Cannabis Science (CBIS) 10-Q 28 Jul 15 2015 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2015	Jul. 27, 2015
Document And Entity Information
Entity Registrant Name	CANNABIS SCIENCE, INC.
Entity Central Index Key	1,024,626
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	1,179,207,296	1,282,155,296
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Current Assets
Cash	$ 37,524	$ 10,061
Other receivables	7,696	8,670
Prepaid expenses and deposits	$ 140,788	97,626
Loans receivable, related party		50,000
Total current assets	$ 186,008	166,357
Deposits (Note 8)	971,500	971,500
Equity method investee (Note 8)	195,219	243,969
TOTAL ASSETS	1,352,727	1,381,826
Current Liabilities
Accounts payable	250,907	153,094
Accrued expenses, primarily management fees (Note 4)	1,598,307	1,716,807
Advances from related parties (Note 4)	255,032	203,892
Management bonuses	300,000	300,000
Notes payable to stockholders (Note 5)	1,400,658	1,581,486
Total current liabilities and total liabilities	3,804,904	3,955,279
Stockholders' Deficit
Series A Preferred stock, $0.001 par value, 1,000,000 shares authorized, 1,000,000 shares issued and outstanding at March 31, 2015 and December 31, 2014	1,000	1,000
Common stock, $.001 par value, 1,500,000,000 shares authorized, 1,179,207,296 issued and outstanding as of March 31, 2015 and 1,032,123,906 at December 31, 2014 Common stock, Class A, $.001 par value, 100,000,000 shares authorized, 0 issued and outstanding as of March 31, 2015 and December 31, 2014	1,179,208	1,032,124
Prepaid consulting	8,276,062	4,448,696
Additional paid-in capital	118,439,282	110,256,424
Accumulated deficit	(113,734,775)	(109,393,306)
Cumulative exchange translation	(52,305)	(20,999)
Equity attributable to common shareholders	(2,443,652)	(2,573,453)
Non-controlling interest	(8,525)
Total stockholders' deficit	(2,452,177)	(2,573,453)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	1,352,727	1,381,826
Series A Preferred Stock [Member]
Stockholders' Deficit
Series A Preferred stock, $0.001 par value, 1,000,000 shares authorized, 1,000,000 shares issued and outstanding at March 31, 2015 and December 31, 2014	1,000	1,000
Equity attributable to common shareholders	1,000	1,000
Total stockholders' deficit	1,000	1,000
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,000	$ 1,000
Common Class A [Member]
Stockholders' Deficit
Common stock, $.001 par value, 1,500,000,000 shares authorized, 1,179,207,296 issued and outstanding as of March 31, 2015 and 1,032,123,906 at December 31, 2014 Common stock, Class A, $.001 par value, 100,000,000 shares authorized, 0 issued and outstanding as of March 31, 2015 and December 31, 2014
Equity attributable to common shareholders
Total stockholders' deficit
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Common stock, par value per share	$ .001	$ 0.001
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	1,179,207,296	1,032,123,906
Common stock, shares outstanding	1,179,207,296	1,032,123,906
Series A Preferred Stock [Member]
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000
Common Class A [Member]
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Consolidated Statements Of Oper

Consolidated Statements Of Operations And Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenue		$ 1,031
Operating Expenses
Investor relations	$ 5,000
Professional fees	25,040	$ 15,215
Net loss on settlement of liabilities	$ (2,358,076)	(2,116,500)
Depreciation and Amortization		$ 21,768
Research and development	$ 197,336
General and administrative	1,651,092	$ 3,058,091
Total operating expenses	4,236,544	5,211,574
Net Operating Profit (Loss)	$ (4,236,544)	$ (5,210,543)
Other Income (expense)
Interest income, net
Interest expense, net	$ 280	$ 60
Impairment of goodwill	$ 64,421
Debt extension expense		$ 833,000
Warrant expense		97,894
Unrealized gain (loss) on marketable common stock	$ (48,750)	314,250
Total other income (expense)	(113,451)	(616,704)
Net Loss	(4,349,995)	$ (5,827,247)
Less: Net loss attributable to non-controlling interest	(8,525)
Net loss attributable to common shareholders	(4,341,470)	$ (5,827,247)
Other Comprehensive Income
Foreign exchange translation adjustment	(31,306)
Total other comprehensive income	(31,306)
Comprehensive loss attributable to Cannabis Science, Inc.	$ (4,372,776)	$ (5,827,247)
Net loss per common share - Basic and diluted	$ 0	$ (0.01)
Weighted average number of common shares outstanding	1,052,605,692	833,862,795

