While the cryptocurrency sector struggled on Friday, with most currencies plunging, the cannabis market seemed to be doing just fine, which I’m sure investors appreciate leading up to Christmas. One of Friday’s top movers was Cannabis Science, a Colorado Springs-based company. While Cannabis Science (OTCMKTS:CBIS) tends to focus primarily on developing medicines that are entirely cannabinoid-based, the company announced today that it will now be pivoting into the world of blockchain technology.
As of 3:59 p.m. EST, Cannabis Science stock was up 11.13%, but at one point was up almost 15% in the early afternoon.
Despite announcing a number of exciting updates over the past month, the Cannabis Science stock was probably up as much as it was today because it disclosed to the public that it was moving into the world of blockchain. However, before we get into that, let’s see what Cannabis Science has been up too before today’s exciting move.
At the start of December, just one day before bitcoin hit an all-time high, the company announced that it had signed a Collaboration Research Agreement with the University of Stellenbosch. This is pretty significant news considering the University of Stellenbosch is one of the most high-ranking universities in South Africa
Cannabis Science disclosed in a press release that it will be working with the university to research and develop Cannabinoids that can be used to treat chronic pain disorders.
Further, if you didn’t already know, the company has plans to expand its medical marijuana dispensaries, and on December 20, the Colorado-based company announced that those plans are still on schedule to meet its target dates. Cannabis Science is scheduled to open two dispensaries in Los Angeles as well as in the San Fernando Valley.
Those two announcements aside, the Cannabis Science surge today is most likely due to its announcement that it had officially negotiated an initial coin offering with a huge asset-backed blockchain technology contributor.
According to Cannabis Science CEO Raymond Dabney, the company has been watching the blockchain industry for a long time now, and that’s why it feels so confident in its decision to roll out an ICO, which is a crypto-based fundraising method, next month.
As monumental as Friday’s news is for Cannabis Science, this is not the first company to switch into blockchain’s lane. In fact, just yesterday both World Poker Fund and Long Island Iced Tea (NASDAQ:LTEA) announced that they will now be incorporating blockchain technology into their business. To no surprise, this caused their shares to soar roughly 400% and 100%.
Featured Image: twitter
