Cannabis Science Inc (OTCMKTS:CBIS) Continues To Disappoint By Alex Carlson Posted on May 8, 2016 Share Tweet Share Email Comments The string of press releases coming from Cannabis Science Inc (OTCMKTS:CBIS) is no longer a laughing matter. We would hope that as a public company CBIS would work as hard to complete its annual report as it does on issuing non-stop press releases. The latest of which, we have to say takes the icing on the cake. We would laugh about CEO Raymond C Dabney naming a university after himself, but this is no laughing matter when other people’s money is at stake. If a multi-billionaire like Donald Trump could run into problems with his Trump University, we’re afraid to find out how Raymond C Dabney University will fare. Last week’s press release said that “the initial Mission of Raymond C. Dabney University is to provide to working adults of the community an affordable opportunity to acquire a quality legal education within a structured and regulated program in law leading to the degree of Juris Doctor. RCDU will be providing free scholarships and additionally subsidized education packages for the Tribe Members of the Community. In exchange for and in addition to the land, the tribe will provide RCDU with a University building, lab space, and medical clinic facilities. The intent is to create a self-sustaining community of academia, which allows business opportunities, medical advancement, and legal progress to thrive. RCDU and its legal group will work closely with Cannabis Science and the McDermitt Tribe to manage and operate the University and Medical Complex. With approximately 40 acres to work with, it is designed to be a completely vertically integrated operations model providing hundreds of jobs for the community, educational, medical, construction, as the list goes on, there will be plenty of jobs for all.” This press release raised more questions than answers. For one, if CBIS is involved, why wasn’t the school named Cannabis Science University? Second, consider what Forbes wrote in 2014: “Take Raymond Dabney. In 2005, the British Columbia Securities Commission up in Canada slapped a five-year trading ban on Dabney and barred him from being an officer or director of a publicly-traded company for five years after Dabney admitted to issuing 22 bogus news releases that contained misrepresentations about the revenue of Xraymedia, a Minnesota company in which Dabney was a controlling shareholder. The Securities & Exchange Commission also sued Dabney and in 2010 obtained a final judgment against him that included a disgorgement and penalty of about $190,000. The SEC launched the enforcement action against Dabney and three others in connection with a scheme to manipulate the price and trading volume of Alliance Transcription Services. Today, Dabney works as a management consultant for Cannabis Science, a cannabis formulation-based drug development company that trades on the OTCBB. Dabney is described in SEC filings as the trustee of the Bogat Family Trust, which owned 6.5% of Cannabis Science last year.” Now look at what Dabney said in this press release: “This whole experience has been a serious eye opening look into the future, launching the University, planning with Chief Bill, working with our outstanding legal group, and of course my team at Cannabis Science. We have now certainly made it to the next level and are growing much faster than we initially anticipated. The business model we have created with the McDermitt Tribe is something of a wonder when you do the math: let’s just say potentially seeing over $10-20 million per month running through the system is what I’d call a serious economic stimulus package for all of us. The most compelling things are the jobs we are creating, the education we are providing, and the sense of hope for individuals like me who have never had this type of educational or job opportunity given to them for whatever reason. To be clear, this is the first of many hybrid University Medical complex communities we will be building. As time and resources permit, we will be offering University package courses in major cities across the United States and other countries, including but not limited to Canada, Europe, Africa, and Asia.” In regards to the annual report, we can see why the company would want to delay filing. The last 10-Q was not pretty. For the nine months ended September 30, 2015 (“2015”) as compared to the prior year nine months ended September 30, 2014 (“2014”): The Company had $4,150 in revenues for the 2015 compared to $1,031 for 2014. This increase in revenue is due to acquisition of EquiPharm. Net loss on settlement of debt increased by $770,000 to $4,488,076 for the nine months ended September 30, 2015 compared to $2,116,500 for the nine months ended September 30, 2014. This increase is due to the higher share price of the Company’s stock and relative loss related to settling debt at a lower share price. General and administrative expenses increased by $2,967,024 to $8,710,982 for the nine months ended September 30, 2015 compared to $4,845,803 for the nine months ended September 30, 2014. This increase is due to increased stock compensation expense pursuant to management consulting and bonus agreements. Currently trading with a market cap of $25 million, we’ll let the facts speak for themselves and let investors draw their own conclusions about CBIS. All that we’ll say is that there are other pot stocks climbing up the charts, generating real revenues, and delivering for their shareholders. These are the types of companies we look for and what we alert our subscribers about. Whether you’re a bull or a bear on CBIS, there are plenty of other names worth owning and easier ways to make money on this year’s Green Rush. We will be updating Insider Financial as soon as we know more. For continuing coverage on CBIS, sign up for our free newsletter today and get our next hot stock pick! Disclosure: We have no position in CBIS and have not been compensated for this article.