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss including non-controlling interest	$ (4,349,995)	$ (5,729,353)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		625
Amortization		21,143
Stock issued for services	$ 1,713,671	2,871,632
Stock issued for the extension of debt		$ 833,000
Equity method investee, OmniCanna Health Solutions	$ (48,750)
Foreign exchange translation adjustment	(31,306)
Loss on settlement of liabilities	(2,358,076)	$ (2,116,500)
Changes in operating assets and liabilities:
Other receivables	(974)
Prepaid expenses and deposits	43,162	$ 3,564
Accounts payable	97,815	(16,757)
Accrued expenses, primarily management fees	(118,500)	$ 146,509
Loans receivable, related parties	(50,000)
Net cash used in operating activities	$ (273,677)	$ (74,515)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related parties	$ 51,140
Proceeds from sale of common stock	250,000	$ 940,000
Net cash provided by financing activities	301,140	940,000
Net increase in cash	27,463	865,485
Cash, beginning of period	10,061	943
Cash, end of period	37,524	866,428
SUPPLEMENTAL CASH FLOW INFORMATION:
Common stock issued for services	5,541,037	2,871,632
Common stock issued for settlement of debt	$ 2,538,904	2,146,000
Common stock issued for extension of debt		$ 833,000
Non-controlling interest
Warrant expense		$ 97,894
Debt converted into common stock	$ 180,828	29,500
Accounts payable and expenses paid through note payable, stockholder		$ 13,500

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Organization and General Description of Business Cannabis Science, Inc. (“We” or “the Company”), was incorporated under the laws of the State of Colorado, on February 29, 1996, as Patriot Holdings, Inc. On August 26, 1999, the Company changed its name to National Healthcare Technology, Inc. On June 6, 2007, the Company changed its name from National Healthcare Technology, Inc., to Brighton Oil & Gas, Inc., and converted to a Nevada corporation. On March 25, 2008 the Company changed its name to Gulf Onshore, Inc. On April 7, 2009, the Company changed its name to Cannabis Science, Inc., and obtained a new CUSIP number. On May 7, 2009 the Company common shares commenced trading under the new stock symbol OTCBB: CBIS. Cannabis Science, Inc. is at the forefront of 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. The Company formed two operating subsidiaries Cannabis Science BV and Cannabis Science International Holding BV in The Netherlands on May 10 th th On November 15, 2013, the Company submitted a patent application N2010968 in Europe entitled "Composition for the Treatment of Neurobehavioral Disorders." The subject of the patent is development of cannabinoid-based formulations to treat a variety of neurobehavioral disorders, such as attention deficit hyperactivity disorder (ADHD), anxiety, and sleep disorders. On November 20, 2014, the Company signed an amendment to the license agreement with Apothecary Genetics Investments LLC. Pursuant to the amendment, the Company is acquiring all property, building, and equipment of Apothecary. The Company anticipates closing the purchase in fiscal 2015 once all assets are identified with supported fair market values and the transfer of land title is completed. On February 20, 2015, the Company closed on the acquisition of additional 30.1% interest in Michigan Green Technologies LLC (“MGT”), bringing the Company’s ownership position to 50.1% controlling interest. MGT is working on various Michigan initiatives with state government to legalize and commercialize medical cannabis business, as was done in Colorado, Washington State, and other U.S. states. The Company recognized $51,367 in goodwill related to the MGT acquisition. On May 27, 2015, the Company entered into a collaborative drug development deal with IGX Bio and its GenePro®, a DNA-based immunotherapeutic that recently received FDA IND approval to enter into human trials. The companies intend to develop a joint protocol to demonstrate potential synergistic effects of their respective drug candidates in HIV, as well as potential new drug candidates. The collaboration between IGX Bio and the Company and will provide a scientific evaluation of GenePro® and CS-TATI-1 to demonstrate the enhanced potential of therapeutic vaccination and the anti-inflammatory effects of cannabinoids to deter disease progression in AIDS patients unable to control HIV replication. B. Basis of Presentation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year end is December 31. Interim Financial Reporting While the information presented in the accompanying interim consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"). These interim financial statements follow the same accounting policies and methods of application as used in the December 31, 2014 audited financial statements of Cannabis Science, Inc. (the “Company”). All adjustments are of a normal, recurring nature. Interim financial statements and the notes thereto do not contain all of the disclosures normally found in year-end audited financial statements and these Notes to Financial Statements are abbreviated and contain only certain disclosures related to the three month periods ended March 31, 2015 and 2014. It is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2014 included in our Form 10-K filed with the SEC on file no. 000-28911 on April 21, 2015. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that can be expected for the year ending December 31, 2015. The following subsidiaries and controlling interests are included with the consolidated financial statements of the Company for the three months ended March 31, 2015: On May 6, 2013, the Company formed Cannabis Science International Holdings B.V. and on May 10, 2013, the Company formed Cannabis Science B.V. for the purpose of wholly-owned operating subsidiaries for the Company’s European and world-wide operations. Minimal business and operating activities have commenced in the subsidiaries as of March 31, 2015. On August 6, 2014, the Company signed a proposal letter with Michigan Green Technologies, LLC (“MGT”) to acquire an additional 30.1% equity in MGT that would increase the Company’s equity ownership to 50.1%. As consideration for acquiring the additional 30.1% equity, the Company agreed to issue shares to the principals and shareholders of MGT. On February 20, 2015, the Company formalized the August 6, 2014 proposal letter and closed on the acquisition of MGT. As consideration for the additional 30.1% equity in MGT, increasing the Company’s ownership to a 50.1% controlling interest, the Company issued 1,200,000 shares of common stock with a fair market value of $60,000 to shareholders of MGT for services rendered pursuant to two-year consulting agreements. The Company closed on the acquisition of MGT on February 20, 2015. On March 3, 2015, the Company entered into a 10-year management agreement with John Dalaly, principal of MGT, and issued 12,500,000 shares of common stock with a fair market value of $625,000 for services to be rendered related to the MGT business and operations. For other accounting policies please refer to The Company qualifies as an “emerging growth company” as defined in Section 101 of the Jumpstart our Business Startups Act (“JOBS Act”) as we do not have more than $1,000,000,000 in annual gross revenue and did not have such amount as of December 31, 2014, our last fiscal year. We are electing to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2015
Going Concern
Going Concern	2. GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate the continuation of the Company as a going concern. The Company reported an accumulated deficit of $113,734,775 and had a stockholders’ deficit of $2,452,177 at March 31, 2015. In view of the matters described, there is substantial doubt as to the Company's ability to continue as a going concern without a significant infusion of capital. At March 31, 2015, the Company had insufficient operating revenues and cash flow to meet its financial obligations. There can be no assurance that management will be successful in implementing its plans. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company raised $250,000 through a private sale of common stock in the three months ended March 31, 2015. Notwithstanding, we anticipate that we will have to raise additional capital to fund research and development and operations over the next 12 months. To the extent that we are required to raise additional funds to acquire research and growing facilities, and to cover costs of operations, we intend to do so through additional public or private offerings of debt or equity securities. There are no commitments or arrangements for other offerings in place, no guaranties that any such financings would be forthcoming, or as to the terms of any such financings. Any future financing may involve substantial dilution to existing investors. We had been relying on our common stock to pay third parties for services that has resulted substantial dilution to existing investors.

