clinical trials, acquisitions, and further product research and development. [[EVERYTHING & ANYTHING]] [[AND WITHOUT THE FUNDING NO FDA TRIALS?]]
Thus far it is contemplated the new company share structure will include two classes of common stock, class A, the existing class, and class B common shares, the new class, with each trading with separate symbols.
There is no contemplated change to its current preferred share structure. [[GOOD NEWS FOR THE HOLDING OFFICERS]]
The company plans to create the new class via a dividend payment of shares of the new class to shareholders of record who own the current common stock.
The date of record and ratio of the dividend payment for all shareholders to receive the dividend will be announced shortly.
Cannabis Science President and CEO Dr. Robert Melamede, PhD., noted,
"I'm excited to proceed with the financing in relation to the new common share structure. [[YOU SPEAK OF SAID FUNDING AS IF IT IS PLACE?]]
This will provide us with the critical financing needed for FDA clinical trials and continue the development of Cannabis Science products and bring them to market.
In the long run, this opportunity will open up a much wider market for our medical cannabis products thus multiplying the potential revenues offered through our licensed commercialization partner Rockbrook Inc." [[YOU FORGOT THE IMO DR. BOB]]
Richard Cowan, Cannabis Science CFO added,
"This is one of the last big pieces of the puzzle for Cannabis Science as a Company.
With the new share structure and financing in place, we will then have the tools to realize the market potential for Cannabis Science and our products.
[[WHAT HAPPENS WITHOUT THIS NEW MAGIC DIVIDEND & WITHOUT THE COMPLICATED FUNDING FROM MULTIPULE SOURCES, DICK?]]
We felt strongly about giving a dividend payment to our shareholders of record as part of the overall new share structure to reward their loyalty through this development stage of the Company.
And we know that once we reach the FDA approval milestone for our products that everyone will be rewarded, especially our long-standing shareholders."
Magicluck; Cru answered it perfecly
I own CBIS it at such a loss now its not worth letting go.....
Im not skeptical every where;
I'm loving my MPPC & I am excited for the future (& spread) of NGRND
& my Blue chips are kicking AZZ, Thank GOD!
CBIS has issued 33,888,295 shares of stock since Aug 2009 to May 19, 2010
How many MORE shares do you think they have issued in the past 4 months?
Who holds the majority interest in this company?
With Authorized shares just under 400% of the shares outstanding when do you think they will start diluting to pay down the -$50,000,00.00 hole we are in?
Why would they attempt to form a new series of common stock to pay investors a dividend, just print us some of those 184,999,426 shares we have loaded in the dilution cannon?
On August 27, 2009, the Company issued 2,005,000 common shares through private placements at $0.05 per share.
On October 8, 2009, the Company issued 60,000 common shares through a private placement at $0.17.
On December 14, 2009, the Company issued 100,000 common shares through a private placement at $0.20.
On December 10, 2009, the Company issued 37,495 common shares through private placements at $0.15.
On January 4, 2010, the Company issued 95,800 common shares to an investor for cash.
On January 21, 2010, the Company issued 300,000 common shares for a private placement at $0.17 for net proceeds of $47,500 after paying a finder’s fee of $3,500, issued 50,000 common shares for services rendered and, issued 400,000 common shares for settlement of $40,000 in shareholder debt. The Company also issued 60,000 common shares to an advisor for services rendered in 2010.
On February 8, 2010, the Company issued 1,750,000 common shares for settlement of $175,000 of shareholder debt assigned from the shareholder note payable owing at December 31, 2009.
On March 8, 2010, the Company issued 600,000 common shares for settlement of $60,000 of debt assigned from the shareholder note payable owing at December 31, 2009.
On March 12, 2010, the Company issued 470,000 common shares to consultants and advisors for services rendered. The Company issued 300,000 common shares for a private placement at $0.17 for net proceeds of $45,000 after paying finder’s fees of $6,000. The Company issued 50,000 common shares subscribed in January 2010 at $0.10 for proceeds of $5,000 received in full.
