$CBIS Cannabis Science Negotiates for Major Asset Backed Blockchain Crypto Currency with Cannabis and Many Other Industry Applications CBIS
Pre-Sales Launch Expected January 2018 with Similar Bitcoin Type ICO Trading to Follow
IRVINE, CA, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Cannabis Science, Inc. (OTC Pink: CBIS), a U.S. company specializing in the development of cannabinoid-based medicines, announces it has negotiated an ICO with a major asset backed Blockchain participant.
This January 2018 Cannabis Science plans pre-launch sales of our own proprietary blockchain and will commence ICO trading with a unique three symbol trading symbol on a number of blockchain currency exchange markets after pre-launch sales have completed. The Cannabis Science blockchain white papers are being finalized now for January 2018 release.
“We have been studying the industry for some time now, we certainly believe that we have found something special for this blockchain arena, not just for the cannabis industry, but for so many unexplored industries and applications. This endeavor is outstanding for Cannabis Science for a number of reasons as our blockchain currency can be backed with real world assets for additional ICO trading security and comfort. Bitcoin has risen 1500% this year, about 85% in the last few weeks and Futures contracts open as of yesterday.
“With Cannabis legal in about 29 states and as many as 6 more on the Ballots for 2018, payment solutions are needed for dispensaries and customers so we plan on integrating the upcoming cryptocurrency to make this process more efficient for retailers and consumers.
“Today, most cannabinoid enterprises cannot open bank accounts, engage POS systems, and accept credit card payments. This forces the industry to use cash as the main transaction medium. Cash is employed to pay for rent, inventory, supplies, taxes, and all canna related B2C and B2B transactions,” stated Cannabis Science Inc., President & CEO, Co-Founder, Mr. Raymond C. Dabney.
Initial coin offering (ICO) is a controversial means of crowdfunding via use of cryptocurrency, which can be a source of capital for startup companies. In an ICO, a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum.
Early token sales were held by Mastercoin in July 2013 and Ethereum and Karmacoin in 2014, but "mainstream" ICOs began with messaging app developer Kik in September 2017. By November 2017 there were around 50 offerings a month.
ICOs may fall outside existing regulations or may need to be regulated depending on the nature of the project, or banned altogether in some jurisdictions, such as China and South Korea. 
A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. The Harvard Business Review describes it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.
The first blockchain was conceptualized in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
The Company will officially open the first two Cannabis Science PRE ICO Medical Marijuana dispensaries in the city of Los Angeles and the greater San Fernando Valley area of Los Angeles. Both dispensaries are scheduled to open at the end of this year to meet the expected increased demand in the Los Angeles market from the much-anticipated January 2018 new California recreational market influx.
Opening the first two PRE ICO Dispensaries in Los Angeles by the end of this year is a huge step for Cannabis Science and accelerates our aggressive expansion plans in the Los Angeles area, throughout California, and eventually nationwide.
We expect to open several compliant PRE ICO dispensary locations throughout California through numerous means. Our timing could not be better as Los Angeles just passed its recreational marijuana use regulations for the beginning of January 2018. We are strategically positioned to meet the demands of new customers in the medical and recreational cannabis markets with a large supply of our CBIS products addressing the approximately 700 medicinal uses of cannabis.
With Christmas and New Years’ right around the corner, we’ve opted to focus on opening these two locations by the end of this year, a tall order, but our guys are skilled craftsman so I’m quite confident in their aggressive projections. The opportunity arrived late last quarter and we made sure we were there to answer. In the best interest of our shareholders we can always throw a party, so we’ve decided the 2017 CBIS Gala should wait until after we open these locations, giving us another really good reason to celebrate, we will announce the Gala Event after the store openings.
The 2018 Cannabis Science Black Tie Gala Event, Beverly Hills, California.
“In the best interest of our shareholders we can ‘always’ throw a party, so we’ve decided we should wait until after we open these two new dispensary locations, giving us another really good reason to celebrate, we will announce the Cannabis Science Black Tie Gala Event after the store openings in the new year,” said Dabney.
“This should be billed as 'The 2018 Event of the Year' as this superlative gala hosted by Cannabis Science will highlight the need for more research and development and will focus on fundraising to benefit with the battle of killing cancer. Coined, 'Cannabis Kills Cancer.' Recognition and loyalty gift announcements will be made at the Event. Shareholders who have submitted their 'loyalty gift forms' will be pleased to know that the team has continued working tirelessly, brought on extra help, and is nearing the final process of the thousands of forms received. We are elated that our shareholders are as excited as we are; as it pertains to their gift, your patience is greatly appreciated as I'm sure you can imagine there is a lot to go through one by one. Giving Thanks and recognition to our shareholders at the Event is one of our top priorities.
“The 2018 Cannabis Science Black Tie Gala Event is for everyone! We have chosen Beverly Hills, CA as the host city for the 2018 Gala and we will announce the dates after the new dispensary openings. I, Mr. Raymond C. Dabney, am excited to finally make the loyalty shareholder gift a reality and of course a few surprises at the 2018 Cannabis Science Black Tie Gala Event.”
The Cannabis Science work is always targeted to those suffering from the many illnesses that may effectively be treated using cannabinoids. We are moving rapidly to serve these patients as quickly as possible. This Gala Event will give us a platform to reach a great number of people in need.
Company officials state the Gala is a celebratory fundraising event, "Cannabis Kills Cancer." Celebrities and Shareholders alike will join in on this unparalleled occasion to raise money for targeted cancer treatments and other critical ailments using cannabinoids and unprecedented drug development expansions.
CBIS through its international relationships will bring several well-known celebrities to headline the affair. Including star-studded performances, renowned athletes, medical guest speakers on drug development progress, patient testimonials, and ground breaking lab reports from peer reviewed articles sharing the latest results on cannabinoids and cancer.
The Event will be highlighted by a briefing of our recent successful South Africa Trip. While the work continues in the processing aspect the goal is to tie the Cannabis Kills Cancer event with shareholders and the gift from Mr. Dabney together. "Nothing would please me more than to be able to shake every shareholder's hand and thank them for their support personally," said Mr. Dabney.
“The Event will be memorable. We will follow up shortly with announcements of the complete structure and program highlights. All our associates and partners will be using their resources to assist us in creating a most successful and effective fund raising event, highlighting the venue, the food, and the atmosphere. We will come together for one common cause, to kill cancer. Hosting the event in Los Angeles leads to the availability of more celebrities, coupled with patient success stories and CBIS to share new product information from research to launches will be an additional gift to our shareholders. Cannabis Science, and specifically myself, have been shown nothing but respect and gratitude for our efforts in the field of medical cannabis. We truly do have the best shareholders and we plan to expand that base and our successes dramatically with this type of event," concluded Mr. Dabney.
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 cancers, HIV/AIDS, and neurological conditions. The Company is proceeding with the research and development of its proprietary drugs as a part of this initial focus: CS-S/BCC-1, CS-TATI-1, and CS-NEURO-1, respectively.
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. Safe Harbor Statement. The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for forward looking statements. Certain of the statements contained herein, which are not historical facts are forward looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
Cannabis Science, Inc.
Dr. Allen Herman
Chief Medical Officer
Cannabis Science, Inc.
Mr. Raymond C. Dabney
President & CEO, Co-Founder
Source: Cannabis Science, Inc.
© 2017 GlobeNewswire, Inc.