Cannabis Science Inc (OTCMKTS:CBIS) a U.S. firm operating in the cannabis industry stated that it has retained Cohen Grassroots Research, Inc. to begin detailed analytical coverage of the Company. The research firm is a leading name in field of cannabis research.
As per the 115-page preliminary Research Coverage Report, Cannabis Science is a cannabis medical and pharmaceutical portfolio company commercializing and researching cannabis-based medical products for multi-billion industry. It is working on treatments for skin cancer, HIV and neurological disorder. It is also formulating many other drugs including drug-resistant strains using phytocannabinoid-based therapies. The objective of Cannabis Science is to provide innovative and quality therapies to patients suffering from a variety of critical ailments.
The report suggests that in last few months, new President and CEO Raymond C. Dabney has redirected and restructured the entire business model. Cannabis Science Inc (OTCMKTS:CBIS) included additional revenue-producing businesses. Also, the company took several steps to expand on global front. Cannabis Science has commenced pre-investigational trials in pursuit of filing NDA with the U.S. FDA for CS-S/BCC-1, CS-NEURO-1 and CS-TATI -1. The company generated funds and has collaborated with other firms to share synergies in commercialization and R&D.
The research team
D Paul Cohen, the President and CEO of Cohen stated that as per the estimates revenue of Cannabis Science is expected to surge to almost $64.52 million by FY2020 from $0.1 million in FY2-15. To meet guidance, Cannabis Science has to raise $14.0 million in equity capital in coming years to fulfill its capital requirements. As per the revenue guidance, the research firm set CBIS target of $0.19. There is a huge scope in marijuana industry as 23 states have approved medical cannabis. The increasing support for legalization is positive for the company as it would create several revenue generating opportunities in coming years.