Shares of Cannabis Science Inc (OTCMKTS: CBIS) are looking to bottom out, from one-year lows, after a roller coaster first quarter. The stock has had to contend with wild swings since the start of the year.
After starting the year on a roll and rallying by more than 50%, the stock did succumb to bearish pressure consequently plunging to the $0.03 level.
CBIS Catalysts And Price Analysis
With the stock having taken out the $0.04 level, it might as well have hit the floor and due for a correction higher as a bounce-back play. Some of the catalysts triggering a rally from current lows is the confirmation that the company is expanding its footprint into Canada.
In the recent past, the company has also confirmed the formation iCannabinoid Ambassadors Program. The program is geared towards expanding the company’s footprint and supporting the development of initiatives into new markets.
Cannabis Science has also confirmed plans to expand the scope of its sponsored research in Nigeria to address the potential use of CBD to treat neurological conditions such as Post Traumatic Disorder.
A bounce back from the $0.03 level could as well signal revitalized investors sentiments in the wake of recent developments. After the recent bounce back, the $0.05 is the immediate resistance level standing in the way of the stock edging higher from current lows.
Cannabis Science needs to rally and find support above the $0.05 mark if it is to stay on track to correct higher after crashing in recent months. For the stock to turn bullish as a long-term play then it will have to rally and takeout the $0.06 resistance level.
What Does Cannabis Science Do?
Cannabis Science with its subsidiaries is engaged in the development, production, and commercialization of phytocannabinoid-based pharmaceutical products. The company is currently working on cannabis-infused products for addressing autism, blood pressure as well as cancer among other illnesses.
Shares of Cannabis Sciences have started bottoming out on the company announcing plans to expand into Canada in pursuit of opportunities for growth. The company has since confirmed the formation of Cannabis Science Canada, a wholly owned subsidiary, tasked with pursuing opportunities in Canada.
With the new subsidiary in place, the company has already begun negotiations for Canadian land where it plans to launch cannabis cultivation and production operations. The company is also pursuing relevant licenses.
“We currently have a number of very important research and drug-development initiatives underway in the U.S., Europe, South America, and in Sub-Saharan Africa. As we expand into Canada, the Company can leverage these opportunities in order to rapidly grow our business model in Canada and begin releasing our exciting product lines,” stated CEO Raymond Dabney.
Dabney expects Canada to be an important market for Cannabis Science in the wake of recreational use legalization. In addition to selling cannabis products, the company is also planning to engage in cannabis research and drug development activities.
iCannabinoid Ambassador Program
Expansion into Canada into Canada is not the only thing working for Cannabis Science. The company has since confirmed the formation of iCannabinoid Ambassador Program whose members are tasked with the responsibility of expanding the company’s footprint into new markets.
Each ambassador under the new program will be designated an area of interest and expertise to help educate the public about the company’s initiatives. The core objective with the new program is to take advantage of the consortium of partnerships and licensing programs for patents as well as other product development initiatives.
Cannabis Sciences has already opened discussions as it seeks to license its U.S Patent for the composition of cannabinol for treatment of various Neurobehavioral Disorders including sleep disorder and PTSD.
“There are so many products we are developing for current market conditions for sleep deprivation, anxiety, PTSD, and many more neurological conditions. […]Our formulations, product testing, and manufacturing and packaging will be split between several facilities in the United States and Canada,” added Mr. Dabney.
Cannabis Science has had to contend wild price swings in recent months after starting the year on a roll and then coming under pressure. Recent price action activity indicates that the stock has hit bottom and due for a correction higher.
The company has already served a number of catalysts starting with the expansion into Canada as well as plans to develop new CBD therapies for addressing various medical conditions that continue to prop market sentiments.
For those looking for a bounce-back play with a good risk/reward setup, CBIS is worth a look.
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Disclosure: We have no position in CBIS and have not been compensated for this article.
This Is Why CV Sciences Inc (OTCMKTS: CVSI) Is Rated As A Buy
CV Sciences Inc (OTCMKTS: CVSI) has lost its spark after a massive surge in the first quarter. The stock is back to where it started the year at, on the upswing losing its momentum. Price action activity has so far remained subdued in a tight $6.30 to $4.20 trading range.
CV Sciences Price Analysis
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Charlotte’s Web Holdings Price Analysis
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Charlotte’s Web Holdings Brief Review
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