Cheap Stocks: 420 Could be factor for Cannabis Science (CBIS)

With the momentum behind the principals and medicinal benefits that marijuana can offer to medicine, it should be no surprise that CBIS is still in the spotlight. Shares in the penny stock of Cannabis Science (OTC: CBIS) are up 1,242.86% YTD even though it dropped -15.57% for the week to close at $0.141. Much attention will be focused on this hot penny stock come Friday, April 20.

Cannabis Science released an update on the upcoming premiere of Chronic Future: Killing Cancer. The film by Henry Miller and Cory Pritchard tells the story of the attempt by Arizona’s governor to shut down medical marijuana dispensaries. The film also introduces patient after patient, with debilitating ailments, that have used medical marijuana to successfully treat their disease. View an interview with the CEO of penny stock CBIS here.

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CBIS Stock Snap Shot:

Market Cap: 34.11M
52 Week High
(2/29/2012): 0.2455
52 Week Low
(12/19/2011): 0.0085
Avg Vol (3 month): 18,970,595
Avg Vol (10 day): 22,807,907
Shares Outstanding: 241.92M
Float: 224.91M
% Held by Insiders1: 10.55%

Cannabis Science Inc., is working on developing its medical cannabis business, which will be comprised of cannabinoid medicines approved through the FDA along with non-psychotropic medicines for the naturopathy market. CBIS reported revenues of $368, an accumulated deficit of $68,139,436 and had a stockholders deficit of $2,038,474 at September 30, 2011.

To view the SEC filings for CBIS, click here.

Bottom Line: We called the crash of CBIS after it topped out at $0.2455 in February and we were spot on as the hot penny stock cooled down to $0.05 just a few weeks later. We did alert on CBIS in January and readers were able to catch an over 700% gain within 6 weeks. (see here)

Watch for this coming Friday to be a big day for the marijuana oriented penny stock considering it will be April 20th, or, as the toking community will tell you, 420 which is the official “Weed” day. (see hereCBIS could go for two fingers (a twenty).

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