Cannabis Reports on Bloomberg News, 15 Members of Congress Led by Representative Barney Frank Support Dispensaries as Legitimate Businesses; Cannabis Science Value Increased for Pharmaceutical Research and Development; New Colorado Law Adds Protection
COLORADO SPRINGS, Colo., - Cannabis Science, Inc. (OTCBB:CBIS - News), a pioneering U.S. biotech company developing pharmaceutical cannabis products, is very pleased to report that 15 members of Congress led by U.S. Representative Barney Frank (D. MA) are urging the Treasury Department to set rules that encourage banks to provide financial services to medical marijuana clinics, which are lawful businesses.
Richard Cowan, Cannabis Science CFO, explained, "A number of members of Congress, led by Barney Frank (D. MA) and Jared Polis, (D. CO), have written Treasury Secretary Geithner urging the Treasury to issue 'formal written guidance' assuring banks they won't be targeted for doing business with companies that distribute medical marijuana. This is just one more important step toward a realistic federal policy on medical marijuana."
"Legitimate state-legal businesses are being denied access to banking services, which does not serve the public interest," the lawmakers said in a May 20 letter to Treasury Secretary Timothy F. Geithner, that was distributed today by Americans for Safe Access, a patient-advocacy group.
The letter was written by Representative Jared Polis, a Colorado Democrat whose state is one of at least 14 that have legalized marijuana for medical use. Bloomberg reports that Polis warned that denying financial services to medical marijuana dispensaries creates "an increased risk to public safety with potential theft or robbery that any cash-only or cash-reliant business faces" and makes it harder for vendors "to accurately account for tax liability."
"This is a growing effort by the states to regulate a legal trade, and the more states allow it, the more outcry there will be for the federal government to take action," Polis said. "The biggest barrier to these legal businesses is this banking issue."
The Company is also pleased to respond to the multiple inquiries regarding impact of its acquisition of a medical marijuana dispensary and organic cannabis growing facilities. Yesterday, Cannabis Science announced that it had acquired 100% of a private company, RockBrook Inc., located at Suite 323, 2865 South Colorado Blvd., Denver, Colorado 08222; Telephone: (303) 756-0595. RockBrook is both a fully licensed dispensary providing patients with medical marijuana in Colorado and an experienced grower of medical cannabis in accordance with state laws.
In announcing the RockBrook acquisition, Dr. Robert Melamede, PhD., Cannabis Science President and CEO explained that this transaction is "key to our plans to develop standardized FDA quality pharmaceutical cannabis products."
Dr. Melamede added, "Owning a dispensary brings us much closer to the patients, and as we continually emphasize, Cannabis Science is a patient-based company. Cannabis is very different from other 'new' medicines in that thousands of patients are already using it in a wide variety of forms and formulations. We are now in a much better position to work with them to determine what works best for various health problems, and what the patients prefer."
Richard Cowan, Cannabis Science CFO, explained, "We will be in complete compliance with a new Colorado law regulating dispensaries, and the Federal government has indicated that it will not interfere in such operations. We will also be able to comply with the new law's requirement that a dispensary be able to produce 70% of the medicine sold in its dispensaries. Unlike other pharmaceutical companies that depend on a continuation of prohibition, we look forward to competing in a free market with 'Cannabis Science' branded products."
About Cannabis Science, Inc.
Cannabis Science is at the forefront of pharmaceutical 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.
Forward Looking Statements
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 works such as "anticipate," "seek," intend," "believe," "plan," "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.