Cannabis Science Announces Update on Issuance of Dividends
COLORADO SPRINGS, CO--(Marketwired - Jan 11, 2016) - Cannabis Science, Inc. (OTC PINK: CBIS), a U.S. company specializing in the development of cannabis-based medicines, today announced an update on its dividend process. The Company is actively working with FINRA for final approval of the two pending dividends issued to shareholders of record on each respective date (December 31, 2010 and October 9, 2015).
Company counsel continues to answer inquiries from FINRA as they arise. The regulatory process is moving forward, and the Company is doing everything it can to expedite the process.
"We are working as hard as we can on the dividend issuance regulatory process. We are working actively with FINRA and will provide updates as they become available. We are very motivated to get these dividends out to our wonderful shareholders not only because their issuance can work as a trigger to the Company's financial benefit, but also because dividends provide a well- deserved reward to our shareholders," said Director, President, Co-Founder & CEO Raymond C. Dabney. "We are happy to see significant progress being made."
As a recap, the following is the criteria for each respective dividend:
(1) To issue a new dividend to holders of our current common stock so they received 1 share of Class A common stock and 1 non-transferable share purchase warrant for each 100 shares of our current class of common stock that they previously owned as of the record date, October 9, 2015. Each warrant will grant the holder to purchase an additional share of Class A common stock at a price of $1.00 per share. The warrant will be exercisable for 90 days from the date that the Class A common stock receives a trading symbol.
(2) To issue the previously announced and approved dividend that will issue 1 share of Class A common stock and 1 non-transferable share purchase warrant for each 10 shares of the Company's current common stock that they previously owned as of the record date of December 31, 2010. Each warrant will grant the holder to purchase an additional share of Class A common stock at a price of $1.00 per share. The warrant will be exercisable for 90 days from the date that the Class A common stock receives a trading symbol.
Cannabis Science's investor relations department has been receiving a great deal of call volume regarding the dividend process. Updates will be provided as progress is made, and the Company remains excited and motivated to finish the issuance process.
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, 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 are detailed from time to time in the company's reports filed with the Securities and Exchange Commission.