Fair Value Measurements And Dis

Fair Value Measurements And Disclosures	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements and Disclosures	3. FAIR VALUE MEASUREMENTS AND DISCLOSURES ASC Topic 820, Fair Value Measurement

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	4. RELATED PARTY TRANSACTIONS At March 31, 2015, a total of $191,344 (December 31, 2014: $191,344) in loans payable was due to Bogat Family Trust, Raymond Dabney as trustee, and $0 to Raymond Dabney (December 31, 2014: $6,166). The loan amounts due are non-interest bearing, unsecured and have no specified terms of repayment. Raymond Dabney was appointed President/CEO signed a new management agreement on November 5, 2014 . At March 31, 2015, the Company owes $10,741 (2014: $0) to MJR B.V. which is owned and controlled by Mario Lap director and director and officer of EU subsidiaries. The loan is unsecured, non-interest bearing, and due upon demand. On March 27, 2015, the Company’s CFO, Robert Kane, loaned Michigan Green Technologies LLC (“MGT”) $52,500 secured by a non-interest bearing promissory note due within 30 days of MGT liquidating shares in Cannabis Science, Inc. to repay the debt. The loan is unsecured, non-interest bearing, and due upon demand. As of February 20, 2015, the Company closed on its acquisition and now owns a majority 50.1% interest in MGT. At March 31, 2015, the Company held 7,500,000 common shares with a fair market value of $108,750 in OmniCanna Health Solutions, Inc. (formerly Endocan Corporation) (“OHS”) representing approximately 8.6% of the issued and outstanding shares of OHS. The value of the shares at March 31, 2015 was determined to be $0.0145 per share or $108,750 with the Company recording an unrealized loss of $48,750 for the three months ended March 31, 2015 and an unrealized gain of $314,250 for the three months ended March 31, 2014. Robert Kane, CFO and director is also the CFO and a director of OHS and Chad S. Johnson, Esq., COO, general counsel and a director is also a director and general counsel for OHS. Raymond C. Dabney is a controlling shareholder of both the Company and OHS. For the three months ended March 31, 2015, the following related party management fees and stock-based compensation was recorded: Related Party Position Amount Raymond Dabney 1 CEO and Director $ 232,425 Dr. Richard Ogden CSO 3,092 Robert Kane CFO and Director 117,736 Chad S. Johnson, Esq. COO, General Counsel, and Director 74,708 Mario Lap Director 30,808 $ 458,769 1 See Note 6-Equity Transactions for details of stock issuances to director and officers for services rendered. Raymond Dabney, CEO is a controlling shareholder and Chad S. Johnson, COO/General Legal Counsel of ImmunoClin Corporation (OTC: IMCL), respectively. ImmunoClin performs laboratory services and pharmaceutical development for the Company through its wholly-owned subsidiary ImmunoClin Limited that operates a laboratory at the London Biosciences Centre. Mario Lap, a director of the Company and director and officer its European subsidiaries, is conducting various business activities of the Company in Spain under his personal name and/or his personal holding company MLS Lap BV until such time as the Company is able to establish a Spanish subsidiary to conduct its own business operations and activities, including but not limited to: operating lease for farms, asset purchases, office and equipment, personnel employment and other business and operating activities as may be required from time-to-time. The Company anticipates having its Spanish subsidiaries setup by the end of fiscal 2015.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Notes Payable	5. NOTES PAYABLE As at March 31, 2015, a total of $1,400,658 (December 31, 2014: $1,581,486) of notes payable are due to stockholders that are non-interest bearing and are due 12 months from the date of issue and loan origination beginning on May 30, 2012 through February 7, 2015. $150,000 in non-interest bearing unsecured promissory notes are due to Richard Cowan, former director and CFO of the Company. On January 15, 2015, the Company entered into a debt settlement agreement and issued 15,000,000 shares of common stock, subsequent to the quarter ended March 31, 2015, on April 7, 2015 to settle the $150,000 owing to Mr. Cowan. As of March 31, 2015, the Company is default on $1,380,156 in promissory notes due and is negotiating with the debtors to extend the due dates and/or settle the debt.