On May 13, 2010, the Company issued 25,650,000 restricted common shares at $0.10 per share to several individuals for services rendered.
On May 15, 2010, the Company issued 4,600,000 common shares for settlement of debt of $46,000.
On May 19, 2010, the Company issued 1,500,000 common shares for settlement of $15,000 of shareholder debt assigned from the shareholder note payable owing at December 31, 2009.
Share Structure
Market Value1...........$2,730,024..............a/o Sep 23, 2010
Shares Outstanding........65,000,574.........a/o Jun 17, 2010
Float...............................24,000,000.........a/o Jun 17, 2010
Authorized Shares.........250,000,000.........a/o Jun 17, 2010
Newmedman. I posted the mail yesterday it is just before I was called out by kingmanAZ - as old news
i wanted to clear up kubby rubbish and did
during the course of that clearing
cowan slipped and admitted to using dabney as a founder
chek it!
Peace
Nothing to laugh at on this board
or with this holding.
IMO when they ousted kubby, they lost direction
now they have tried 3 or 4 different direction
rockbrook only bringing a mild stream
on the other hand
Dr. Bobs YouTube page should make you LOL
depending on what kind of loss your sitting on
you might drop tears
CBIS is looking like a paper Company scam
with the Canadian Scoundrel Dabney & Co banging
on the CBIS terminal . Buyer beware . IMO
Panic selling comming with sub .03 before Nov - IMO
are they answering the phone today?
I've posted friedmans celly, look for it and call him
he will calm us down with
"we'll be back to a dollar in no time" I quote him
IMO - Your hopes and wishes and wants are going to start your penny investmet plantrd deep in the red like the rest of us here.
I have spoken to mark,
and know - mark told me - I poised my question to him
'i've always wanted to get into I.relations (witch was a bullshit inquary he fell for) and I've done, bla bla bla...
How did you get your feet wet / start / in investor relations?
Mark - I'm a long time friend of cowan..he asked me I said yes...here we are...barf
mark admitted to me he really didn't know what he was doing and only ever traded/held one stock.
Ask him for his relivant experiance'. - he doesn't have Any
ask him if he went to even an entry level CPA class...IMO mark Friedman is a fall guy
I will hold this down to vapor, now cause I'm sitting at such a loss
and I will continue to voice my opinion
on this forum within the guidlines
officers should publicly disconnect themselfs from Dabney & Co.
Witch they will not - IMO - because they are in to deep
and are stuck
all the officers here may or may not be great people
that is arguable
cowans email to me leads me to belive that Dabney / while barred and fined from the SEC /
still has his fingers on the CBIS terminal.
But keep buying I hubbers
your the only ones
And because BEHL is selling shares into this noise: dilution.
On September 8, 2010, Megola announced that the company had opened a brokerage account with Glendale Securities for the purpose of initiating a stock buyback plan.
Sweet Jesus we might just pull out of the gutter here
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7470058
AND, if i understand this! a million shares just got pulled from the float
not much but.....
On September 9, 2010, Megola received a request from TD AMERITRADE Clearing Inc. to reverse a conversion and transfer that was done per their request by the transfer agent. As the conversion and transfer from Megola Series ‘A’ Preferred stock to Megola Common stock was done without the authorization of their client TD AMERITRADE Clearing Inc. asked for consent to reverse the transaction and revert the Common Shares back to Preferred Series A Shares. Megola has given consent for 1,000,000 Common Shares to be reverted back to the original 40,000 shares of Series ‘A’ Preferred stock into the name of their client.
