Cannabis Science Inc. (OTCMKTS:CBIS) Closing In On Previous High
Cannabis Science Inc. (OTCMKTS:CBIS) more or less managed to recover its upward momentum on Jan. 17. The ticker hasn’t achieved anything like the 21.69% jump it registered then, but is presently on the ascent.
Although the rise is significant it certainly wasn’t unexpected. President Obama’s statement that “Marijuana is no more dangerous than alcohol” didn’t make that much of a splash. Eric Holder’s, on the other hand, seems to have impacted the market significantly.
The U.S. Attorney General made a series of statements on Thursday, declaring that steps will be made that will help the American legislation recognize marijuana-related companies as legitimate businesses, which in turn will allow them access to banking.
It should be obvious how removing a major hindrance, such as the lack of banking services, would benefit both major players on the pot-stock market and small-time vendors. The news triggered another fit of frantic buying, and as a result companies all over the sector are presently on the rise – CBIS made a 9.23% up on Friday.
The ticker opened the last session of last week at $0.1345 and quickly shot up, but failed to maintain its high for long. It dropped as low as $0.133 after about half an hour, then stabilized and closed at $0.142.
Although the jump was greater with some other companies in the branch, most marijuana related tickers registered a similar rise on Friday. Terra Tech Corp. (OTCBB:TRTC), HEMP, INC.(OTCMKTS:HEMP) and Medical Marijuana Inc. (OTCMKTS:MJNA) all went up, by 17.5%, 14.03% and 14.81%, respectively.
Regardless of how promising the present numbers seem, and how optimistic the news and hopeful the statements are, it should be noted that Robert Melamede – the company’s president is selling his shares. The company has no less than six Form 4 filings since the year’s start, all of them reporting sales by said beneficial stock owner – Jan. 22 alone Mr. Melamede sold 164,700 shares of common stock.
Buyers are encouraged to do their due diligence before investing, especially given the market’s present volatile state.
