The injection of modern know-how into the evolving world of legal medical marijuana and cannabis is helping the industry scale new heights and increase interaction with clients, mainly when it comes to cannabis subjects in the medical aspect of the industry. The interaction created between the explosive cannabis industry and modern technology is allowing pioneers in marijuana to leverage client technology engagement for firms such as Cannabis Science Inc (OTCMKTS:CBIS) and Acology Inc (OTCMKTS:ACOL).
For the first three quarters closed September 30, 2016, Cannabis Science posted revenue of $8,520 compared to revenue of $4,150 in the comparable period, a year earlier. This jump in revenue can be attributed to assets procurement of Equi-Pharm and license income from product sales. The R&D costs declined by $116,748 to $265,024 for the first three quarters closed September 2016 compared to $381,772 in the same period, a year earlier.
Loss on investment improved by $971,500 to $971,500 for the first three quarters closed September 30, 2016 against $0 for the same period a year earlier. Net loss on debt settlement dropped by $349,431 to over $4.138 million for the nine months closed September 30, 2016 against over $4.488 million for the nine months closed September 30, 2015. This drop is due to the lesser sum of debt settlement and reduced share price of the firm’s stock relative to loss pertaining to settling debt at a reduced share price.
G&A costs dropped by around $2.628 million to approximately $6.082 million for the nine months closed September 30, 2016 against $8.710 million for the nine months closed September 30, 2015. This decline can be attributed to decreased stock compensation cost due to management consulting and bonus deals.
The firm is working on numerous business development assignments to generate revenues, comprising signing new license deals and other strategic acquisitions to boost product development, distribution and production of newly manufactured or acquired hemp and cannabis based products.