COLORADO SPRINGS, Colo., Sept. 13, 2010 (GLOBE NEWSWIRE) -- Cannabis Science (OTCBB:CBIS) announces the formation of a new LLC, CANNABIS SCIENCE SMOKEFREE JV LLC, which has started testing various medical cannabis formulations for possible early JV product release entering the potential multi-billion medical cannabis market.
Smokefree Innotec, Inc. (Pink Sheets:SFIO) ( http://www.sfio.us or http://www.realsmokefree.com ) CEO Thomas Schroepfer confirmed the Cannabis Science JV with an announcement of their own confirming the development and marketing of several high-tech smoke-free vaporized medical cannabis pharmaceutical products, reported by CBIS on August 13, 2010.
Richard Cowan, Cannabis Science's CFO, said, "It is well worth reporting our progress as we have begun testing our cannabis formulations for multiple ailments and the delivery methods using the products developed from the CANNABIS SCIENCE SMOKEFREE JV LLC. In collaboration with Rockbrook Inc., we expect to be in the forefront of marketing devices delivering medical formulations of pharmacological extracts to dispensaries and healing centers already in existence, in compliance with applicable federal and state regulations. With the anticipated voter approval of Prop 19 in California, we believe the number of dispensaries and related retail establishments for marijuana and marijuana accessories will multiply rapidly, creating a multiple of billion dollar markets for our medical cannabis products to obtain revenue streams. According to Wikipedia, 'Across California there is an estimated 2,100 dispensaries, co-operatives, wellness clinics and taxi delivery services in the sector known as cannabusiness.' That is more than all the Starbucks, McDonald's and 7-Eleven outlets in the state put together, according to The Sunday Times."
Richard Cowan explained, "There is a huge market for such products just in California alone. For example, even in San Diego, California, a grand jury report 'estimated there are at least 5,000 medical marijuana patients in San Diego County, and it's probable there are considerably more. Medical marijuana advocates say there could be 60,000.' From the multiple news reports generated almost daily now a majority of Californians continue to voice their support for Prop. 19, which would eliminate penalties for the private possession and use of marijuana by adults, and allow local governments to regulate retail cannabis production and sales. Further, the results of a series of randomized, placebo-controlled clinical trials assessing the efficacy of inhaled marijuana consistently show that cannabis holds therapeutic value comparable to conventional medications, according to the findings of a 24-page report issued Wednesday to the California state legislature by the California Center for Medicinal Cannabis Research (CMCR)."
In an earlier release, Dr. Robert Melamede, President and CEO of Cannabis Science Inc., stated, "Many patients smoke medical cannabis because it gives them rapid relief that allows them to monitor their usage. Smokefree Innotec's technology allows the patients even greater convenience and dosage control than smoking, without all of the possible health and social/legal problems associated with smoking. Cannabis Science will provide a variety of standardized medical marijuana formulations to be used with the Smokefree Innotec products, so that patients can self-monitor their dosages. Of course, these products will be of even greater value to patients who do not like to smoke since vaporizing minimizes the irritating and harmful effects caused by direct smoke contacting the lungs."
About Cannabis Science, Inc.
Cannabis Science, Inc. is at the forefront of medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.
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 works such as "anticipate," "seek," intend," "believe," "plan," "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.
CONTACT: Cannabis Science Inc. Dr. Robert J. Melamede, President & CEO 1-888-889-0888 Investor Relations Mark J. Friedman 1-877-431-CBIS (2247) info@cannabisscience.com www.cannabisscience.com