IRVINE, CA--(Marketwired - Oct 13, 2016) - Cannabis Science, Inc. (OTC PINK: CBIS), a U.S. company specializing in the development of cannabis-based medicines, feels empowered to be based in California, representing one of the largest cannabis markets in the USA, on the eve of what could be one of the most important cannabis votes yet: California vote yes to Proposition 64.
If Proposition 64 passes, the company expects public perception of cannabis use to improve dramatically; in addition, the drug will become easier to study, and thus studied more prevalently. With more laws in support of cannabis consumption, it is expected that the market for adults of legal age will increase substantially due to less uncertainty and it will successfully help eliminate the fear of being imprisoned for usage.
The Nation watches closely as this November the vote to legalize marijuana in California can eradicate the stigmas against cannabis as it will become legal for adult use. The proposition details a plan to protect children and potentially generate over $1B in tax revenue for the state of California.
"We have never been in a better time and place for Cannabis Science; the timing for this Historic vote in California could not be better for us, as we are currently ramping up our medicinal product lines to fulfill a potential windfall of new self-medicating patients. We are focusing our efforts on creating natural, cannabis-based medications. It is no surprise that more recreational marijuana markets open up, especially in our home state; this will be outstanding for our medicinal drug development business," said President, CEO & Co-Founder, Mr. Raymond C. Dabney. "It will help increase access to education, research opportunities, and improve overall market quality and size. There is a lot for us to be excited about, right now, pending Proposition 64's approval."
With the election being held very soon, the company is releasing even more new product lines at such a great time. These early launches will allow the products to gain a following, which can then be amplified via word of mouth to new patients. Additionally, Cannabis Science is hard at work creating an e-commerce platform to serve clientele in Californian markets, pending legislation. Getting products available for sale online early gives the company an edge, especially as the legal market expands to other states. This additional digital infrastructure comes with low overhead and high acceptance potential. It also smoothes future product releases by cutting the time and cost of shipping products to third-party vendors.
The total retail value of medical marijuana consumed in California can be estimated at between $1.5 and $4.5 billion per year, assuming a market of 2% to 3% of the population, average use of 0.5 to 1 gram per day, and an average cost of $320 per ounce. With the Passage of Proposition 64, Cannabis Science expects these numbers will at least triple.
"The potential for growth if Proposition 64 passes is tremendous. Think how many consumers are willing to try a new pain, sleeping, or other type of medication if they can get it without a prescription. This is the new industry sector that we could have access to, and that is very exciting to us. Not to mention the potential we have for online, direct-to-consumer sales with our new e-commerce infrastructure being built," said Mr. Dabney.
With early polling by UC Berkeley, as recent as September 23, showing near two-to-one support in California for Proposition 64 passing, the company is moving full-steam ahead to prepare even more new products for launch and get its infrastructure and distribution capability ready to serve the potentially large influx of new consumers.
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.