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Cannabis Science Announces Expansion Plans For The Revolutionary MedBoxTM Medicine Dispensing System in Conjunction With Prescr

^{Published on 2011-09-16 12:28:10 - Market Wire}
 

DENVER--([ BUSINESS WIRE ])--Cannabis Science, Inc. (OTCBB: CBIS), a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to provide an update for the rollout of its co-branded alliance with Prescription Vending Machines Inc. (DBA Medicine Dispensing Systems) (aPVMa) to distribute PVMa™s MedBoxTM.

MedBoxTM is a patented medicine delivery system that is used at pharmacies and other retail outlets where the identity of the individual purchasing medication needs to be verified as well as documenting compliance to statutory regulations. The MedBoxTM is patented in the U.S. and Canada, and referenced in Coloradoa™s HB1043 for medical marijuana dispensary use.

MedBoxTM provides for individuals to conveniently purchase herbal medications and prescription medicines from the specialized vending machine. The system provides for the individual to be processed through a central database to be certain that the item being purchased has been legally authorized by an authorized medical professional. This is revolutionary in how individuals both access and obtain their herbal and prescription medicines, coupled with the traditional herbal medicine and pharmacy counters with staff to quickly verify dispensed medicine, if individuals so desire. This level of automation and regulation is a big technological step for herbal dispensaries and pharmacies.

Dr. Robert J. Melamede, the CEO and President of Cannabis Science Inc., stated, aThis alliance with Prescription Vending Machines is a unique opportunity for Cannabis Science to synergistically market non-ingestible cannabis-based extracts used in topical creams, gels, and other formulations utilizing PVMa™s MedBoxTM machines. This will provide sources of revenue from licensing Cannabis Science medical marijuana topical extracts and formulations to dispensaries in conjunction with the machines. As well, PVM President, Vincent Mehdizadeh is assisting Cannabis Science to establish a foundation that will make the companya™s medical cannabis based topical extracts and formulations available worldwide for the treatment of cancers, pain management, and other ailments such as PTSD. We look forward to the project rollout and marketing programs launching in the coming weeks.a

International Market Expansion

Under the Agreement, Cannabis Science has exclusive revenue sharing rights for the PVM machines in the markets of Canada, most countries in Asia, Europe excluding Great Britain, and Africa, in addition to non-exclusive rights for some Asia countries, South America, and the United States. Deployment of the PVM machines will also provide Cannabis Science additional marketing channels for licensing of its cannabis-based extracts used in topical creams, gels, and other formulations for cancer treatment and pain management, in addition to other ailments, given proper regulatory approval. Cannabis Science is establishing novel international relationships that, as they mature, will lead to sales of topical cannabis-based extracts and formulations products globally.

Cannabis Science and PVM are in the process of setting up a Canadian corporation to run mutual business interests in Canada as well as setting up a real estate division to assist new operators in finding properly zoned premises legally permissible for medical cannabis usages. Cannabis Science will operate and control the Canadian entity and work in concert with PVM to successfully market and distribute the PVM dispensing units throughout Canada and also consult with new medical cannabis clinic operators seeking entry into the industry.

About Prescription Vending Machines

PVM is a California company and developer of a patented prescription vending machine that is sold throughout the U.S. in legal medical marijuana states for use in dispensing medical marijuana to legal card holders with a finger print identification system that allows 24 hour medicine access for patients. In addition, the PVM machine aMedboxa was specifically referenced in Colorado legislation, HB1043 (Page 10). Over the past several years PVM has deployed over 70 units and offered consulting services relative to the industry for alternative medicine clinics, with revenues in excess of $5M. PVM does not engage in the sale, cultivation, marketing, or production of any products sold through its machines.

About Cannabis Science, Inc.

Cannabis Science, Inc. is at the forefront of pharmaceutical grade medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.

Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. Cannabis Science, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.