Cannabis Science enters into long-term lease on 9,500 square foot facility in Denver, Colorado
Published on July 8, 2010 at 9:31 AM
Cannabis Science, Inc. (OTCBB:CBIS), a pioneering U.S. biotech company developing pharmaceutical cannabis products, is pleased to announce that it has entered into a long-term lease on a 9,500 square foot facility in Denver, Colorado, that will become its corporate offices, as well as serving as a research facility for developing, testing, and producing medical cannabis for patients in compliance with the new Colorado laws regulating medical marijuana in the state.
Dr. Robert Melamede, Ph.D., Cannabis Science President and CEO, stated, "Having all of these operations in one secure, state-licensed facility will greatly increase our ability to provide patients with affordable cannabis based medicines and to determine what they find to be most effective in treating their medical problems. In addition to organic herbal cannabis, we will also be producing extracts, infusions such as tinctures, as well as edibles, which many patients prefer when they have confidence in their source. Quality control and the ability to develop standardized products are the essential keys to moving forward with both medical marijuana under state laws, as well as being the basis of any pharmaceutical formulations we will submit for FDA clinical trials."
Richard Cowan, Cannabis Science CFO, explained, "The revenue potential from this facility is obviously very significant, and we will make public our estimates on the projected revenue in the near future, but, as with our previously announced acquisitions in Colorado and Montana, our main focus will remain on R&D. As Dr. Melamede has pointed out, previously new biotech companies have never known whether their proposed products were safe and effective until they were submitted for FDA clinical trials. Now Cannabis Science, working in states with medical marijuana laws, is changing the paradigm. We will know that the products we submit for clinical trials will be what the patients want and need. This new facility is a key part of our corporate strategy."