Cannabis Science Inc (OTCMKTS:CBIS) Continues To Disappoint
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Last week’s press release said that “the initial Mission of Raymond C. Dabney University is to provide to working adults of the community an affordable opportunity to acquire a quality legal education within a structured and regulated program in law leading to the degree of Juris Doctor. RCDU will be providing free scholarships and additionally subsidized education packages for the Tribe Members of the Community. In exchange for and in addition to the land, the tribe will provide RCDU with a University building, lab space, and medical clinic facilities. The intent is to create a self-sustaining community of academia, which allows business opportunities, medical advancement, and legal progress to thrive. RCDU and its legal group will work closely with Cannabis Science and the McDermitt Tribe to manage and operate the University and Medical Complex. With approximately 40 acres to work with, it is designed to be a completely vertically integrated operations model providing hundreds of jobs for the community, educational, medical, construction, as the list goes on, there will be plenty of jobs for all.”
This press release raised more questions than answers. For one, if CBIS is involved, why wasn’t the school named Cannabis Science University? Second, consider what Forbes wrote in 2014:
“Take Raymond Dabney. In 2005, the British Columbia Securities Commission up in Canada slapped a five-year trading ban on Dabney and barred him from being an officer or director of a publicly-traded company for five years after Dabney admitted to issuing 22 bogus news releases that contained misrepresentations about the revenue of Xraymedia, a Minnesota company in which Dabney was a controlling shareholder. The Securities & Exchange Commission also sued Dabney and in 2010 obtained a final judgment against him that included a disgorgement and penalty of about $190,000. The SEC launched the enforcement action against Dabney and three others in connection with a scheme to manipulate the price and trading volume of Alliance Transcription Services. Today, Dabney works as a management consultant for Cannabis Science, a cannabis formulation-based drug development company that trades on the OTCBB. Dabney is described in SEC filings as the trustee of the Bogat Family Trust, which owned 6.5% of Cannabis Science last year.”Now look at what Dabney said in this press release:
“This whole experience has been a serious eye opening look into the future, launching the University, planning with Chief Bill, working with our outstanding legal group, and of course my team at Cannabis Science. We have now certainly made it to the next level and are growing much faster than we initially anticipated. The business model we have created with the McDermitt Tribe is something of a wonder when you do the math: let’s just say potentially seeing over $10-20 million per month running through the system is what I’d call a serious economic stimulus package for all of us. The most compelling things are the jobs we are creating, the education we are providing, and the sense of hope for individuals like me who have never had this type of educational or job opportunity given to them for whatever reason. To be clear, this is the first of many hybrid University Medical complex communities we will be building. As time and resources permit, we will be offering University package courses in major cities across the United States and other countries, including but not limited to Canada, Europe, Africa, and Asia.”In regards to the annual report, we can see why the company would want to delay filing. The last 10-Q was not pretty.
For the nine months ended September 30, 2015 (“2015”) as compared to the prior year nine months ended September 30, 2014 (“2014”): The Company had $4,150 in revenues for the 2015 compared to $1,031 for 2014. This increase in revenue is due to acquisition of EquiPharm. Net loss on settlement of debt increased by $770,000 to $4,488,076 for the nine months ended September 30, 2015 compared to $2,116,500 for the nine months ended September 30, 2014. This increase is due to the higher share price of the Company’s stock and relative loss related to settling debt at a lower share price. General and administrative expenses increased by $2,967,024 to $8,710,982 for the nine months ended September 30, 2015 compared to $4,845,803 for the nine months ended September 30, 2014. This increase is due to increased stock compensation expense pursuant to management consulting and bonus agreements.
Currently trading with a market cap of $25 million, we’ll let the facts speak for themselves and let investors draw their own conclusions about CBIS. All that we’ll say is that there are other pot stocks climbing up the charts, generating real revenues, and delivering for their shareholders. These are the types of companies we look for and what we alert our subscribers about. Whether you’re a bull or a bear on CBIS, there are plenty of other names worth owning and easier ways to make money on this year’s Green Rush. We will be updating Insider Financial as soon as we know more. For continuing coverage on CBIS, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: We have no position in CBIS and have not been compensated for this article.
