Cannabis Science pops after announcing it is entering blockchain

Markets Insider

• Cannabis Science announced on Friday it’s entering the blockchain space.
• The announcement comes after a number of companies have seen explosive moves higher in their stock prices following similar pivots in their business.
• Shares spiked off session lows and are now trading up close to 6%.

Shares of Cannabis Science, a company that specializes in the development of cannabinoid-based medicines, climbed into positive territory Friday afternoon after it said it will enter the blockchain space. Shares were trading down more than 6% ahead of the announcement, now they’re up about 6% – a 12 point move.

The company says it will launch an initial coin offering, a crypto-based fundraising method, in January 2018, following the completion of pre-launch sales.

“We have been studying the industry for some time now, we certainly believe that we have found something special for this blockchain arena, not just for the cannabis industry, but for so many unexplored industries and applications,” President & CEO, co-founder, Raymond Dabney said in a release. “This endeavor is outstanding for Cannabis Science for a number of reasons as our blockchain currency can be backed with real-world assets for additional ICO trading security and comfort.”

Entrance into the blockchain/crypto area has been a popular theme in recent days as companies who have made such announcements have seen share prices spike.

On Thursday, both Long Island Iced Tea and World Poker Fund announced pivots into the space. Their share prices spiked about 400% and 100%, respectively.