Cannabis Science Inc (OTCMKTS:CBIS) shares were up 9.77% on Friday to $0.0657 and down 0.61% in after-hours trading to $0.0653. The company has a market cap of $150.54 million at 2.31 billion shares outstanding.
Last week, Cannabis Science Inc announced that it is starting work in a new cannabinoid drug facility in Nevada that will involve development and manufacturing of cannabinoid drug in Douglas County, marking the second facility of its kind. It is planning to bring on board, regular as well as prefabricated greenhouses, and will serve as a home to the company’s research and development activities along with growth operations.
Cannabis Science Inc is also setting up the groundwork for new products, with CEO Raymond Dabney hinting that they will be working on growth and production of a variety of prime strains. He added that, for the first quarter of the year, there will be new product releases which will take place through larger numbers of channels such as there will be new product releases, which will take place through larger numbers of channels.
Apart from that, the company also announced a a collaborative research agreement with Dana Farber/Harvard Cancer Center. This lays the foundation for a cooperative research initiative to explore and develop new cannabinoid medicines to fight cancer and is the first step in the development of clinical trials that will lead to approval of successful cannabinoids by the FDA.
“I can see how this collaboration with Cannabis Science will grow as we work together for commercialization of joint research successes, with ultimate goal of translating these successes to benefit cancer patients in the USA and across the globe. So, I’m excited to get started setting up what could become a leading Cannabis Science Institute lab under my direction here at the Harvard Institute of Medicine. Under this agreement, Cannabis Science will have access to the best expertise within Dana Farber/Harvard Cancer Center to help develop multiple preclinical and clinical cannabinoid compounds. As we progress, we can bring cannabinoid cancer compounds to clinical trials and to FDA approval process quickly and efficiently. So many patients still die of cancer, hence our urgency and obligation to swiftly pursue cutting-edge research that can benefit patients,” stated Professor Wilfred Ngwa, PhD., Director, Global Health Catalyst, Dana Farber/Harvard Cancer Center.
“This is a new kind of collaboration between a comprehensive bricks and mortar cancer research center like DF/HCC that has years of expertise and understanding of cancer research and treatments, and a cutting-edge cannabinoid research and development Company like CBIS with aggressive plans to leverage our expertise in the chemical makeup of cannabinoids to develop highly effective cannabinoid-based cancer treatments,” added Cannabis Science Inc CEO Dabney.
Cannabis Science Inc is a company that is engaged in medical marijuana research and development. Its subsidiaries include Cannabis Science BV and Cannabis Science International Holding BV. It works on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce and commercialize phytocannabinoid-based pharmaceutical products.
In particular, the company is involved in 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. It focuses on the development of government approved pharmaceuticals, including CS-TATI1, CS-S/BCC-1 and neurological therapy under study or development.