SEC Green Lights Public Listing Of Texas Cannabis Co. That Will Use AI In Clinical Trials

Cannabis Bioscience International Holdings CBIH announced on Friday that its registration statement on Form S-1, filed under the Securities Act of 1933, was declared effective by the United States Securities and Exchange Commission (SEC) on Dec. 5.

The company filed the registration statement to register the offer and sale of 10,087,154,885 shares of its common stock at $0.0008 per share.

Cannabis Bioscience is offering 6.25 billion of these shares and the remaining 3,837,154,885 shares may be offered by selling stockholders, according to a press release.

"A large part of the credit for this accomplishment goes to the people of Texas who have supported our journey to advance," said Dr. Jose Torres, MD, medical director at the Houston, Texas-based company. “Texans’ hard work, perseverance and healthy disregard for the impossible have undoubtedly paid off.”

The company, which focuses on providing services in all therapeutic areas of clinical research offering phase II to phase IV clinical research studies, plans to use the proceeds from the offering to start its cannabis clinical trials using AI programs to optimize the research processes.

“Clinical research is the cornerstone of medicinal treatments and the ultimate push for patients to consider cannabinoid therapies their first option, not their last resource,” Henry Levinski, CBIH's treasurer and vice president, said.

Cannabis Bioscience has previously worked with different companies including BioIVT, Phillips Morris, Pfizer and Inventiva, to name a few.

Cannabis In Texas

Over these past several years, cannabis regulations in Texas have been a hot topic, discussed by lawmakers, industry stakeholders and the public. Currently, this state has some of the most stringent cannabis laws nationwide, maintaining a strict stance on both medical and recreational use.

The Lone Star State has a relatively limited medical cannabis program since 2015, which provides for low-THC oil with less than 1%. In addition, there are nine qualifying conditions for marijuana.

In the meantime, several cities opted to decriminalize marijuana. Most recently, lawmakers in Lubbock, Texas gave the green light to a resolution that will allow the inclusion of a local marijuana decriminalization initiative on the ballot next spring.

This decision follows months-long efforts by cannabis activists in the Texas city to garner enough signatures for the cause after lawmakers declined to pass the necessary legislation for the reform.

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