Set to Open Two Cannabis Science PRE ICO Medical Marijuana Dispensaries by the End of This Year in the City of Los Angeles and the San Fernando Valley Area for the Anticipated January 2018 Influx
IRVINE, CA , Dec. 20, 2017 (GLOBE NEWSWIRE) -- Cannabis Science, Inc. (OTC Pink: CBIS), a U.S. company specializing in the development of cannabinoid-based medicines, is pleased to announce that its expansion plans for Cannabis Science Medical Marijuana dispensaries are on schedule. The Company has recently signed agreements to acquire and 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,” stated CBIS’ President & CEO, and Co-founder, Mr. Raymond C. Dabney. “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 acquisition and opening of these Medical Marijuana dispensaries is a huge step in CBIS’ 2017 growth plan and is expected to help the Company achieve revenue-positive status in 2018. As these dispensaries are acquired, CBIS intends to enlarge and enhance certain dispensaries, and each location will be converted into the Cannabis Science brand, with Grand Openings to showcase CBIS’ high-quality Cannabinoid and Cannabis products and accessories for patients, doctors, and the consuming public. These products will range from pills, creams, extracts, sprays, tinctures, edibles, balms, patches, oils, raw products, and merchandise. Not all products in the dispensary will be just from Cannabis Science, as the Company will also showcase products from other respectable, regulated brands.
The route to legalization began last year when voters approved Proposition 64, which opened the way for recreational marijuana sales to adults in the nation's most populous state, home to one in eight Americans. Hundreds of cities in California have been saddled with the challenging task of trying to govern a vast, emerging industry with a projected value of $7 billion. In San Francisco, Mayor Ed Lee signed legislation on December 14, 2017 authorizing recreational cannabis sales that could begin as soon as the first week of January 2018, provided local businesses acquire the required licenses. San Jose will allow its 16 medical marijuana dispensaries to sell recreational marijuana starting January 1st, provided they acquire the required licenses. In Los Angeles, the dense set of regulations passed on December 14, 2017 dictate where marijuana can be grown and sold in the new marketplace, along with how businesses will be licensed. The legal marketplace is a way to impose order, hopefully squeezing out illegal operators while raising a cascade of new taxes for City Hall.
CBIS University Partnerships
Partnering with Universities is an important component of CBIS’ business strategy. These partnerships allow for the cultivation and research of cannabinoid products derived from cannabis or industrial hemp, while dispensary expansions allow for efficient circulation of in-house manufactured products. CBIS is creating a self-sustaining model of getting Cannabinoid products directly to the patients. The upcoming relaunch of CBIS’ online Patient Access Center will help do just that on a nationwide scale. The Company has created an information exchange for cannabinoid research and information sharing, as well as online access to legal dispensaries and various cannabinoid products, thus giving CBIS the ability to monitor the efficiency and quality of its products and services, while tracking usage, reviews, and availability of all cannabinoid products on the market with direct real-time information from the patients themselves.
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 (CMO)
Cannabis Science, Inc.
Mr. Raymond C. Dabney
President & CEO, Co-Founder