Cannabis Science Inc. (OTCMKTS:CBIS)
Cannabis Science Inc. (OTCMKTS:CBIS) traded higher after its partner, American States University, unveiled a new website dedicated to cannabinoid drugs development. The stock was up by 15.81% in Friday’s trading session to end the week at $0.0344 a share.
CBIS Stock Performance
Friday’s rally helped reverse, be it in the short term, a strong sell-off that has engulfed the stock in recent months. Cannabis Science Inc. (OTCMKTS:CBIS) is down by more than 70% for the year.
Cannabis Science Inc. (OTCMKTS:CBIS) bills itself as a medical marijuana research and development company. The company works on phyto-cannabinoid science to target critical illnesses while adhering to scientific methodologies.
The American States University is one of the cannabinoid drug development partners that Cannabis Sciences is working with to come up with therapies for various illness. The company has also had successful laboratory work using Nanoparticle Drones to target Lung Cancer.
Cannabis Sciences recently created a publication detailing the effect of cannabinoids with and without radiation therapy on lung and pancreatic cancer.
“This work will form part of our applications to the FDA. As we continue this work we will expand our pharmaceutical development program from farm to the bedside,” said Allen A. Herman, MD, Ph.D. Cannabis Science Inc., Chief Medical Officer (CMO).
Cannabis Science Inc. (OTCMKTS:CBIS) continues to underperform the overall industry even as reports indicate that the legal cannabis business is set to grow by 22% this year. The stock’s underperformance over the last eight months is a point of concern given that other stocks in the space have recorded impressive gains.
Sales are expected to continue growing robustly as more states join the legalization drive. The fact that Cannabis Science is yet to unveil any cannabis products is one of the reasons why it continues to languish in the stock markets.
Demand for products in mature recreational cannabis industries such as Colorado and Washington is poised to continue growing. Medical markets such as Maryland, Ohio, and Pennsylvania are also set to come online in the near future. Expansion of the two markets should benefit companies with products already in the market.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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