Equity Transactions

Equity Transactions	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Equity Transactions	6. EQUITY TRANSACTIONS The Company is authorized to issue 1,500,000,000 shares of common stock with a par value of $0.001 per share. These shares have full voting rights. There were 1,179,207,296 shares issued and outstanding as of March 31, 2015. The Company is also authorized to issue 100,000,000 shares of common stock, Class A with a par value of $0.001 per share. These shares have 10 votes per share. There were 0 shares issued and outstanding as of March 31, 2015. The Company is also authorized to issue 1,000,000 shares of Series A preferred stock, with a par value of $0.001 per share. These shares have full voting rights of 1,000 votes per share. There were 1,000,000 shares issued and outstanding as of March 31, 2015. During the three months ended March 31, 2015, the Company issued 101,255,310 shares of common stock for services under various executive and consulting agreements. On January 15, 2015, the Company issued 15,000,000 shares of Rule 144 restricted common stock with a fair market value of $997,500 for settlement of $150,000 in liabilities for loss on settlement of $847,500. On February 20, 2015, the Company issued 30,828,080 common shares for settlement of $30,828 of stockholder debt with Intrinsic Capital Corp., for a loss on settlement of $1,510,576, from the stockholder notes payable originating on July 23, 2013 ($18,328), August 15, 2013 ($1,250), August 30, 2013 ($1,250), and September 9, 2013 ($10,000). On March 27, 2015, the Company’s CFO, Robert Kane, loaned Michigan Green Technologies LLC $52,500 secured by a non-interest bearing promissory note due within 30 days of MGT liquidating shares in Cannabis Science, Inc. to repay the debt. As of February 20, 2015, the Company closed on its acquisition and now owns a majority 50.1% interest in MGT. Stock Options: The following options were issued to Robert Kane, CFO and Director for services rendered under a September 16, 2011 agreement: (i) the option to purchase 100,000 common shares at ten cents ($0.10) per share; (ii) the option to purchase 100,000 common shares at ten cents ($0.20) per share; (iii) the option to purchase 500,000 common shares at ten cents ($0.35) per share; and (iv) the option to purchase 1,000,000 common shares at ten cents ($0.50) per share. A summary of the status of the Company’s option grants as of March 31, 2015 and the changes during the period then ended is presented below: Shares Weighted-Average Outstanding December 31, 2014 1,700,000 $ 0.41 Granted — — Exercised — — Expired — — Outstanding March 31, 2015 1,700,000 $ 0.41 Options exercisable at March 31, 2015 1,700,000 $ 0.41 These options expire on the date of termination of the management agreement and services thereunder with Robert Kane. The weighted average fair value at date of grant for options during three months ended March 31, 2015 was estimated using the Black-Scholes option valuation model with the following: Average expected life in years 2 Average risk-free interest rate 2.00 % Average volatility 75 % Dividend yield 0 %

Deposits

Deposits	3 Months Ended
	Mar. 31, 2015
Deposits
Deposits	7. DEPOSITS On February 9, 2012, the Company signed a license agreement with Apothecary to produce several Cannabis Science Brand Formulations for the California medical cannabis market. As well, Apothecary will provide research and development facilities with full circle operations including a California laboratory facility for internal research and development, along with 16 unique genetic strains specifically generated and maintained by a cancer survivor who recognizes the importance of proper growth and breeding in addition to investing $250,000 in research and development in the first 24 months. Apothecary failed to meet several contract provisions including investing $250,000 in R&D, setting up a laboratory facility, and reporting and remitting license fees owing to the Company. On November 20, 2014, the Company signed an amendment to the license agreement. Pursuant to the amendment, the Company is acquiring all property, building, and equipment of Apothecary in exchange for 14,500,000 Rule 144 restricted stock with a fair market value of $971,500. Per the amendment, the Company also agreed to provide Apothecary with a minimum of $150,000 and maximum of $300,000 of working capital each calendar quarter commencing December 31, 2014. The Company recorded an equivalent deposit for the year ended December 31, 2014 until the acquisition of assets closes, which is anticipated during fiscal 2015 once all assets are identified with supported fair market values and the transfer of land title is completed. No additional working capital has been paid beyond December 31, 2014.