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Last week’s press release said that “the initial Mission of Raymond C. Dabney University is to provide to working adults of the community an affordable opportunity to acquire a quality legal education within a structured and regulated program in law leading to the degree of Juris Doctor. RCDU will be providing free scholarships and additionally subsidized education packages for the Tribe Members of the Community. In exchange for and in addition to the land, the tribe will provide RCDU with a University building, lab space, and medical clinic facilities. The intent is to create a self-sustaining community of academia, which allows business opportunities, medical advancement, and legal progress to thrive. RCDU and its legal group will work closely with Cannabis Science and the McDermitt Tribe to manage and operate the University and Medical Complex. With approximately 40 acres to work with, it is designed to be a completely vertically integrated operations model providing hundreds of jobs for the community, educational, medical, construction, as the list goes on, there will be plenty of jobs for all.”
This press release raised more questions than answers. For one, if CBIS is involved, why wasn’t the school named Cannabis Science University? Second, consider what Forbes wrote in 2014:
“Take Raymond Dabney. In 2005, the British Columbia Securities Commission up in Canada slapped a five-year trading ban on Dabney and barred him from being an officer or director of a publicly-traded company for five years after Dabney admitted to issuing 22 bogus news releases that contained misrepresentations about the revenue of Xraymedia, a Minnesota company in which Dabney was a controlling shareholder. The Securities & Exchange Commission also sued Dabney and in 2010 obtained a final judgment against him that included a disgorgement and penalty of about $190,000. The SEC launched the enforcement action against Dabney and three others in connection with a scheme to manipulate the price and trading volume of Alliance Transcription Services. Today, Dabney works as a management consultant for Cannabis Science, a cannabis formulation-based drug development company that trades on the OTCBB. Dabney is described in SEC filings as the trustee of the Bogat Family Trust, which owned 6.5% of Cannabis Science last year.”Now look at what Dabney said in this press release:
“This whole experience has been a serious eye opening look into the future, launching the University, planning with Chief Bill, working with our outstanding legal group, and of course my team at Cannabis Science. We have now certainly made it to the next level and are growing much faster than we initially anticipated. The business model we have created with the McDermitt Tribe is something of a wonder when you do the math: let’s just say potentially seeing over $10-20 million per month running through the system is what I’d call a serious economic stimulus package for all of us. The most compelling things are the jobs we are creating, the education we are providing, and the sense of hope for individuals like me who have never had this type of educational or job opportunity given to them for whatever reason. To be clear, this is the first of many hybrid University Medical complex communities we will be building. As time and resources permit, we will be offering University package courses in major cities across the United States and other countries, including but not limited to Canada, Europe, Africa, and Asia.”In regards to the annual report, we can see why the company would want to delay filing. The last 10-Q was not pretty.
For the nine months ended September 30, 2015 (“2015”) as compared to the prior year nine months ended September 30, 2014 (“2014”): The Company had $4,150 in revenues for the 2015 compared to $1,031 for 2014. This increase in revenue is due to acquisition of EquiPharm. Net loss on settlement of debt increased by $770,000 to $4,488,076 for the nine months ended September 30, 2015 compared to $2,116,500 for the nine months ended September 30, 2014. This increase is due to the higher share price of the Company’s stock and relative loss related to settling debt at a lower share price. General and administrative expenses increased by $2,967,024 to $8,710,982 for the nine months ended September 30, 2015 compared to $4,845,803 for the nine months ended September 30, 2014. This increase is due to increased stock compensation expense pursuant to management consulting and bonus agreements.
Currently trading with a market cap of $25 million, we’ll let the facts speak for themselves and let investors draw their own conclusions about CBIS. All that we’ll say is that there are other pot stocks climbing up the charts, generating real revenues, and delivering for their shareholders. These are the types of companies we look for and what we alert our subscribers about. Whether you’re a bull or a bear on CBIS, there are plenty of other names worth owning and easier ways to make money on this year’s Green Rush. We will be updating Insider Financial as soon as we know more. For continuing coverage on CBIS, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: We have no position in CBIS and have not been compensated for this article.
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