The past year has been quite trying for Cannabis Science Inc (OTCMKTS:CBIS) in terms of business operations which has adversely impacted on its financial results. During that period, the company experienced operations disruptions occasioned by the seizure of the 26.19-acre plot of land by Federal Authorities. The land contained industrial hemp that was being grown for production and sale to the market.
However, in a July press release, the company announced the signing of another “substantial” land deal for 100 acres in Minden, Nevada. According to the company, the new acquisition falls directly in line with the rest of the certified industrial hemp research and development projects across North America.
Industrial Hemp Research & Economic Development Plan
Per the release, the company will continue to work in league with its multiple worldwide partners through the CBIS Consortium to focus on the major ailments inflicting humanity. The report reveals that the research data collected will primarily be used by FDA and other clinical studies.
The release lays bare the fact that the research initiative is also geared at providing hands-on University professional training in agricultural industrial hemp research and development. The report also mentioned that the research is aimed at creating jobs through the participating Universities, a move which will positively impact the economy of the region.
A raft of measures aimed at restructuring
Another press release, August 13, notes that the objectives aforementioned cannot be achieved without a number of measures that the company is putting in place. The release details that the company is in the final process of releasing its new corporate website as well as introducing a freshly constituted management.
As per the release, the new measures will be crucial in the company’s efforts to conduct key acquisitions, multiple dispensary openings, the new important research opportunities aforementioned, new partnerships, operation expansions and also in implementing the updated financial reporting requirements.
The release also details that due to a number of staff that exited in the past year, the company intends to onboard new people who will come in to help steer the company’s strategy.