The competitive field for cannabis products and all their uses just got a little tighter Monday, with the news that Irvine, Calif.-based Cannabis Science, Inc. (OTC:CBIS) is trying to close a patent deal with the government.
The company, specializing in the development of cannabinoid-based medicines, told investors Monday that it’s negotiating to license the Company’s patent for the Compositions of Cannabinol (CBN) for a variety of ailments, most notably, sleep disorders and anxiety.
The U.S. market for sleep disorder products alone was estimated at over $28 billion in 2017 and is expected to grow by 3.3% annually. After 2023, this market is expected to grow at an annual rate of approximately 4.7%.
The stock improved in price 12-100ths of a cent, or 3.4%, to 3.64 cents, on volume of 4.2 million shares.