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.