As of September 7, 2010, the Common Share structure for Megola is as follows:
Authorized: 200,000,000
Outstanding: 26,538,655
Restricted: 130,287
Float: 26,408,368
i agree, this is one to whack & bid sit
if you get any under .0002 you are blessed
This company will hit mainstream press
and breakout. Kodak officers are running and holding this
it will hit mainstream press and fly - imo
I wish I didn't have other shi**y pink positions
so I could ration more here
1. redundant jibberjabber
2. SFIO doesn't have bunk for sale in the U.S.
3. A meager licensing agreement with ONE shitty dispensary wont pay for half of the PR these clowns have printed this quarter
4. Dr. Bob for whatever greatness you hold him to is, in my opinion, a washed up retired stoner professor that isn't running anything other than the vaporizer
I have asked every large and apparently respectable dispensary that i could source and communicate with about Dr. Bob and the CBIS team. The leader being Harborside - and IF they know of this outfit - no one will associate with them from what I have found. they have branded themselves out of the market.
heres ome short interest data for you DJ
i speculate that they are shorting and selling it down from the inside
and will walk away just before the SEC knocks on the door
feel free to carry on......
Summary of short data for CBIS from December 1st to June 25th:
Total Volume: 25,475,736
Shares Shorted: 9,548,526
Short Percent: 37.48%
Days not shorted: 1
December:
20091201|CBIS|47450|89857|O
20091202|CBIS|78000|131210|O
20091203|CBIS|11200|35870|O
20091204|CBIS|5500|97034|O
20091207|CBIS|3300|42459|O
20091208|CBIS|0|79,260|O
20091209|CBIS|7050|84867|O
20091210|CBIS|8200|72181|O
20091211|CBIS|21030|86723|O
20091214|CBIS|36000|102825|O
20091215|CBIS|53263|119949|O
20091216|CBIS|99554|174209|O
20091217|CBIS|27682|72952|O
20091218|CBIS|43000|147199|O
20091221|CBIS|18550|50920|O
20091222|CBIS|7306|12206|O
20091223|CBIS|24266|60724|O
20091224|CBIS|61510|122600|O
20091228|CBIS|11453|39690|O
20091229|CBIS|21210|57065|O
20091230|CBIS|26423|94108|O
20091231|CBIS|11500|59250|O
Total Volume: 1,833,158
Shares Shorted: 623,447
Short Percent: 34.01%
Days not shorted: 1
January:
20100104|CBIS|10200|68500|O
20100105|CBIS|75528|82028|O
20100106|CBIS|70746|96411|O
20100107|CBIS|104659|148426|O
20100108|CBIS|63061|141850|O
20100111|CBIS|129505|313918|O
20100112|CBIS|367971|614363|O
20100113|CBIS|185199|513837|O
20100114|CBIS|33485|87530|O
20100115|CBIS|99617|164703|O
20100119|CBIS|10867|164443|O
20100120|CBIS|95568|168236|O
20100121|CBIS|55841|142241|O
20100122|CBIS|23384|140438|O
20100125|CBIS|23868|68595|O
20100126|CBIS|16500|111921|O
20100127|CBIS|10700|59886|O
20100128|CBIS|20087|154925|O
20100129|CBIS|12050|40800|O
Total Volume: 3,283,051
Shares Shorted: 1,408,836
Short Percent: 42.91%
Days not shorted: 0
February:
20100201|CBIS|55989|69589|O
20100202|CBIS|7576|49513|O
20100203|CBIS|10356|42878|O
20100204|CBIS|12550|44394|O
20100205|CBIS|60178|94422|O
20100208|CBIS|62000|114880|O
20100209|CBIS|82859|205175|O
20100210|CBIS|109487|306316|O
20100211|CBIS|40835|116908|O
20100212|CBIS|59488|166373|O
20100216|CBIS|65063|184174|O
20100217|CBIS|91200|175073|O
20100218|CBIS|52429|215863|O
20100219|CBIS|40155|153655|O
20100222|CBIS|49741|124235|O
