Marijuana based company, Cannabis Science Inc (OTCMKTS:CBIS) is looking forward to brighter days as more and more states are embracing the pot. Some of the recent developments taking place across the U.S. has helped the cannabis stocks to gain traction. For instance, Oregon is the latest state that has joined in marijuana legalization.
Growing acceptance for marijuana
Starting tomorrow, adults of age group 21 and older will enjoy the liberty to both possess and use recreational marijuana in the state of Oregon. Also, the state has allowed its residents to grow up to 4 plants per residence. The state is expected to accept applications for marijuana retailers and large-scale growers by early 2016.
After the weed has been allowed for recreational use, many marijuana-based businesses have started handing out free samples to people to encourage its use. Undoubtedly, the pace of progress taking placed within states is a hearty development for a company like Cannabis Science Inc (OTCMKTS:CBIS).
Apart from this, the company has also reported some exciting milestones in late May. In a public note released then, the company informed about its historic drug development deal with IGXBio and its GenePro, a therapy that earned FDA’s (Food and Drug Administration) approval to initiate human trials. Following this agreement, the two companies intend to develop jointly a protocol showcasing the efficacy of their respective drug therapies HIV.
The two companies view their collaboration as meaningful as both of them intend to address the unmet needs of HIV-positive patients. IGXBio’s GenePro creates anti-HIV immune response among patients. Now, IGXBio aims to develop new products with Cannabis Science Inc (OTCMKTS:CBIS) for further clinical development and commercialization.
The recent progress has received a positive response from the investors. The stock of Cannabis Science Inc (OTCMKTS:CBIS) climbed 1.87% to $0.0218 during the last trading session as 3.47 million shares traded hands.