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Here are some of the highlights from the 10-Q reports.
During the three-months ended June 30, 2010, the Company issued the following common stock:
On May 14, 2010, the Company issued 25,250,000 restricted common shares at $0.14 per share to several individuals for services rendered.
On May 14, 2010, the Company issued 400,000 restricted common shares at $0.135 per share to acquire the assets of Rockbrook Inc. Subsequent the quarter-end, on July 27, 2010, the Company signed a mutual termination agreement to reverse the acquisition and cancel the shares. (see Note 7 to Financial Statements, p.F-10).
On May 15, 2010, the Company issued 4,600,000 common shares for settlement of $46,000 of shareholder note payable.
On May 19, 2010, the Company issued 1,500,000 common shares for settlement of $15,000 of shareholder note payable.
On June 29, 2010, the Company issued 200,000 restricted common shares at $0.05 to an individual for proceeds of $10,000.
On June 30, 2010, the Company issued 200,000 restricted common shares at $0.05 to two individuals for proceeds of $10,000
Note 7 - Subsequent Events
On July 15, 2010, the Company issued 100,000 restricted common shares at $0.09 to two individuals for proceeds of $9,000.
On July 15, 2010, the Company issued 750,000 restricted common shares at $0.08 per share to an individual for services to be rendered through July 26, 2011.
On July 15, 2010, the Company issued 8,000,000 common shares for settlement of $80,000 of shareholder note payable.
On July 15, 2010, the Company issued 5,850,000 restricted common shares to shareholders of Montana Pain Management (“MPM”), 5,000,000 of which went to the principal shareholder, under management consulting agreements in conjunction with the agreed acquisition of the company. The Company was to receive 11,679,390 common shares representing 100% of the total issued and outstanding common shares of MPM. On July 22, 2010, the Company was notified by the majority shareholder of MPM that he had reconsidered the financial aspects of the signed Share Purchase Agreement and that he was not going to complete the agreement or deliver the shares of MPM to the Company, effectively cancelling the transaction. In addition, the Company discovered the principal shareholder of MPM was entering into an agreement with a scientific advisor of the Company who was introduced to the MPM shareholder; in direct and intentional breach of the non-disclosure and non-circumvention agreement, which he had signed with the Company on June 11, 2010. On July 23, 2010, the Company notified the principal shareholder of MPM, through his legal counsel, that he was in breach of a non-disclosure and non-circumvention agreement with the Company that he had signed on June 11, 2010 by engaging a scientific advisor who had been negotiating with the Company in violation of the non-disclosure agreement. The Company is currently consulting with legal counsel and intends to proceed with legal action against Montana Pain Management and its principal shareholder (see Item 1 – Legal Proceedings to this 10-Q, p.7).
On July 27, 2010, the Company signed a mutual termination agreement ( “ MTA ” ) to cancel the Share Purchase Agreement to acquire Rockbrook Inc. ( “ Rockbrook ” ). Due to regulatory changes in the state of Colorado it was no longer permissible for the Company to own Rockbrook, a Colorado dispensary, and therefore the May 8, 2010 acquisition was retroactively cancelled along with the 400,000 restricted common shares issued on May 14, 2010 to the sole shareholder of Rockbrook. The Company had not yet taken possession of Rockbrook shares or assets at the time of signing the MTA.
On August 19, 2010, the Company signed a license agreement with RockBrook Inc, a medical marijuana medicines company. RockBrook has been granted the full latitude and rights to manufacture, develop, produce, distribute and sell products developed from, or based on, Cannabis Science formulations, and delivery systems for the Cannabis Science Brand of Pharmaceutical Products and Cannabis Science Ailment Formulations within the State of Colorado. Under the agreement RockBrook will pay Cannabis Science an initial licence fee of $25,000, payable within the first year. RockBrook will also pay the Company a quarterly royalty payment of 50% of all positive revenues derived from the the Company Brand of Pharmaceutical Products. Additionally, in the event RockBrook executes any sublicensing agreements, Cannabis Science is entitled to royalty payments of 50% of all positive revenues received by the licensee for sales of any Cannabis Science Brand of Pharmaceutical Products. Within two years RockBrook is expected to invest a minimum of $250,000 in research and development for the Cannabis Science Brand of Pharmaceutical Products and will also pay the Company a renewable licence fee, payable annually on the anniversary of the execution of this agreement. The first anniversary payment will be $25,000, the second $50,000, third $75,000 and fourth $100,000. The fifth and subsequent anniversary payments will be $150,000.
