Since the start of the year Cannabis Science, Inc. (OTC:CBIS) has had remarkable success in issuing press releases to push its stock price up.
Yesterday, CBIS actually closed down 10.68%, but at $0.082 per share it’s up nearly 800% from the start of 2012. Yesterday’s volume of 82 million is a new high for CBIS, but it was apparently too much to keep the high of the day.[BANNER]
The company announced the 3rd case of a self-medicated patient with improvement, and the day before CBIS issued a press release saying A&E has begun filming a documentary that will show real medical cannabis patients.
The potential implications of the results published by CBIS may be huge, traders should keep in mind that those are self-medicated cases, and CBIS hasn’t started any clinical trials yet.
The financial situation of CBIS is still pretty gloomy. So far the company has been diluting its stockholders in alarming rates, and until CBIS finds another way to finance its existence and operations shareholders may have to take more hits.
Nevertheless, medical marijuana is an exciting idea to a lot of investors and traders as the last few months have showed. The short-term future of CBIS largely depends on how traders see the potential stacking up against the fact that CBIS is very far from getting an FDA approved drug.