20100223|CBIS|14130|132760|O
20100224|CBIS|22260|94850|O
20100225|CBIS|35160|118122|O
20100226|CBIS|14245|64670|O
Total Volume: 2,473,850
Shares Shorted: 885,701
Short Percent: 35.8%
Days not shorted: 0
March:
20100301|CBIS|48000|239881|O
20100302|CBIS|78020|188688|O
20100303|CBIS|11500|62765|O
20100304|CBIS|75562|159572|O
20100305|CBIS|60090|171856|O
20100308|CBIS|48126|155420|O
20100309|CBIS|30610|160688|O
20100310|CBIS|646351|1383762|O
20100311|CBIS|42425|182884|O
20100312|CBIS|22445|96820|O
20100315|CBIS|19235|98755|O
20100316|CBIS|18330|118023|O
20100317|CBIS|31337|71362|O
20100318|CBIS|9324|72725|O
20100319|CBIS|17000|81204|O
20100322|CBIS|51840|107765|O
20100323|CBIS|39050|64073|O
20100324|CBIS|43307|89804|O
20100325|CBIS|86587|119000|O
20100326|CBIS|66366|138116|O
20100329|CBIS|136941|342481|O
20100330|CBIS|40402|136744|O
20100331|CBIS|18162|128321|O
Total Volume: 4,370,709
Shares Shorted: 1,641,010
Short Percent: 37.55%
Days not shorted: 0
April:
20100401|CBIS|21424|41711|O
20100405|CBIS|49476|139436|O
20100406|CBIS|48493|92608|O
20100407|CBIS|15090|175775|O
20100408|CBIS|4679|66261|O
20100409|CBIS|48200|370237|O
20100412|CBIS|85096|335622|O
20100413|CBIS|87856|344544|O
20100414|CBIS|25178|54373|O
20100415|CBIS|100|76387|O
20100416|CBIS|32511|125403|O
20100419|CBIS|20000|55744|O
20100420|CBISE|86366|170478|O
20100421|CBISE|23964|69207|O
20100422|CBISE|26650|59700|O
20100423|CBISE|39840|138212|O
20100426|CBISE|41027|72540|O
20100427|CBISE|94635|196600|O
20100428|CBISE|4666|119240|O
20100429|CBISE|32500|159140|O
20100430|CBISE|12625|55490|O
Total Volume: 2,918,708
Shares Shorted: 800,376
Short Percent: 27.42%
Days not shorted: 0
May:
20100503|CBISE|200|23492|O
20100504|CBISE|19356|98564|O
20100505|CBISE|27233|104198|O
20100506|CBISE|31370|218063|O
20100507|CBIS|63749|155461|O
20100510|CBIS|40950|144474|O
20100511|CBIS|46900|90155|O
20100512|CBIS|57740|138327|O
20100513|CBIS|171597|449821|O
20100514|CBIS|127365|239696|O
20100517|CBIS|32827|91752|O
20100518|CBIS|40725|60208|O
20100519|CBIS|28179|50520|O
20100520|CBIS|9833|67796|O
20100521|CBIS|240759|319679|O
20100524|CBIS|529047|1168788|O
20100525|CBIS|252465|612240|O
20100526|CBIS|130325|227565|O
20100527|CBIS|46929|98694|O
20100528|CBIS|18122|135635|O
Total Volume: 4,495,128
Shares Shorted: 1,915,671
Short Percent: 42.62%
Days not shorted: 0
June:
20100601|CBIS|58825|204264|O
20100602|CBIS|96330|263255|O
20100603|CBIS|71500|256926|O
20100604|CBIS|66414|154129|O
20100607|CBIS|53000|93250|O
20100608|CBIS|61761|432132|O
20100609|CBIS|49764|157515|O
20100610|CBIS|111638|356827|O
20100611|CBIS|208825|553818|O
20100614|CBIS|177937|493055|O
20100615|CBIS|116951|238467|O
20100616|CBIS|118244|375635|O
20100617|CBIS|300758|650829|O
20100618|CBIS|80407|290104|O
20100621|CBIS|68362|218892|O
20100622|CBIS|72886|193461|O
20100623|CBIS|206392|452640|O
20100624|CBIS|35889|98293|O
20100625|CBIS|317602|617640|O
Total Volume: 6,101,132
Shares Shorted: 2,273,485
Short Percent: 37.26%
Days not shorted: 0
Summary of short data from December 1st to June 25th:
Total Volume: 25,475,736
Shares Shorted: 9,548,526
Short Percent: 37.48%
Days not shorted: 1
Huge for what/
Not CBIS - imo
and CBIS isn't poised to benefit from proposition19 either;
but bet your pumpinass they will spend $5K on a PR
if so how?
