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Do you know when this will take place? Also starting to think sometime next week might be my entrance point :)
Does MFLI have any plans of becoming SEC reporting?
Slow but steady day today, have a nice weekend
Richard Cowan, Cannabis Science CFO, added, "Due to changes in Colorado Legislation, Cannabis Science was forced to cancel the Share Purchase and Management Consulting Agreements previously signed on May 8, 2010 with RockBrook and its sole shareholder, Mr. Adam Pasquale. On August 1, 2010, the HB 1284 legislation came into effect in the State of Colorado. The new legislation precludes any non-resident from having ownership in a Colorado-based medical cannabis dispensary. Due to the broad ownership of Cannabis Science, a public company with shareholders around the world, and the fact that no specific element(s) of the new Colorado legislation permits or inures the same resident-based ownership rights to a public company, the Company's legal counsel advised management to cancel the May 8th RockBrook acquisition, which Mr. Pasquale also agreed with. On July 30, 2010, we signed a Mutual Termination Agreement ("MTA") with RockBrook Inc. and its sole shareholder, Mr. Adam Pasquale. We are pleased that a mutually beneficial business relationship was reached with Mr. Pasquale and RockBrook, Inc. under the new legislation regulating Medical Marijuana in the State of Colorado."
No shares were ever given to Rockbrook inc.
The Rockbrook deal did not cost dilution.
So what did Rockbrook cost?
Any plans over here to become SEC reporting?
I could be wrong but I am pretty sure hemp can be farmed in Canada where the company plans on growing their hemp. It is not illegal to import hemp into the United States. So until the United States allows it, it is still okay.
I imagine Mark gets overloaded with calls seeing as he is the only person for IR and CBIS has had a lot of interest lately. I hope his non-work related issues go okay, he seems like a nice guy.
I am holding my breath for this PR, I hope it comes today or tomorrow. If it is true that they received millions, they will be seriously undervalued imo. They will also finally be able to get the boat moving with the FDA and whatever Europe's FDA is called. Cheers.
Further validation of CBIS' chronic pain product in development is nice.
Just got off the phone with Mark and spoke briefly with him about you trying to contact him in regards to possible CNBC exposure. He said he did not receive a voice mail but that he is available right now and that you should give him a call. 1 877 431 2247.
lol I was thinking the same thing
Ya, oh well
30,000 ask slap to start the day :)
Really nice find. Thank you!
The decline over here is possibly attributable to private placements of stock that were used to raise operating capital. Other than that, the company has made great strides in the last month. Obviously do your own DD, but I recommend calling IR at 1-877-431-2247 to help you along with your research and answer questions. As for the bottom, we fell through the .05 resistance point today but tomorrow will be the day for confirmation. A strong rebound is very plausible. Increasing, above average volume over the last two days is a positive indicator. I would keep your eye on it. Oh and supposedly the private placement of stock is finalized and is no longer effective due to the large sums that were recently raised in Europe. The sky looks blue from here! GL.
Once the European deal is legitimized through an 8K or Quarterly, you better dust off your moon shoes. Millions in the bank with a market cap of $4,207,658.13 is just silly. Not to mention the POTential with all that is in the works.
Lead the way GW!
http://www.telegraph.co.uk/finance/newsbysector/pharmaceuticalsandchemicals/7973707/Canada-approves-GW-Pharmas-cannabis-based-drug.html
It's funny, I believe our product is supposed to be more effective and in larger markets. I know Dr. Bob has talked negatively about Sativex being alcohol based and it causing throat irritation. GW has a market cap of 137.6M on the London stock exchange (potential 3,400% increase over the next couple of years for CBIS? :0 ).
definitely
I believe him for the most part but a more official disclosure of this information would be nice. At least a PR or an 8k. Of course at the least we will get to see it on the quarterly in November, which is going to be a very solid month.
