Cannabis Science Inc (OTCMKTS:CBIS) welcomed the decision of the Drug Enforcement Agency to review an application pertaining to federal drug classification of marijuana. With this, the final decision over the rescheduling of the marijuana can come by as early as mid-2016.
The company noted that any lift of restrictions on marijuana can pave the way for undertaking a series of marijuana-related research. Moreover, the rescheduling could also reduce the applicable penalties on offences related to marijuana. The company reiterated that the larger room for research activities can lead to higher innovation and growth in the marijuana industry.
Marijuana has been included among the “Schedule I” classification since long, which also includes other drugs such as LSD and heroin. This classification suggests that the marijuana is not fit for any medical use, which is not true and thus, needs to be reclassified, according to Cannabis Science.
DEA’s decision will be very critical for the marijuana industry as most of the states in the U.S. have already accepted the medical use of it while few of them are also permitting the cannabis use for recreational purposes.
Opportunities in Nevada
Earlier this month, the company had shared its shareholders about steps that it has taken to boost the company’s bottom line in the U.S. The company further stated that its 360,000 Sq. Ft. property at Nevada pharmaceutical drug development compound is presently under design phase and will also house a University to help drive higher education, medicinal practice, and laboratory research. With this, the company added that the Nevada Compound offers an opportunity of more than 900,000 Sq. Ft. for expansion of business. Meanwhile, the company has zeroed down on the State of California as its next potential property for development.
The stock of Cannabis Science jumped 9.19% to $0.0202 in the last trading session.