Id love to be wrong.....
in fact cbis has failed
evident in todays surging volume and decline PPS
brush us off as bashers and buy more paper next week pump
or reread todays post and ask Dick to refute todays claims
he wont - my bet is he wont even talk to you once you start to call him and the other players out
cause he knows it is true, they haven't done anything other than promote this paper company
Are you implying that CBIS has dealings with Lannette Davies & Cannacare?
Orly? Wouldn't be the first time I'm wrong...
Tell us the relivance of cannacare & our cbis stock scam...
I know it is hard to put your head in the toilet with your money
but your not alone here
we have all done it together
That has nothing to do with cbis, but
cbis thought it worthy of paying for a statment...
Sucks I fell for this scam cbis = hesg IMO
gaffney is in on this, I bet
PAY attention kngman! I know the kubby news is old! I stopped it before it started!
What is new news is that cbis officers are doing bussiness with sec barred and fined crooks.
WP stopped short of an accusation
I posted the entire mail where as Dick
admits to recieving guidance from Dabney
comprende'?
I know it sucks to admit we've been had
but don't blame me, or other posters here for pulling
the blanket off of all these crooks that are in bed together,
it's not my fault we have been scammed.
Below is the entire email that cowan sent me:
After that email I tracked Mr. Kubby down;
I hope to reach him again shortly....
From: Richard Cowan <richardccowan@gmail.com>
Date: June 10, 2010 1:56:04 PM MDT
To: Dade
Subject: Cannabis Science and Kubby
It is hard to know where to start on something as weird as this. But it may help to start with the most recent absurdity.
Here are two excerpts from Kubby’s Facebook page which were forwarded to me.
Steve Kubby “CBIS UP IN SMOKE - "The Parties herein agree that as material consideration for this Agreed Judgment, that the Purchase Agreement is rescinded nunc pro tunc to its purported effective date, has no effect as if it never existed; and based on this settlement and compromise, the Parties are placed into their original posi...tions as if said Purchase Agreement had never been executed...”
What really happened is that – after Kubby was fired as CEO for cause – the people who had previously controlled the public company, Gulf Onshore, and gave us control when Kubby was CEO – sued him – with the approval of Cannabis Science management -- for cancellation and/or return of the shares issued to his (private) company Cannex.
They got a summary judgment against Kubby. This was his “victory”. Obviously, this has no bearing whatsoever on the continued operation of Cannabis Science, nor does it change Dr. Melamede’s management of the company. In fact, the Gulf Onshore people are very supportive of Dr. Melamede. Any differences with them ended when they realized that we are fortunate to have Dr. Melamede and that he too was victimized by Kubby.
Steve Kubby “WHAT WE WON - Cannabis Science has been telling investors they plan to develop my whole cannabis extract lozenge, claiming, "The lozenge is a part of the assets and know-how acquired through Cannex." They made that claim in this article released yesterday, even though they failed to make any payment for the rights. N...ow we can tell our investors that we own the lozenge and CSI owns nothing.”
Meanwhile back in the real world: Dr. Melamede is one of the world’s foremost authorities on cannabinoids, and does not need anything from Steve Kubby. Cannabis Science has long since moved past anything that Kubby ever thought of.
In any case, “lozenges” are clearly not patentable as a delivery device, and there are numerous cannabis lozenges already being sold in medical marijuana dispensaries in California and elsewhere.
Consequently, for FDA purposes Cannabis Science is working on several extraction processes and delivery systems for cannabis-based medicines. As we have emphasized, our focus is on developing products to deal with PTSD and chronic pain for disabled vets. That may mean nothing to Kubby, but fortunately nothing that we are doing is dependent on anything from Kubby.
We are also working with the patients in Colorado – through our recently acquired dispensary – to determine what they prefer, because Dr. Melamede really means it when we say we are a patient oriented company. For Kubby to say that “CSI owns nothing” is a blatant lie, to put it bluntly.
