In a recent update, Cannabis Science Inc (OTCPK: CBIS) CEO Raymond C. Dabney, shared that over 3,000 shareholders have requested for their “loyalty gift.” Dabney viewed this number ad remarkable as the company prepared to disclose the schematics of a planned Nevada cannabis-based drug development complex.
Shareholders apply for loyalty benefit
While the number of shareholders claiming loyalty gift appears tremendous, there is a little surprise factor in it, given the fact that these shareholders have been waiting for their share of a dividend since December 31, 2010. Now after five and a half years with a promise to grant shares as gifts, Cannabis Science has yet to release the finer print of its offer.
Meanwhile, the company is also due to release its annual report for 2015, which surpassed the deadline long back. As a result of this missing piece of information, the company has been flagged as “SEC Delinquent” and “Pink Limited Information” on its OTCMarkets profile page.
So far, the latest available financial data related to the company dates back to the quarter ended September 30, 2015. As per which, the company had a cash reserve of $4,791 and current assets worth $138,000. The company had reported current liabilities of $5.1 million and revenues of $4,150. Cannabis Science’s net loss during the said period came in at $3.9 million. Outstanding shares at the end of September totaled 1.28 billion. The only other filings have largely been comprised of Form 4’s showing insiders acquiring and selling shares.
Applauds DEA’s decision, launches online university
In a separate press release, the company had welcomed the decision of the Drug Enforcement Agency (DEA) over their latest ruling with regard to clinical trials conducted to test the effectiveness of smoked pot as a treatment for post-traumatic stress disorder in American military veterans. The company called the decision as a landmark event that signifies that change is happening in the industry. With this, the company is positive to foray into mass expansion mode through current drug development initiatives and new projects.
In that vein, CBIS delivered on its promise to release broad details on its drug development complex. The company unveiled Raymond C. Dabney University, an online law, business and medical school in California, and a development property located in McDermitt, Nevada as the ground for the drug development center. The 40-acre community development project is underscored by a deal signed by RCDU, AEIG legal group and CBIS with the McDermitt Indian Reservation to develop land.
CBIS CEO Dabney said in the news announcement that “this is the first of many hybrid University Medical complex communities [Cannabis Science] will be building” in major cities across the world; the caveat being “as time and resources permit.”
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