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Cannabis Science enters transition stage as shares halted

  • Cannabis Science (OTCPK:CBIS) says that it is entering a "transition stage" after regulators suspended trading in its common stock due to its failure to file its financials as a "fully-reporting issuer."
  • Management believes that it has three viable options moving forward:
  • Option one is for Cannabis Science to continue as a fully-reporting company and to file outstanding quarterly and year-end ‘audited’ financial statements for 2017 and 2018. This option could cost the Company as much as $25,000 per quarterly return, and approximately $50,000 per year-end, audited return.

  • #2 is for Cannabis Science to de-list as a fully-reporting company and move into a ‘non-reporting issuer status’ and file all outstanding, ‘un-audited’ financial statements. The Company would then continue to complete its audits under this status and when completed apply to re-list to fully reporting status again.

  • #3, as previously announced, is a buyout of Cannabis Science by a new public company via share exchange to provide current Cannabis Science shareholders with shares in this new public company.  Cannabis Science’s financial statements would then be audited and filed via this new company. 

  • Management will be discussing the matter with regulatory authorities over the next few days before deciding on a path forward. 

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CBIS--
Cannabis Science, Inc.