If you have any more questions please do not hesitate to call me.
Thanks again.
Richard Cowan
CFO Cannabis Science Inc.
Below is a copy of what I posted on my old website, MarijuanaNews.com after we fired Kubby.
Someone Is Lying: Kubby Fired By Cannabis Science; Accuses Melamede and Cowan of Theft, Etc. Are You A Thief If You Don’t Agree With Me?
July 11, 2009
by Richard Cowan
Cowan@MarijuanaNews.com
The Kubby/CSI dispute involves some very complicated issues, but my decision to vote to remove him as CEO was based on a few very simple points:
First, when someone tells me that if I disagree with him I am therefore a thief, then I really must disagree with him.
Second, when agreeing with him would require me to falsely accuse two people of theft, and I do not believe the accusations to be true, I would have no choice. It is a question of morality, and simple decency.
Besides, I have been slimed before, and there is too much “collateral damage” to the stakeholders, including those who need cannabinoid medicine.
Third, when one of the persons being targeted is a leading figure in cannabinoid science, and therefore the company’s most valuable employee, and if he were driven from the company under circumstances that would make it almost impossible to replace him with anyone who was not desperate, it is a question of good business.
The point is that Cannabis Science Inc. can be rebuilt by Dr. Melamede, but it cannot be rebuilt by Kubby.
Fourth, when I become the target of absurd extortionate threats, I have to conclude that the person making those threats and accusations really should not be running a public company.
Finally, when the person accusing others of theft is using company funds for his own purposes and is ignoring the basic practices of corporate governance and doing actual harm to the company, we really must act.
Below you will find a very abbreviated history, and some of the recent emails between Kubby and me.
After you read them, I think you will understand why I acted as I did, but if you still think that I have looted Kubby’s billions, please tell everyone that I spent it all on sex. That would do wonders for my reputation.
RC
History:
In the Spring of last year, Steve Kubby called me and said that some wealthy friends of his had expressed interest in the pharmaceutical cannabis business, and he was sure he could raise a significant amount of money for such a venture in a short time.
I had been acting as Kubby’s “campaign manager” in his unsuccessful bid for the Libertarian Party presidential nomination, so he asked me if I would serve as the Chief Financial Officer, because – many years ago – I had had experience in corporate finance, and he wanted someone he could “trust” in that position. (You will soon see the irony in that, but it seemed logical because I had been defending him through all of his legal difficulties, since his arrest in 1999, and had nominated him for the LP Vice Presidential candidacy in 2000.)
I agreed, but Kubby was only able to raise $50,000 from a wealthy neighbor, and that was all that he was ever able to raise, with some dubious exceptions, which we will hear about soon.
Kubby was, nonetheless, able to recruit Dr. Robert J. Melamede as the company’s “Chief Science Officer”. Dr Melamede is one of the world’s most respected authorities on cannabinoid medicine, so that was something of a coup. A friend of Dr. Melamede also introduced us – by telephone – to a fellow in Vancouver, Raymond Dabney, who could arrange a “merger” with a public company, which might make it easier for us to raise money. We knew that Dabney had had some problems with the SEC, but we did not consider them serious enough to prevent us from doing business with him. He was the victim of some bad legal advice, but it makes him an easy target.
I went to Vancouver and negotiated a deal, but the stock market crash killed it before we could raise any financing. We put together another deal, but everything that could go wrong did, and no one was able to raise any money.
Needless to say, I was not getting paid, and I was also feeling my age (I am now 69), and I kept telling Kubby that I did not want to continue as CFO. He asked me to stay on in just a nominal capacity, because he wanted to have someone he could “trust.” During all this time, my stress was greatly aggravated by the problem that Kubby simply could not grasp the nature of public companies, and he said that he did not want to deal with corporate finance. In other words, I realized that I had made a serious error.
Inasmuch as we had been unable to raise cash to pay for essential corporate services, Dabney proposed that we use a provision in the SEC rules that would allow us to issue shares for them. The Board – including Kubby – approved the proposal unanimously. I am not an expert on securities laws and/or SEC regs, but the deal was vetted by the company’s lawyer and the shares were issued.