Equity Method Investee

Equity Method Investee	3 Months Ended
	Mar. 31, 2015
Equity Method Investee
Equity Method Investee	8. EQUITY METHOD INVESTEE On November 5, 2014, the Company accounted for its investment and loans in OmniCanna Health Solutions, Inc. (formerly Endocan Corporation) using the equity method pursuant to ASC 323 – Investments – Equity Method and Joint Ventures. In accordance with ASC 323, when the Company does not have a controlling financial interest in an entity but exerts significant influence over the entity’s operating and financial policies, the Company accounts for its investment in accordance with the equity method of accounting. This generally applies to cases in which the Company owns a voting or economic interest of between 20 and 50 percent. The accounting using the equity method is in conjunction with appointment of Raymond Dabney as CEO and director of the Company on November 5, 2014, in addition to Mr. Dabney being a controlling shareholder of the Company since September 2009 and a controlling shareholder of Endocan Corporation since June 2013. Therefore, the Company was deemed to have significant influence and control of Endocan Corporation. On November 5, 2014, the Company recorded $247,500 in marketable securities and $86,469 in loans to OHS to its equity method investee account in accordance with ASC 323. An impairment of $48,750 in the equity method investee account was recognized for the three months ended March 31, 2015 and an impairment of $90,000 was recognized for the year ended December 31, 2014 due to the non-temporary decline in the value of OHS marketable securities.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments	9. COMMITMENTS The Company has lease commitments for its European operations under private companies MLS Lap B.V. and MJR B.V. owned and controlled by Mario Lap, director and director and officer of EU subsidiaries. Negotiations are ongoing in regards to preparing finalized agreements between the Company and Mr. Lap’s companies.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS On April 20, 2015, the Company entered into an agreement with American Education Lawyers Group LLC and agreed to issued 5,000,000 shares of Rule 144 restricted common stock as a one-time retainer to cover legal services in regards to Cannabis Science endeavors in California. On April 29, 2015, the Company issued 40,000,000 shares of common stock pursuant to a debt settlement agreement with Intrinsic Capital Corp. to settle $40,000 in debt owing under December 31, 2013 note payable. The Company recognized a loss on settlement of debt of $1,360,000 under the agreement. On May 4, 2015, the Company issued a total of 52,948,000 common shares to executives and various consultants pursuant to existing contracts. On May 21, 2015, Cannabis Science, Inc. (the “Company”), entered into a Joint Development Agreement (the “Agreement”) with IGXBio, Inc., a Delaware corporation (“IGX”). Pursuant to the Agreement the Company and IGX will jointly develop and conduct a clinical protocol for an anti-inflammatory utilizing cannabinoids and GenePro®, a DNA based immunotherapy with a FDA IND number. Each company will retain ownership of their respective intellectual property and equally own any new products or drugs derived from the Agreement. The term of the Agreement is initially for 4 years with an automatic renewal provision. On June 3, 2015, the Company issued 5 million Rule 144 restricted common shares to IGX pursuant to the Agreement and swill hare 50/50 in any new products developed under the Agreement. Common shares reconciliation table: Issued and outstanding as of March 31, 2015 1,179,207,296 Pending and subsequent event issuances 102,948,000 Unissued and outstanding as of July 27, 2015 1,282,155,296