It is only a matter of time at this point. I was nervous a couple of months ago but now things are looking golden across the board. These prices are an absolute steal. 4 million in funding for 15% of the company (so far what I hear, not fact yet obviously). The market cap is currently under 4 million...and that was for 15% lol. How undervalued can we get.
The entities that work as market makers can do a lot to a stock because there is little to no regulation in the OTC markets. Can you explain the FTD data for the last year?
Just got off the phone with Mark, it was a pretty solid conversation. Some of the highlights:
-He told me the same thing about the funding in Germany and that the deal has been sealed and they have received a very significant amount of money
-The listing on the European exchange should be completed in the next couple of weeks
-He received phone calls from 13 different countries over the last couple of days concerning CBIS' products. 2 of which he mentioned were the Czech Republic and Kenya
-He had met with the architect for the Denver location and the 9,500 sq. ft facility is moving along. Should be a nice "grow op"
-More dispensary licensing agreements are being looked at
-The legal actions against MPM are still being pursued but that it will take a while (as expected)
- No more private placements will be sold
-Next quarterly will show that CBIS has a much more solid foundation than they did last month.
I'll be looking for another PR later this week disclosing the amount of money given by the European investors and details on the European stock listing.
I agree. I think they are bringing the bid/ask down to cover their short position imo.
Very interesting. I do not think Mark would lie and that in the past if he has been wrong it is just things do not always go as planned. The PR today seems perfect if they follow it up later in the week with the deals sealed. Anyways if what he says is true, which at this point I believe him, then we could be looking at a big rally here soon imo. Last post of the day but a couple million dollars by a private investor and a dual listing would be HUGE. Celebrity representation down the road would be the cherry on top.
I have talked to Mark on a multitude of occasions and I do not think he lies. I imagine sometimes things do not go as planned but I generally trust him as I trust Dr. Bob and Richard Cowan. A couple of other people have also stated the same thing you are saying. If this news is true I imagine we will be seeing a couple million in volume and that is when it will really start moving. I am also out of posts for the day but hopefully we will see this week.
What is the last thing you heard from Mark?? I'm starting to hear some really intense rumors, and if they hold true, this could be a BIG couple of weeks.
Ahh, well I imagine what he told you is true, and the PR today could have been from a week or so ago. It take a little time to set up a PR from what I understand. It seems like with the PR today, if they follow it up this week with what you say, we are going to have a serious breakthrough. My fingers are crossed.
IR: 1-877-431-2247
Ya I have heard from multiple sources that more substantial news is expected this week. I should just give Mark a call.
Could be a big CBIS rebound coming soon imo...
If we can manage a green close with double average volume, it would be a great start to the week!
Still watching and waiting for my moment to jump in...it looks like it may be soon...
If you don't mind me asking, what was the news IR told you about? I've heard a couple of people now talking about big news expected this week and today's PR wasn't anything too substantial. TY
Welcome aboard!
Nice find! I'm thinking we could have a big week...
Euro trip on you when this hits $1 :)
8/30/2010 Cannabis Science Raising Working Capital and Entering European Medical Cannabis Market With Expanded Opportunity Among Europe's 500 Million Citizens Following German Approval
COLORADO SPRINGS, Colo., Aug 30, 2010 (GlobeNewswire via COMTEX) -- Cannabis Science Inc. (OTCBB:CBIS) ("Cannabis Science, CBIS, or Company"), a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to announce that the Company is currently raising working capital in the European market and pursuing listings on the Frankfurt and other major European exchanges.
Cannabis Science is vigorously seeking entry into the European medical cannabis market on the footsteps of GW Pharmaceuticals plc (GWPharm.com), a UK based commercial cannabinoid pharmaceutical company, which paved the way with the introduction and approval of its product, Sativex(R) in the UK and now Spain, which gave its regulatory approval on July 28, 2010. Currently Sativex(R) is approved in the UK and Spain as a prescription medicine for treatment of MS spasticity and in Canada for relief of neuropathic pain and advanced cancer pain.