I have found Dabney to be both competent and honest, and he has always insisted that everything be done in a legal and honorable way. However, he and Kubby have never gotten along well.
In the meantime, Kubby had moved into a large house in the Oakland hills, and was having trouble paying the rent ($3,000 per month). The company’s bills were also mounting, and Kubby was complaining about stress and urging Dabney to sell stock at any price, so he would not be evicted. (Kubby sent that email to all of the company’s employees, and that began a series of increasingly bizarre messages.)
Finally, on June 25th, I insisted that my resignation as CFO finally be accepted.
Excerpt:
“I have been saying for some time that I do not feel qualified to serve in this capacity, and my inability to produce results speaks for itself. Although my health problems are not "life-threatening", it is clear to me that I do not have the stamina to do the job properly.”
Here is Kubby’s response on the same day:
“Richard,
I regretfully accept your resignation, but only because this appears to be affecting your health. The last thing we want is for your health to suffer.
As for your, "inability to produce results," I must remind you that the ultimate responsibility for these decisions rests with me. You advised me, but I was the one who committed us to a program that has not produced the results we all anticipated.
I do think you should continue as a Director of CSI.
On behalf of the entire Team, please accept our profound appreciation for the work that you've done on our behalf.
Best wishes,”
Steve
Then just a week later, on July 2, I received the following email:
from Steve Kubby <steve@kubby.com>
to Richard Cowan <richardccowan@gmail.com>
date Thu, Jul 2, 2009 at 6:38 PM
subject Confidential
Full text:
“Richard,
You know me well enough to know that I never bluff and I never back down.
I want you to send me ALL the stock certificates and CFO files you are holding by Monday, July 6th, or I will file charges against you for stock fraud, embezzlement, and bank fraud.”
Steve
Here is part of my response:
July 3, 2009
“Dear Steve,
Let peace begin with me.
First, you say that I know you “well enough to know”.
No, I do not know you at all, because this threat does not come from the Steve Kubby that I have been defending and/or promoting for the last ten years. What a fool I have been!
May I remind you that I had been trying to resign as CFO for many months, and you kept begging me to stay because you wanted someone there whom you trusted. Ironic, eh?
In fact, nothing would make me happier than to be able to walk away from this deal, but – speaking of ironic – you have made it almost impossible for me to do so, because I have a fiduciary responsibility as a result of the position you wanted me to take and your actions that threaten the shareholders.
Second, you say you want me to send you “ALL the stock certificates.”
I will be happy to send you the CSI certificate for CANNEX. I do not have a cert in your name, and you have absolutely no right to demand any other certs, but I will also send Bob and Raymond theirs. Heretofore, no one has requested them, but I am happy to get rid of them.
Third, regarding the “CFO files”, may I remind you that we have done all of our transactions electronically, and you should have virtually all of these “files”.
They all exist in “Googleland”, and you can find them on your own .There really are no physical “CFO files”.
Fourth, you threaten that you will “file charges: against me for stock fraud, embezzlement, and bank fraud.”
Well, if I had committed those felonies, how would that be cured by my sending you certificates that are not yours and electronic copies of files that you should already have? Actually, you are threatening me with arrest for not making you an accessory-after-the-fact in crimes that – fortunately – I have not committed.
Stock fraud? I have done nothing that has not been vetted by the lawyers and approved by the Board, and nothing that I have done is dishonest.
Embezzlement? I have taken NO money from any source, directly or indirectly related to CSI, or on its behalf, and I have not been paid anything in such a long time that I have forgotten when the last time was.
Bank fraud? What bank did I defraud? I have had no transactions with any bank on behalf of CSI other than helping you open the WF account.
My purpose in going through all the above is NOT to defend myself, but rather in hopes that you will reflect on the absurdity of it all.
Unfortunately, your actions over the last few days have given us such grave concerns about your health.