Summary Of Significant Accoun16

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary Of Significant Accounting Policies Policies
Organization and General Description of Business	A. Organization and General Description of Business Cannabis Science, Inc. (“We” or “the Company”), was incorporated under the laws of the State of Colorado, on February 29, 1996, as Patriot Holdings, Inc. On August 26, 1999, the Company changed its name to National Healthcare Technology, Inc. On June 6, 2007, the Company changed its name from National Healthcare Technology, Inc., to Brighton Oil & Gas, Inc., and converted to a Nevada corporation. On March 25, 2008 the Company changed its name to Gulf Onshore, Inc. On April 7, 2009, the Company changed its name to Cannabis Science, Inc., and obtained a new CUSIP number. On May 7, 2009 the Company common shares commenced trading under the new stock symbol OTCBB: CBIS. Cannabis Science, Inc. is at the forefront of 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. The Company formed two operating subsidiaries Cannabis Science BV and Cannabis Science International Holding BV in The Netherlands on May 10 th th On November 15, 2013, the Company submitted a patent application N2010968 in Europe entitled "Composition for the Treatment of Neurobehavioral Disorders." The subject of the patent is development of cannabinoid-based formulations to treat a variety of neurobehavioral disorders, such as attention deficit hyperactivity disorder (ADHD), anxiety, and sleep disorders. On November 20, 2014, the Company signed an amendment to the license agreement with Apothecary Genetics Investments LLC. Pursuant to the amendment, the Company is acquiring all property, building, and equipment of Apothecary. The Company anticipates closing the purchase in fiscal 2015 once all assets are identified with supported fair market values and the transfer of land title is completed. On February 20, 2015, the Company closed on the acquisition of additional 30.1% interest in Michigan Green Technologies LLC (“MGT”), bringing the Company’s ownership position to 50.1% controlling interest. MGT is working on various Michigan initiatives with state government to legalize and commercialize medical cannabis business, as was done in Colorado, Washington State, and other U.S. states. The Company recognized $51,367 in goodwill related to the MGT acquisition. On May 27, 2015, the Company entered into a collaborative drug development deal with IGX Bio and its GenePro®, a DNA-based immunotherapeutic that recently received FDA IND approval to enter into human trials. The companies intend to develop a joint protocol to demonstrate potential synergistic effects of their respective drug candidates in HIV, as well as potential new drug candidates. The collaboration between IGX Bio and the Company and will provide a scientific evaluation of GenePro® and CS-TATI-1 to demonstrate the enhanced potential of therapeutic vaccination and the anti-inflammatory effects of cannabinoids to deter disease progression in AIDS patients unable to control HIV replication.
Basis of Presentation	B. Basis of Presentation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year end is December 31. Interim Financial Reporting While the information presented in the accompanying interim consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"). These interim financial statements follow the same accounting policies and methods of application as used in the December 31, 2014 audited financial statements of Cannabis Science, Inc. (the “Company”). All adjustments are of a normal, recurring nature. Interim financial statements and the notes thereto do not contain all of the disclosures normally found in year-end audited financial statements and these Notes to Financial Statements are abbreviated and contain only certain disclosures related to the three month periods ended March 31, 2015 and 2014. It is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2014 included in our Form 10-K filed with the SEC on file no. 000-28911 on April 21, 2015. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that can be expected for the year ending December 31, 2015. The following subsidiaries and controlling interests are included with the consolidated financial statements of the Company for the three months ended March 31, 2015: On May 6, 2013, the Company formed Cannabis Science International Holdings B.V. and on May 10, 2013, the Company formed Cannabis Science B.V. for the purpose of wholly-owned operating subsidiaries for the Company’s European and world-wide operations. Minimal business and operating activities have commenced in the subsidiaries as of March 31, 2015. On August 6, 2014, the Company signed a proposal letter with Michigan Green Technologies, LLC (“MGT”) to acquire an additional 30.1% equity in MGT that would increase the Company’s equity ownership to 50.1%. As consideration for acquiring the additional 30.1% equity, the Company agreed to issue shares to the principals and shareholders of MGT. On February 20, 2015, the Company formalized the August 6, 2014 proposal letter and closed on the acquisition of MGT. As consideration for the additional 30.1% equity in MGT, increasing the Company’s ownership to a 50.1% controlling interest, the Company issued 1,200,000 shares of common stock with a fair market value of $60,000 to shareholders of MGT for services rendered pursuant to two-year consulting agreements. The Company closed on the acquisition of MGT on February 20, 2015. On March 3, 2015, the Company entered into a 10-year management agreement with John Dalaly, principal of MGT, and issued 12,500,000 shares of common stock with a fair market value of $625,000 for services to be rendered related to the MGT business and operations. For other accounting policies please refer to The Company qualifies as an “emerging growth company” as defined in Section 101 of the Jumpstart our Business Startups Act (“JOBS Act”) as we do not have more than $1,000,000,000 in annual gross revenue and did not have such amount as of December 31, 2014, our last fiscal year. We are electing to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions Tables
Schedule of Stock Based Compensation with Related Party	For the three months ended March 31, 2015, the following related party management fees and stock-based compensation was recorded: Related Party Position Amount Raymond Dabney 1 CEO and Director $ 232,425 Dr. Richard Ogden CSO 3,092 Robert Kane CFO and Director 117,736 Chad S. Johnson, Esq. COO, General Counsel, and Director 74,708 Mario Lap Director 30,808 $ 458,769 1

Equity Transactions (Tables)

Equity Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Transactions Tables
Schedule of Stock Options Outstanding	A summary of the status of the Company’s option grants as of March 31, 2015 and the changes during the period then ended is presented below: Shares Weighted-Average Outstanding December 31, 2014 1,700,000 $ 0.41 Granted — — Exercised — — Expired — — Outstanding March 31, 2015 1,700,000 $ 0.41 Options exercisable at March 31, 2015 1,700,000 $ 0.41
Schedule of Weighted Average Fair Value Assumptions of Stock Option	The weighted average fair value at date of grant for options during three months ended March 31, 2015 was estimated using the Black-Scholes option valuation model with the following: Average expected life in years 2 Average risk-free interest rate 2.00 % Average volatility 75 % Dividend yield 0 %

