Cannabis Science Inc (OTCMKTS:CBIS) were trading down 3% lower on Tuesday pre-market, after the company announced it has begun its first cannabinoid drug development land deal build-out in Douglas County, Nevada.
The initial phase of the buildout is set to include 33,000 sq. ft. of greenhouse space.
A US company specialising in the development of cannabinoid-based medicines, with a substantial piece of land reserved for greenhouse space, Cannabis Science will be able to begin growing for cannabinoid extractions quickly, and in optimal conditions, it said.
This will give the company direct access to specific cannabinoid combinations for research and drug development, which will spur the process of getting more products out to an ever-growing customer base.
In addition to the greenhouse space, the company is working to determine the best location on the lands to build and open Raymond C. Dabney University, which will be the focal point of a self-sustaining community that emphasises academic and clinical studies of business, law, agriculture, and medicinal science as they relate to cannabinoids and other real world application and study.
The company is moving up quickly since a brief dip below $0.03 on massive volume as pot stocks heat up across the board. As evidenced by recent trading CBIS has proven to be a strong performer when pot stocks heat up.
The stock price was down 2.9% at $0.05 before the bell.
Story by ProactiveInvestors