Cannabis Science Inc (OTCMKTS:CBIS) has acknowledged and is expressing excitement about the Drug Enforcement Agency’s decision to review the classification of marijuana as a federal drug, by mid-2016. A change in the classification is expected to loosen the regulations surrounding research being carried on marijuana. Moreover, the decision would also lead to a reduction in fines for marijuana offenses. The decision to do so came to light, after the DEA wrote a letter to the senators in this regard.
Marijuana has been classified as “Schedule I” drug, similar to heroin and LSD. The classification had been based on high death rates and hospitalization of consumers. Added to this, the classification also means that the said drug does not have any medicinal use. CBIS, however, believes that the scenario has changed and a number of independent and university studies, coupled with peer reviewed papers, is proof that the classification is unjust.
Raymond C. Dabney, the CEO of CBIS, expressed pleasure at the move from the DEA, clarifying that marijuana has a host of health benefits. He further revealed that he was not alone in this view. The CEO revealed that his company is already conducting research and a change in classification could mean more opportunities for them. The DEA is expected to finalize their ruling, by the end of the 1H2016. Although it is still uncertain whether the decision would be in favor or not, but with the number of states legalizing the use of cannabis, the chances of marijuana supporters do look bright.
Cannabis Science made a move to improve the country’s cannabis based drug development programs, by opening a 360,000 Sq. Ft. Nevada drug development compound. The facility is currently in its design phase, but is expected to host a university and a research lab. If the DEA decision should come back positive, it would allow CBIS to gain discounts on the development of the facility and also make it easier to carry out operations.
Cannabis Science Inc (OTCMKTS:CBIS) gained 4.79% during the April 8 session, to close at a share price of $0.0197.