F-11
PART I
This Interim Report on Form 10-Q contains forward-looking statements that have been made pursuant to the provisions of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995 and concern matters that involve risks and uncertainties that could cause actual results to differ materially from historical results or from those projected in the forward-looking statements. Discussions containing forward-looking statements may be found in the material set forth under “ Business, ” “ Management ’ s Discussion and Analysis of Financial Condition and Results of Operations ” and in other sections of this Form 10-Q. Words such as “ may, ” “ will, ” “ should, ” “ could, ” “ expect, ” “ plan, ” “ anticipate, ” “ believe, ” “ estimate, ” “ predict, ” “ potential, ” “ continue ” or similar words are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable as of the date of this Report, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this Interim Report on Form 10-Q. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations.
Readers should carefully review and consider the various disclosures made by us in this Report, set forth in detail in Part I, under the heading “ Risk Factors, ” as well as those additional risks described in other documents we file from time to time with the Securities and Exchange Commission, which attempt to advise interested parties of the risks, uncertainties, and other factors that affect our business. We undertake no obligation to publicly release the results of any revisions to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.
ITEM 1. LEGAL PROCEEDINGS
Management of the Company is currently consulting with legal counsel and intends to proceed with legal action against Montana Pain Management and its principal shareholder for breach of a Non-Disclosure/Non-Circumvention Agreement that was entered into on June 11, 2010
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the three months ended June 30, 2010, we have issued securities using exemptions available under the Securities Act of 1933:
As set out below, we sold the following unregistered securities:
On June 29, 2010, the Company issued 200,000 restricted common shares at $0.05 to an individual for proceeds of $10,000.
On June 30, 2010, the Company issued 200,000 restricted common shares at $0.05 to two individuals for proceeds of $10,000.
As set out below, we have issued securities in exchange for services, properties and for debt:
On May 14, 2010, the Company issued 25,250,000 restricted common shares at $0.14 per share to several individuals for services rendered.
On May 14, 2010, the Company issued 400,000 restricted common shares at $0.135 per share to acquire the assets of Rockbrook Inc. Subsequent to the quarter-end, on July 27, 2010, the Company signed a mutual termination agreement to reverse the acquisition and cancel the shares. (see Note 7 to Financial Statements, p.F-10).
On May 15, 2010, the Company issued 4,600,000 common shares for settlement of $46,000 of shareholder note payable.
On May 19, 2010, the Company issued 1,500,000 common shares for settlement of $15,000 of shareholder note payable.
Lol there are no other Marijuana stocks out there like CBIS that are in Healthcare : Biotechnology & Drugs ..... MJNA and CMSI have no relations to Healthcare : Biotechnology & Drugs at all.. Meaning that the potential for CBIS is endless.
GREAT NEWS FOR ENTI!!!! THEY DELIVERED HERE BABY!!!! GOOO ENTI!!!!
Even if things do turn around don't you think the flippers will hold us back? I am not trying to be negative, but my average price is $0.0022 and that seems SO FAR AWAY right now.
I exactly agree with you! In a year or two we will be within the $50 - $100 PPS range!
Great green close today for CBIS! Next week we will start to see the pregame fireworks show.
lol MJNA and CMSI don't sell or grow medical marijuana lol.. Neither of them are even in the Biotechnology & Drugs sector..
Well you're wrong again, because CBIS is going to be a huge player in the Cannabis Pharmaceuticals business. Time will teach you.