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2015
Subsequent Events Tables
Schedule of Common Shares Reconciliation Table	Common shares reconciliation table: Issued and outstanding as of March 31, 2015 1,179,207,296 Pending and subsequent event issuances 102,948,000 Unissued and outstanding as of July 27, 2015 1,282,155,296

Related Party Transactions (Det

Related Party Transactions (Details)		3 Months Ended
		Mar. 31, 2015USD ($)
Related Party Transaction [Line Items]
Stock based compensation expense		$ 458,769
Raymond Dabney - CEO And Director [Member]
Related Party Transaction [Line Items]
Stock based compensation expense	[1]	232,425
Dr. Richard Ogden - CSO [Member]
Related Party Transaction [Line Items]
Stock based compensation expense		3,092
Robert Kane - CFO And Director [Member]
Related Party Transaction [Line Items]
Stock based compensation expense		117,736
Chad S. Johnson, Esq. - COO And General Counsel And Director [Member]
Related Party Transaction [Line Items]
Stock based compensation expense		74,708
Mario Lap - Director [Member]
Related Party Transaction [Line Items]
Stock based compensation expense		$ 30,808
[1]	Including compensation to entities beneficially owned/control by the related parties

Equity Transactions (Schedule O

Equity Transactions (Schedule Of Stock Options Outstanding) (Details) - 3 months ended Mar. 31, 2015 - $ / shares	Total
Shares
Outstanding December 31, 2014	1,700,000
Granted
Exercised
Expired
Outstanding March 31, 2015	1,700,000
Options exercisable at March 31, 2015	1,700,000
Weighted-Average Exercise Price
Outstanding December 31, 2014	$ 0.41
Granted
Exercised
Expired
Outstanding March 31, 2015	$ 0.41
Options exercisable at March 31, 2015	$ 0.41

Equity Transactions (Schedule22

Equity Transactions (Schedule Of Weighted Average Fair Value Assumptions Of Stock Options) (Details) - 3 months ended Mar. 31, 2015 - Stock Option [Member]	Total
Fair value of Stock Options - Black Scholes Options Valuation Model
Average expected life in years	2 years
Average risk-free interest rate	2.00%
Average volatility	75.00%
Dividend yield	0.00%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Common Stock [Member]	4 Months Ended
	Jul. 27, 2015shares
Subsequent Event [Line Items]
Issued and outstanding as of March 31, 2015	1,179,207,296
Pending and subsequent event issuances	102,948,000
Unissued and outstanding as of July 27, 2015	1,282,155,296

Summary Of Significant Accoun24

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)	Mar. 03, 2015	Feb. 20, 2015	Aug. 06, 2014	Mar. 31, 2015
Business Acquisition [Line Items]
Emerging growth company description				The Company qualifies as an “emerging growth company” as defined in Section 101 of the Jumpstart our Business Startups Act (“JOBS Act”) as we do not have more than $1,000,000,000 in annual gross revenue and did not have such amount as of December 31, 2014, our last fiscal year.
Common Stock [Member] | Management Agreement - John Dalaly, Principal Of MGT, [Member]
Business Acquisition [Line Items]
Shares issued for service, shares	12,500,000
Shares issued for service, value	$ 625,000
Michigan Green Technologies, LLC [Member]
Business Acquisition [Line Items]
Business acquisition of additional interest acquired percentage		30.10%
Business acquisition ownership percentage		50.10%
Business acquisition recognized goodwill		$ 51,367
Business acquisition equity interest issued			On August 6, 2014, the Company signed a proposal letter with Michigan Green Technologies, LLC (“MGT”) to acquire an additional 30.1% equity in MGT that would increase the Company’s equity ownership to 50.1%. As consideration for acquiring the additional 30.1% equity, the Company has agreed to issue shares to the principals and shareholders of MGT.
Michigan Green Technologies, LLC [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Shares issued for service, shares		1,200,000
Shares issued for service, value		$ 60,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	Mar. 27, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Advances from related parties		$ 255,032		$ 203,892
Unrealized gain (loss) on marketable securities		(48,750)	$ 314,250
Bogat Family Trust, Raymond Dabney - President/CEO As Trustee [Member] | Loans Payable [Member]
Related Party Transaction [Line Items]
Advances from related parties		$ 191,344		$ 191,344
Debt instrument description		The loan amounts due are non-interest bearing, unsecured and have no specified terms of repayment.		The loan amounts due are non-interest bearing, unsecured and have no specified terms of repayment.
Raymond Dabney - CEO And Director | Loans Payable [Member]
Related Party Transaction [Line Items]
Advances from related parties		$ 0		$ 6,166
Debt instrument description		The loan amounts due are non-interest bearing, unsecured and have no specified terms of repayment.		The loan amounts due are non-interest bearing, unsecured and have no specified terms of repayment.
MJR BV Owned And Controlled By Mario Lap, Director [Member] | Loans Payable [Member]
Related Party Transaction [Line Items]
Advances from related parties		$ 10,741		$ 0
Debt instrument description		The loan is unsecured, non-interest bearing, and due upon demand.		The loan is unsecured, non-interest bearing, and due upon demand.
Robert Kane - CFO And Director [Member]
Related Party Transaction [Line Items]
Debt instrument description	It was secured by a non-interest bearing promissory note due within 30 days of MGT liquidating shares in Cannabis Science, Inc. to repay the debt. The loan is unsecured, non-interest bearing, and due upon demand.
CFO loaned to Michigan Green Technologies LLC	$ 52,500
Management - Director, CEO, CFO, COO [Member] | Investment In Equity Of OmniCanna Health Solutions, Inc. [Member] | Asset Purchase Agreement - Equity Method And Joint Venture [Member]
Related Party Transaction [Line Items]
Common stock invested		7,500,000
Fair market value of common stock held		$ 108,750
Equity method investment ownership percentage		8.60%
Common stock acquired at fair value		$ 0.0145
Unrealized gain (loss) on marketable securities		$ (48,750)		$ 314,250

