Cannabis Science Inc (OTCMKTS:CBIS) Plans To Seed 350-Acres Of Land In A Bid To Become One Of The Largest Producers

Source: mmjreporter.com


Cannabis Science Inc (OTCMKTS:CBIS) has signed a deal to start seeding its 100-acres property in Minden County, Nevada. The company has been exercising its Industrial Hemp Grow Initiatives, which also includes seeding of its 250-acres property the San Joaquin Valley, in California. CBIS noted that the new deal would push up the seeding schedule, for the next month, to 350-acres.

The CEO of the company, Raymond C. Dabney, took the opportunity to reveal that they would be presenting at the Global Health Summit, at Harvard Medical School. There Cannabis Science plans to showcase its findings, from the ongoing cannabinoid research, as well as provide an update on its growth plans and the progress made thus far. He also claimed that the company been releasing test products, according to State by Sate initiatives.

Mr. Dabney reaffirmed that the next phase of their plans include the formation of drug development programs, for FDA approval. He also claimed that the completion of the seeding process is bound to make CBIS and its partners, one of the largest industrial hemp producers, in the country. The management believes that each acre has the potential to deliver a yield of up to 1,600 pounds, while wholesale prices, currently stand at $500 per pound. As such, Cannabis Science believes that it is potentially looking at an opportunity of several hundred million dollars, in revenues.

It should be noted here that the company acquired the 250-acres in San Joaquin Valley, from members of the Winnemucca Tribe Shoshoni MBS Fee lands. The acquisition was made possible, with the help of RCDU. CBIS and its partners have noted that the lands can offer multiple harvest cycles, in a year, which can potentially result in up to 1.2 million pounds of the plant, from this land area alone. The management has assured investors that with the combined resources of the company and its partners, they can achieve this feat.

Cannabis Science Inc (OTCMKTS:CBIS) surged by 2.98% during the April 18 trading session, to close at $0.0829 per share, on a trade volume of 14.12 million.