See: http://cannabisscience.com/news-a-media/press-releases/191-cbis-reprots-important-validation-for-medical-cannabis.html
In total, the medicine has been exported to 28 countries for either named patient prescription use or for clinical trial purposes. FDA clinical trials are currently in progress in the U.S. for administering Sativex(R) as an adjunctive analgesic treatment for cancer. GW has raised working capital of over $90 million through the public markets. In addition, GW has received signature licensing and milestone payments for prescription cannabinoid medicines and clinical trials totaling over $60 million to date, with over $365 million in future milestone payments slates plus effective royalties of 20-30%. In June 2010, GW received a valuation of over $300 million (POUND158m) 1 based on its single Sativex(R) product.
1 See:
Edison Investment Research report, June 3, 2010, http://gwpharma.co.uk/uploads/gwpharma030610review.pdf
CBIS is working toward regulatory approval of its proprietary medical cannabis products and delivery methods and will seek European Mutual Recognition Procedure (MRP) to get marketing authorization for all European member states, in addition to UK regulatory approval through the Medicines and Healthcare product Regulatory Agency (MHRA). The Company expects rapidly developing opportunities for the over 500 million citizens in Europe, following the report that the German health ministry has announced plans to legalize medical use of marijuana. Cannabis Science will seek licensing partners to realize value and take its multiple medical cannabinoid products and delivery methods to market upon entering clinical trial phases and regulatory approvals.
See: http://cannabisscience.com/news-a-media/press-releases/202-cannabis-science-plans-european-expansion.html
Cannabis Science President and CEO Dr. Robert Melamede, PhD., noted, "Germany's actions are expected to speed up the official recognition of the medical value of cannabis by other European countries, especially those who had been ahead of the Germans regarding acceptance of medical marijuana (Spain, Finland, Switzerland, and the Czech Republic). Of course, the Dutch have led the way. Last December, the Wall Street Journal reported that the Dutch Cannabis Bureau, besides supplying cannabis to all the pharmacies in the Netherlands, also supplies Italy, Finland and Germany through the Ministry of Health of each country. The Bureau sells around 100 kilos (220 pounds) of marijuana per year to other countries. Of course, that is a tiny fraction of what is needed in the European Union with a population of over 500 million."
See: http://online.wsj.com/article/SB125928114285465741.html
Richard Cowan, Cannabis Science CFO, added, "Spain already has a limited medical cannabis program, and its approval of GW Pharmaceutical's whole cannabis extract (Sativex(R)) should open the way to more such products, as well as whole cannabis derivatives in other forms. Last December's Journal article quoted Brendan Hughes, senior legal analyst of the European Monitoring Centre for Drugs and Drug Addiction in Lisbon, as saying, "I can imagine European citizens will eventually think cannabis is a good medicine and that it should be accessible to people who suffer from serious pain as a result of HIV, multiple sclerosis or other grave illnesses." He has been prophetic, but things are now moving faster than anyone expected. Of course, it will never be fast enough for those who urgently need medical cannabis today. Consequently, Cannabis Science will be an advocate for both science and the rights of the patients in Europe as it has been in America."
About Cannabis Science, Inc.
Cannabis Science, Inc. is at the forefront of medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.
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 Exchange 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Cannabis Science, Inc.
By Staff
CONTACT: CONTACT: Cannabis Science Inc.
Dr. Robert J. Melamede, President & CEO
1-888-889-0888
info@cannabisscience.com
www.cannabisscience.com
Investor Relations
Mark J. Friedman
1-877-431-CBIS (2247)
info@cannabisscience.com
www.cannabisscience.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Business Services
SUBJECT CODE: HEALTH
MEDICAL
INTERNATIONAL
FINANCING AGREEMENTS
Financing Agreements
Stop using all caps please.
Looks like someone needs to test out CBIS' product :P
There are no ups without downs, expecting a big up here soon :)