Cannabis Science, Inc., a pioneering US biotech company developing pharmaceutical cannabis products, has acquired 100% of a private company with two revenue producing operations, an organic medical marijuana growing facility and a medical marijuana dispensary in Colorado.
Cannabis Science, Inc. is at the forefront of pharmaceutical medical marijuana research and development. The Company works with world authorities on phytocannabinoid (also referred to asnatural cannabinoids, herbal cannabinoids, and classical cannabinoids) science targeting critical illnesses, and adheres to scientific methods to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products.
Richard Cowan, Cannabis Science’s CFO, stated, "Obviously, acquiring two revenue producing operations immediately changes the nature of Cannabis Science, giving us a positive cash flow stream much sooner than otherwise would have been possible. We are now entering a new phase of our business and we expect to expand these revenue streams immediately by the acquisition of a larger facility as previously announced to meet the demand for Cannabis Science products. Our main focus remains the development of pharmaceutical cannabis products for [Food and Drug Administration] approval. In fact, these acquisitions will improve our ability to develop pharmaceuticals and increase our ability to serve the rapidly growing patient community."
Robert Melamede, Cannabis Science’s president and CEO, added, "We view this transaction as key to our plans to develop standardized FDA quality pharmaceutical cannabis products. These acquisitions will allow us to begin pre-testing to establish the efficacy of our pharmaceutical products prior to formal FDA human trials. We are in preliminary negotiations to establish similar operations in other states that have approved medical marijuana programs addressing the ever-increasing demands for medical marijuana as people learn the truth about marijuana's unique medical values. We are creating a new type of patient-oriented pharmaceutical company that will foster social change, and this is a major step in that process."