Do you really think that Bob, Raymond and I are involved in some sort of vast criminal conspiracy, and plotting against you at the same time? Can’t you see how irrational that is?
When you first started this deal you asked me to help you and you said that you would have money in a “week” – or something like that. Now you are saying that Raymond’s plans have failed, but the only deal that you have come close to doing (since Gordon’s $50K) is the now uncertain “C” deal, which would be possible only with the public company that Raymond provided.
The serious flaws with the “C” contract you signed without Board approval were confirmed by “C”, but your only response was to announce that you were consulting an attorney about voiding the… deal with the very people who had pointed out those problems. Everyone on that call was astonished by that statement in that context.
Also, I assume that you are prepared to proceed without Dr. Melamede, since you say you do not trust him. And after all this, why should he trust you?
If you prevail, you will have to have a new Board. Who would want to sit on your Board after what has happened? How are you going to raise money after wrecking the company?
What is your plan for going forward with the company?
R”
As you can see, I raised a number of substantive points asking his plans for how he would go forward, but his response, “No middle ground”, demanded that I again explain a deal approved by him and the lawyers, and ended with this:
Excerpt:
Dick,
“There is no middle ground, now that the fraud is so obvious. Either you wake up and recognize the fraud and join the effort to expose it, or I can only conclude that you are a willing co-conspirator with Bob and Raymond.”
In other words, if I did not agree with him that Dr. Melamede is a thief, then I must also be a thief. Except of course, he had already accused me of being a thief the day before, so I did not feel that there was any point in trying again.
That is the sum total of the basis of his accusations against me. As it happens, I have the greatest confidence in Dr. Melamede’s integrity, while I have learned the hard way about Kubby.
Don’t Point Your Finger When Your Hand Is In the Cookie Jar:
We had also learned that he had proceeded with the “C” deal mentioned above, without Board approval, and he had blocked my access to the Company’s bank account without Board approval, so he could take in $20,000 without Board knowledge or approval, and had paid himself $3,000, without Board approval, while leaving vitally important company obligations unpaid.
We have also learned that Kubby used promises of Company shares to borrow money from Company employees and at least one other person without Board approval.
The total amount of money involved was not great, but the way he was doing it endangered the company and put the Directors in an impossible position.
Consequently, because his behavior had become so irresponsible that the Board had to remove him as CEO, he resigned as a Director and then sent his libelous accusations to the media, claiming to be acting from noble motives.
There is one more illustrative point. A month or so ago, Dr. Melamede, who is not a wealthy man, loaned Kubby $2,000 to pay his rent, and Kubby has repaid him only with venom.
That reminds me of Mark Twain’s famous line: “A dog won’t bite the hand that feeds him, and that is the principle difference between a man and a dog.” .
Now I hope that you will understand why I voted as I did.
RC
I hope all these goons ¡!dr boob included!¡ get jail time for this scam
Kubby was, nonetheless, able to recruit Dr. Robert J. Melamede as the company’s “Chief Science Officer”. Dr Melamede is one of the world’s most respected authorities on cannabinoid medicine, so that was something of a coup. A friend of Dr. Melamede also introduced us – by telephone – to a fellow in Vancouver, Raymond Dabney, who could arrange a “merger” with a public company, which might make it easier for us to raise money. We knew that Dabney had had some problems with the SEC, but we did not consider them serious enough to prevent us from doing business with him. He was the victim of some bad legal advice, but it makes him an easy target.
I posted the whole mail in June: look C
scifobs, didn't you claim efficent with sueing a company for these shenanigans???
Let's file!
IMO share structure increase news didn't affect us
it will be what they do with these shares and at what price
that will make or break us longs.
I speculate Dabney is involved here
Cowan spoke of him to me!!!
peace & sweetdreams my fellow cbis bag holders
hoping, for....something here
that post that you just called pump out on and got deleted at warp speed :)
I missed those 150... even the most simple DD looking into this team
IMO - they are well financed and seasoned
I honestly cant wait to see what these guys roll out with
I have a feeling it will be a super pump
sicofbs; word that differently and repost