Cannabis Science Inc (OTCMKTS:CBIS) recently registered a series of gains, after the company announced payouts for current and previous shareholders. The company has successfully filed the 14C, with the authorities, thereby meeting its definitive schedule filed in August 2011. However, the dividend payout was not the only good news for the shareholders. CBIS has also been focusing on raising a capital of $15-20 million for accelerating its drug development programs and up-listing the company to NASDAQ.
CBIS recently announced a new structure program, after completing its 14C filing. As per the new structure there would be no reverse splits. The company stated that this has been done to improve shareholder value. Furthermore, the company has been involved in negotiations to generate capital for accelerating its drug programs. However, since the actual amount is yet to be confirmed, the company is holding of its filing to be listed on NASDAQ. The new listing will also be accompanied by a new trading symbol, so as to accommodate the additional finances.
The President and CEO of Cannabis Science, Mr. Raymond C. Dabney, stated that once his company has received the green light from the regulatory authorities, the company will publicly announce the appropriate information to claim their dividends. He further hinted that the payout is expected to be carried out through relevant transfer agents, in order to confirm share ownership dates.
Currently, Cannabis Science is involved in the development of drugs for the treatment of infectious and age related diseases. At the moment, the drugs under development focus on skin cancers, neurological diseases and HIV/AIDS. So far, the company’s current drugs have shown promise, which has subsequently encouraged the administration to look for additional funding. Most of these proprietary drugs have been a result of a series of acquisitions conducted by the company over the past 2-years.
Cannabis Science Inc (OTCMKTS:CBIS) finished the September 11 trading session with a gain of 0.28% to its share value and closed at $0.036. The session saw a total of 3.87 million CBIS shares change hands.