We need to get more people posting on this board. It is too dead.
Hopefully we can have a green close today.
Last time I checked Cannex Therapeutics aka Steve Kubby's company is NOT publicly traded, or at least I can't find the stock symbol anywhere.. That means that CBIS is way ahead of the competition!! GOOOOOOOOOOOO GREEEN CBIS!!!!!!!!!
Cowan further stated, "The notion that Cannabis Science under one of the world's leading experts on cannabinoids would need anything from Steve Kubby is absurd. We are growing very rapidly through strategic acquisitions and partnerships with people who want to work with Dr. Robert Melamede. These developments give us great confidence in the future of Cannabis Science as a major player in the pharmaceutical industry providing alternative medicines in several distribution outlets such as dispensaries, over the counter nutraceutical and FDA approved medicines in several delivery formats such as sprays, creams, extracts, and strips based on whole plant based formulations."
It is only a matter of time before we take off.. right now this stock is WAY undervalued.
Alright thanks for that response.. what drugs and in what forms is Cannabis Science going to try to get FDA approved in?
wplong what does Cannabis Science offer these dispensaries that they don't already have? Please respond asap, thanks!
wplong, just out of curiosity.. What does Cannabis Science offer these dispensaries that they don't already have? plz respond, thnx!
Thanks wplong89, please keep us informed!
When is the next financials report supposed to come out?
What do you think tomorrow will bring?
What does that exactly mean?
I honestly don't think marijuana will be legalized for all citizens, because it would be too hard to regulate the taxes because people would grow it uncontrollably. I just think it should be legalized for medical use, that's how CBIS is going to become the next Apple of Biotechnology and Drugs.
Who is Mark?
Are the financial reports supposed to come out within the upcoming days?
Wow wonderful finds! The future looks brighter and brighter each day for CBIS!
I read everything on the site, and I didn't get any answers to any of those questions.
KngmAz can you answer my questions please, here. Hey guys I own quite a few shares of Cannabis Science at the moment and I am contemplating whether to add more or not.. I have some questions that I want answers for before I add more. How is Cannabis Science generating revenues as of right now? What Cannabis related drugs is Cannabis Science currently working on? Does Cannabis Science have any patents for any of its products now? Does Cannabis Science have any companies that it is competing with? What is the goal of Cannabis Science in the future? How does the Cannabis Science company differ from a regular medical marijuana dispensary? I just want some clarifications on these topics before I add more shares to my position. I would really appreciate if someone gave me some answers to these questions, thanks guys!
ENTI VIDEO FOR ALL THE BASHERS!
How does CBIS not uptick with the incredible buy ratio to sell ratio? What is holding it back?
348,000 BUY VOLUME to 25,000 SELL VOLUME!!!! GOOOOO CBIS!!!!
How is CBIS generating revenues now? And are there other companies that are competing with CBIS?
There is no dilution going on... it is obviously the FLIPPERS....
How is CBIS generating revenues now?
WOW there is a lot of buy volume today!! looks like some of the bigger investors are taking positions in CBIS!
I understand that they are creating alternatives to smoking the cannabis, but what are they doing now to generate revenues, what other ways do they generate revenues? thanks!
ENTI at $1.50 by the end of year! I just got off the phone with Bilbo the magical fairy and he said that ENTI will be at $1.50 by the end of the year. GOOOOOOOOO ENTI
Just added more shares to my position today, I am getting ready for the big run! CBIS is going to be the next gw pharmaceuticals!
ENTI is going to run to $1.50 by the end of the year guys, I just talked to Heebo the magical wizard again and he told me that ENTI is going to close at $1.50 at the end of the year. EVERYONE LOAD UP! ONCE IN A LIFETIME THING HERE!
HAHAAHAHAHHA
I hope so man, but I hope it waits until after I add more shares! Talk to you in the morning!
What PPS do you own ur 7500 at?
How much $ do you have invested in CBIS and at what price? What else did Dr. Melamede say when you met him? thanks!