NEWPORT BEACH, Calif., Jan. 4, 2012 /PRNewswire/ -- Cannabis Science, Inc. (OTCBB: CBIS.OB), a pioneering US biotech company developing pharmaceutical cannabis products, has issued strong Sales Guidance and Outlook for 2012 earlier last week on December 29, 2011. There are three main markets for Cannabis Science Brand formulations for distribution, FDA approved prescriptions, OTC Non-psychoactive Neutroceuticals, and licensed dispensaries in legal Medical Marijuana states (currently 16). Cannabis Science sales for 2012 are forecasted to be $6,846,000 and has the potential to increase to $65,740,000 in 2014.
This sales forecast translates into positive earnings of $.02 per share earnings for 2014. Cannabis Science is dedicated to working with Federal, State, and Local regulatory agencies, as well as similar agencies in other countries such as Health Canada, and other international regulatory bodies. This forecast includes sales from both the MEDBOX strategic alliance and the revenues from its licensing fees from cannabis-extract based formulations. The above average growth in sales and revenue from 2012 to 2014 is due to the release of additional formulations and a higher number of license agreements as Cannabis Science expands into additional states and international markets over the next three years.
Cannabis Science also prepared a model to forecast sales upon FDA approval. The FDA approved model shows average sales of $279,120,000 in annual sales and revenue of each of their cannabis-extract based formulations once Cannabis Science's application for a FDA license is approved. Cannabis Science explained this forecast does not include any potential revenues thru signature fees from a distribution agreement for Cannabis Science formulations either here in the United States or in any International markets. As an example GW Pharmaceuticals received $18 million USD for distribution rights in Europe for their formulation for Sativex. Cannabis Science has identified 20 different medical conditions and 9 different cancers for formulations over the next ten years that would each be an independent profit center for the company.
Dr. Robert Melamede,CEO, said, "Cannabis Science announced intention to have a quarterly conference call to update shareholders and investors in 2012 to track the progress Cannabis Science is making towards its goals. This type of sales forecast communication is a great place to begin to have a more serious conversation between the company and investors both present and future, in regards to the earnings potential for our company in this industry. These projected sales not only translate into shareholder value but these revenues also generate taxes into the economy and create jobs. We acknowledge and understand that these numbers are just a forecast and may be revised over time as we go forward and develop our global sales team."
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.
SOURCE Cannabis Science, Inc.