Penny Stock on Watch: Cannabis Science Inc. (CBIS)
Shares of Cannabis Science Inc. (PINK: CBIS), a medical marijuana company, fell sharply in Friday’s trading session.
The penny stock of CBIS ended the day 11.29% lower at $0.0385. Despite the losses in Friday’s trading session, CBIS shares have gained 13.24% in the last three trading sessions.
Last month, CBIS announced its initial expansion plans within the European market with Dupetit Natural Products, GmbH through Joint Venture. The joint venture will focus on the development of a full line of OTC products, including skin creams and nutraceutical and cosmetic products for the international markets.
Dr. Robert Melamede, President and CEO of Cannabis Science, said last month that Europe has an established and traditional hemp market and an awareness of the benefits of the products’ health potential. Dr. Melamede said that CBIS has a unique opportunity to embrace, support and develop new and existing product lines already sold by Dupetit Natural Products. He added that the potential of the new revenue stream as well others, moves CBIS closer to achieving its revenue goal of $9 million in earnings in 3 years so that the company can realize its goal of one cent per share in earnings for shareholders.
According to a 10Q filing made by CBIS last month, the company had license revenue of $25,000 for the quarter ended March 31, 2012, compared to $11,290 reported for the same period in the previous year. The year-over-year increase in license revenue resulted from the company’s licensing agreement with Apothecary Genetics Investments LLC.
CBIS recognized miscellaneous revenue of $91,135 in the quarter ended March 31, 2012. The miscellaneous revenue resulted from a gain on settlement of liabilities of $41,135 and a $50,000 gift from a stockholder for a third-party lease payout.
CBIS reported an operating loss of $7.47 million for the quarter ended March 31, 2012. Net loss for the quarter was also $7.47 million.
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