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Micro-Cap on the Move; Cannabis Science Inc. (CBIS)

Cannabis Science Inc. (OTC: CBIS), a company engaged in the business of developing pharmaceutical grade medical cannabis products, is seeing a sharp rise in its shares in trading today.

CBIS shares are currently trading 8.57% higher at $0.0760 on volume of 5.26 million. The stock rose to an intra-day high of $0.08.

According to a filing made by Cannabis Science this week, the company’s license revenue for the quarter ended March 31, 2012 was $25,000, up from $11,290 reported for the quarter ended March 31, 2011. The increase was due to CBIS’ license agreement with Apothecary Genetics Investments LLC. The agreement was signed on February 9, 2012.

The filing showed that CBIS’ miscellaneous revenue for the quarter was $91,135, which 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.

At the end of the quarter, CBIS had a working capital deficit of $3.30 million.


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