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Cannabis Science Acquires Two Revenue Producing Operations, a Medical Marijuana Growing Facility and a Dispensary to Facilitate Operational Growth, Research and Development of Pharmaceutical Cannabis Products in Colorado in Accordance With State Laws

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COLORADO SPRINGS, Colo., May 24, 2010  Cannabis Science, Inc. (OTCBB:CBIS), a pioneering U.S. biotech company developing pharmaceutical cannabis products, is pleased to announce that it has acquired 100% of a private company with two revenue producing operations, an organic medical marijuana growing facility and a medical marijuana dispensary providing patients with medical marijuana in Colorado in accordance with state laws.

Richard Cowan, Cannabis Science CFO, stated, “Obviously, acquiring two revenue producing operations immediately changes the nature of Cannabis Science, giving us a positive cash flow stream much sooner than otherwise would have been possible. We are now entering a new phase of our business and we expect to expand these revenue streams immediately by the acquisition of a larger facility as previously announced to meet the demand for Cannabis Science products. Our main focus remains the development of pharmaceutical cannabis products for FDA approval. In fact, these acquisitions will improve our ability to develop pharmaceuticals and increase our ability to serve the rapidly growing patient community.”

Currently, both operations are producing revenues in the hundreds of thousands of dollars and generate significant positive cash flow. The transaction was a share swap in which the company is issuing a total of 2,400,000 shares for both the acquisition of these operations and as compensation for a management contract that will add significant skills to our company’s team. The seller of these facilities, Mr. Adam Pasquale, is joining the Cannabis Science management team as Director of Horticulture. Mr. Pasquale’s responsibilities include overseeing these operations and implementing the company’s plans to expand these areas of business across the country, as the laws allow. The Company is looking forward to regularly reporting its progress in its 5 key operations:

1. The Horticulture Division — Pharmaceutical Grade Medical Cannabis Grown Under Stringent Quality Controls. 2. Analytical Labs — State Of The Art Facilities Developing Cannabis Extracts and Pharmaceutical Grade Drugs. 3. Manufacturing — Cutting Edge Facilities For Creating Oral and Topical Medications For Various Ailments. 4. Clinical Trials — Initial FDA Clinical Trials Targeting Veterans Suffering From Chronic Pain and PTSD. 5. Distribution — In State Dispensaries Today, National Pharmacies Tomorrow.

Dr. Robert Melamede, PhD., Cannabis Science President and CEO, said, “We view this transaction as key to our plans to develop standardized FDA quality pharmaceutical cannabis products. In addition, their profitability will facilitate our product development in accordance with State laws. These acquisitions will allow us to begin pre-testing to establish the efficacy of our pharmaceutical products prior to formal FDA human trials. We are in preliminary negotiations to establish similar operations in other States that have approved medical marijuana programs addressing the ever-increasing demands for medical marijuana as people learn the truth about marijuana’s unique medical values. We are creating a new type of patient oriented pharmaceutical company that will foster social change, and this is a major step in that process.”

Mr. Cowan added, “I am also very pleased to report that we are currently converting most of the company’s debt into common equity. Adding revenues, eliminating debt, and clarifying the company’s financial structure should help provide a higher per share price and valuation for the company. As a result of the debt conversions, the acquisition, and corporate expansions there are currently 65,570,574 shares outstanding and management expects to retire most of its debt by the end of June thereby eliminating a major source of risk. These developments should allow some of the larger funds and fund managers to invest substantially more in the company because of the reflection of our greater financial strength.”

Richard Cowan continued, “Last January, the New York Times reported that a spokesperson for the U.S. National Institute on Drug Abuse (NIDA) admitted that the agency ‘does not fund research focused on the potential medical benefits of marijuana.’ The NIDA admission explains why these acquisitions are so important for us. It will not only facilitate our research and development; it will also serve as prototype for this sort of operation that we plan to replicate in other medical marijuana states, as well as in other countries. We think that having dispensaries with their own production facilities will allow us to produce ‘Cannabis Science’ branded products that will give patients the best medicine at the best prices. These transactions are further evidence of Dr. Melamede’s ability to bridge the worlds of medical marijuana and hard science, and the patients — and our shareholders — will benefit greatly from this important step. As previously announced, our other steps toward building the company include adding a much larger analytical research laboratories, facilities for developing and manufacturing various delivery modalities such as lozenges, sprays, topical creams etc., as well as wholesale distribution of both nutraceutical and pharmaceutical products.”

The National Organization for the Reform of Marijuana Laws (NORML) explained the significance of this admission:

Under federal law, the agency must approve all clinical and preclinical research involving marijuana. NIDA strictly controls which investigators are allowed access to the federal government’s lone research supply of pot — which is produced and stored at the University of Mississippi.

NIDA spokeswoman Shirley Simson told the Times: “As the National Institute on Drug Abuse, our focus is primarily on the negative consequences of marijuana use. We generally do not fund research focused on the potential beneficial medical effects of marijuana.”

NIDA presently oversees an estimated 85 percent of the world’s research on controlled substances. Commenting on NIDA’s admission NORML Deputy Director Paul Armentano said, “NIDA has finally admitted to the world the ‘Catch-22′ that has been plaguing medical marijuana advocates and patients. Lawmakers demand clinical research regarding the safety and efficacy of medical cannabis, but the agency in charge of such research denies these studies from ever taking place. It’s tragic that these public officials have let political ideology, not science, determine American’s health decisions.”

In 2007, U.S. Drug Enforcement Administration (DEA) Administrative Law Judge Mary Ellen Bittner ruled that NIDA’s monopolization of marijuana research is not “in the public interest,” and ordered the federal government to allow private manufacturers to produce the drug for research purposes. In January of last year, DEA Deputy Administrator Michele Leonhart set aside Judge Bittner’s ruling.

From http://norml.org/index.cfm?Group_ID=8092

Technical Outlook

Medical Marijuana has been a hot topic on Capitol Hill. CBIS is forming a very nice double bottom right at the bottom of the range, which makes this a very low risk trade. A weekly close above the 50-day moving average of .18 cents should get the momentum traders attention. Minor resistance .20, weekly support .10. We are watching for volume and news for indication of a breakout.  Any news out of Capitol Hill on this subject matter and this stock will explode immediately. If you’re building a list of Medical Marijuana stocks, put this at the top. With a market cap of only 8 million there is plenty of upside here.

Millions of people are suffering needlessly because they cannot get access to medical cannabis (medical marijuana). CBIS wants to provide them with FDA approved cannabis medicines that are both safer and in many cases more effective than those currently available.

About Cannabis Science, Inc.

Cannabis Science is at the forefront of pharmaceutical medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.

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Forward-Looking Statement: This press release includes “forward-looking statements” within the meaning of the federal securities laws, commonly identified by such terms as “believes,” “looking ahead,” “anticipates,” “estimates” and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

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