Cannabis Science, Inc. (CBIS) Increases Equity Position to 50.1% in Michigan Green Technologies LLC, Positioning Company as Leader in Evolving Michigan Medical Cannabis and Hemp Industries
COLORADO SPRINGS, Colo., Aug. 11, 2014 /PRNewswire/ -- Cannabis Science, Inc. (CBIS), a U.S. Company specializing in cannabis formulation-based drug development and related consulting, signs a binding letter of intent with its existing Michigan partners, increasing Cannabis Science's equity position from 20% to 50.1% in its joint venture in the Michigan medical cannabis and hemp markets, Michigan Green Technologies LLC (MGT).
MGT is the leading resource for legislative initiatives and management consulting in Michigan with regard to cannabinoid-based drug development, nutraceuticals, food supplements, cosmeceuticals and food products. As the State of Michigan progresses and matures its legislative environment, the prospects for delivering cannabis-based patient care are rapidly growing. Michigan's open-minded approach to legislation is likely to make it a leading US state in which cannabis-based care is fully integrated into the general healthcare system, thus providing quality and safety to patients. MGT operations are expected to include the opening of a hemp-based product retail facility in early 2015, followed by medical cannabis operations.
"We have been working tirelessly with our partners in Michigan to be the best resource in the state, including work with key lawmakers. With Cannabis Science's increased investment and our partners' long-standing relationships with hospitals, universities, and the state government, MGT is in an advantageous market position, which I believe translates into our being the strongest hemp and cannabis resource in the state for the benefit of Michigan's 10 million citizens," said Robert Kane, Director and CFO of Cannabis Science, Inc.
"We are grateful to our partners at Cannabis Science. Michigan is making significant progress in establishing its medical cannabis program and general hemp industry -- and we are playing an active role. Cannabis Science and its scientific expertise make it the best partner for us here in Michigan. We are thankful to Dr. Bray and the entire Cannabis Science team and are excited about our future together," stated Christ Gorges, Vice President, Michigan Green Technologies LLC.
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 skin cancers and neurological conditions.
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 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.