Cannabis Sciences Inc. (OTC: CBIS), a formulation-based drug developer and provider of related consulting, recently reported positive pre-clinical progress and financial milestones. In a press release, the company indicated that its cash position is the strongest in its history, while it has “seen promising results in a reduction of the mass of cancerous tumors” in its early-stage work.

The company is currently developing formulation for the preclinical investigations to treat basal and squamous cell carcinomas (CS-S/BCC-1) and looking into antiviral properties of CS-TATI-1. In the Netherlands, an observational study aims to obtain further observational data from the patients who use cannabis products for a wide range of several illnesses from cancer to neurological conditions.

In addition to these programs, the company signed a Worldwide Distribution Agreement with MedBox Inc. (OTC: MDBX) that provides a 50/50 gross profit exclusive on any and all MDS equipment sales for worldwide markets. These activities could generate further revenue for the company if it’s successful in breaking into the markets with the unique MDS equipment.

“Cannabis Science is in the strongest financial position in the company’s history,” said Cannabis Science Inc. CEO Robert Kane. “With a positive cash position after the successful capital raise earlier this year, the company has the ability to conduct basic science research and to begin new cannabis-drug development programs. In fact, this has begun and our development team is analyzing proprietary data now.”

Shares of Cannabis Science Inc. were trading up approximately 6% in late-day trading on Friday afternoon and are trading up about 140% so far this year.

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