Cannabis Sciences (OTCBB :CBIS) closed higher on Thursday afternoon by a little more than a penny from the previous night’s close. The stock ended the trading day at .0715 or a percentage gain of 19% above the final quote on Wednesday. The volume on Thursday slightly exceeded 9 million shares. The number of shares exchanging hands was pretty much in line with the daily volume over the last six weeks. The stock popped along with the general market enthusiasm at the opening bell. Price and volume peaked in the second hour of trading. The rest of the day saw Cannabis Science trading sideways and holding on to the morning gains. On a percentage basis Cannabis Science stock has staged a nice rally from an intraday low earlier in the week when the issue traded for a nickel, which amounts to a 40% positive change by the end of today.
The annual high for the stock occurred three months ago when the issue traded a half-cent below 25 cents. Volume surged to over 100 million in a single day as Cannabis Science went higher and higher in early March. The stock touched its fifty-two week high water mark four months after making a yearly low in December. Volume and price improved early in 2012 when Cannabis Science released revenue forecast for the coming year and gave a look toward 2014.
The Colorado Springs, Colorado Company was founded over sixteen years ago under the name of Gulf Onshore Incorporated. Cannabis Science produces pharmaceutical products with and without psychoactive effects. Its drugs are used to treat disease, the symptoms of the disease, and also for general health maintenance. For 2011 the company showed a net income of negative $8.4 million and 152 million shares outstanding. The Company, however, in January issued projected earnings for 2012. They saw revenues for the year topping $6.8 million and a tenfold increase by the end of 2014. No analysts follow the stock.
This morning the company announced the appointment of retired assistant US Surgeon General Dr. Roscoe Moore Jr. to its scientific advisory board. Other recent headlines for Cannabis Science include:
May 29- Cannabis Science readies to launch “Phytiva, whish is a new brand of over-the-counter skin product line.
May 18- Cannabis Science supports a New York Times op-ed piece written by Judge Justin Reichbach that “pleas for pot” in pancreatic cancer.
May 4- The Company supports former Speaker of the House Nancy Pelosi’s endorsement for medical cannabis.
May 3- Cannabis Science teams with Las Vegas doctor for innovative weight loss program
April 18- Cannabis Science in final stages of negotiation to purchase 50% of a cancer center in Arizona with over 500 cannabis medical patients.
Cannabis Science currently faces no direct competition for its product lines.