Cannabis Science Inc (OTCMKTS: CBIS) appears to have hit an inflection point after a roller coaster 2019. The stock has shed a significant amount of market value after starting the year on a roll and rallying to highs of $0.06. While the stock did plunge to all-time lows, it has started showings signs of bottoming out as bulls take the fight to bears.
OTCMKTS: CBIS Price Analysis
A change in the direction of trade could be in the offing as investors react to releases touching on the Company’s drug development pipeline. The Company making progress on the development of cannabinoids for the treatment of various medical conditions is one of the catalysts likely to fuel a bounce back from current lows.
In addition, the stock’s market sentiments have received a significant boost on the signing of a strategic research agreement with Dana Farber Cancer Institute.
While the stock has plunged to levels last seen in 2017, a strong rebound could be on the horizon. Given the underperformance of the past year, Cannabis Science may have to rise and find support above the $0.04 level, if it is to have any chance of bottoming out from multi-year lows.
Above the $0.04 technical level, the stock could elicit buying pressure that could result in a spike back to this year highs of $0.06. Below the $0.04 resistance level, Cannabis Science remains susceptible to further drops in continuation of the long-term downtrend.
What Does Cannabis Science Do?
Cannabis Science is engaged in the development, production, and commercialization of cannabinoid-based pharmaceutical products. The Company is currently working on a cannabis-based treatment for autism, blood pressure, cancer, and other illnesses.
Cannabis Science is a potential bounce-back play after taking a significant hit in recent months. The stock is already down by more than 80% for the year and appears to have hit the floor. A correction higher could come into play as investor sentiments continue to edge higher.
Fuelling investor trust in the Company’s long-term prospects is the announcement that Cannabis Science has hit an inflection point when it comes to clinical trials on cannabis-based treatments. Having invested significantly in pre-clinical research programs, the Company has started observing promising results in the use of cannabinoids to treat a number of indications.
“While our research program continues, we believe we have products that are ready for clinical trials this year. We are currently forming our clinical-trials team, to include our Principal Investigators and other relevant personnel in Canada and the United States,” stated Mr. Raymond C. Dabney, CBIS’ President, CEO, and Co-founder.
Some of the prescriptions drugs under development, ready for clinical trials, have the potential to address various cancers according to the CEO.
Amidst the milestone achieved on the development of the cannabis-based treatments, Cannabis Science continues to ink strategic partnerships as it seeks to accelerate the research and development efforts. For starters, the Company has entered into a new Research Collaboration Agreement with Dana-Farber Cancer Institute
The two are two work together in investigating the potential use of a proprietary extract from the Justicia Plant, on the treatment of various blood disorders. Cannabis Science has also identified a number of potential products for development as part of the ongoing collaboration.
The strategic partnership comes on the confirmation of Cannabis Science as an industry partner, on the launch of a groundbreaking international phytomedicines institute at Harvard Medical School.
Separately, Cannabis Science has confirmed the appointment of Dr. Sulma Mohamed to the Company’s Scientific Advisory Board. She joins the Company as a professor of Cancer Biology at Purdue University boasting of vast experience on matters molecular biology, cell biology, and microbiology.
“Focused on clinical trials, we are bringing in many different types of new partners and not just for the money they can make, it’s on many different levels. We are partnering with different types of organizations, non-profits, individuals, private and public companies of like mind and spirit we will bring through the Harvard IPI system,” stated Mr. Dabney.
What Next For Cannabis Science
Cannabis Science has shed a significant amount of market value after succumbing to bearish pressure over the past year. However, the stock appears to have hit the floor and likely to correct higher, as bears continue to exit the bears. A correction higher looks likely as investors react to the progress Cannabis Science has made on the development of cannabis-based treatments.
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Disclosure: We have no position in OTCMKTS: CBIS and have not been compensated for this article.