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Short-term Debt [Line Items]
Notes payable due	$ 1,400,658		$ 1,581,486
Common stock issued for debt settlement agreement, value	$ 180,828	$ 29,500
Note Payable To Stockholder [Member]
Short-term Debt [Line Items]
Debt instrument description	Notes payable are due to stockholders that are non-interest bearing and are due 12 months from the date of issue and loan origination beginning on May 30, 2012 through February 7, 2015.		Notes payable are due to stockholders that are non-interest bearing and are due 12 months from the date of issue and loan origination beginning on May 30, 2012 through February 7, 2015.
Notes Payable [Member]
Short-term Debt [Line Items]
Promissory notes were in default			$ 1,380,156
Notes Payable [Member] | Richard Cowan - Former Director And CFO [Member]
Short-term Debt [Line Items]
Notes payable due	$ 150,000

Equity Transactions (Narrative)

Equity Transactions (Narrative) (Details) - USD ($)	Feb. 20, 2015	Jan. 15, 2015	Sep. 16, 2011	Mar. 31, 2015	Mar. 31, 2014
Common stock issued for debt settlement agreement, value				$ 180,828	$ 29,500
Loss of settlement of debt				$ 2,358,076	$ 2,116,500
Robert Kane - CFO And Director [Member] | Stock Option [Member]
Stock option issued for service description			The following options were issued to Robert Kane, CFO and Director for services rendered under a September 16, 2011 agreement: (i) the option to purchase 100,000 common shares at ten cents ($0.10) per share; (ii) the option to purchase 100,000 common shares at ten cents ($0.20) per share; (iii) the option to purchase 500,000 common shares at ten cents ($0.35) per share; and (iv) the option to purchase 1,000,000 common shares at ten cents ($0.50) per share.
Common Class A [Member]
Common stock voting rights				These shares have 10 votes per share.
Series A Preferred Stock [Member]
Preferred stock voting rights				These shares have full voting rights of 1,000 votes per share.
Common Stock [Member]
Common stock voting rights				These shares have full voting rights.
Common Stock [Member] | Various Executive And Consultants [Member]
Shares issued for service, shares				101,255,310
Common Stock [Member] | Intrinsic Capital Corp. [Member] | Notes Payable [Member]
Common stock issued for debt settlement agreement, shares	30,828,080
Common stock issued for debt settlement agreement, value	$ 30,828
Loss of settlement of debt	(1,510,576)
Common Stock [Member] | Intrinsic Capital Corp. [Member] | Notes Payable Originating On July 23, 2013 [Member]
Common stock issued for debt settlement agreement, value	18,328
Common Stock [Member] | Intrinsic Capital Corp. [Member] | Notes Payable Originating On August 15, 2013 [Member]
Common stock issued for debt settlement agreement, value	1,250
Common Stock [Member] | Intrinsic Capital Corp. [Member] | Notes Payable Originating On August 30, 2013 [Member]
Common stock issued for debt settlement agreement, value	1,250
Common Stock [Member] | Intrinsic Capital Corp. [Member] | Notes Payable Originating On September 09, 2013 [Member]
Common stock issued for debt settlement agreement, value	$ 10,000
Rule 144 Restricted Stock [Member] | Notes Payable [Member] | Richard Cowan - Former Director And CFO [Member]
Common stock issued for debt settlement agreement, shares		15,000,000
Common stock issued for debt settlement agreement, value		$ 150,000
Fair market value of shares issued for debt settlement agreement		997,500
Loss of settlement of debt		$ (847,500)

Deposits (Narrative) (Details)

Deposits (Narrative) (Details) - Licensing Agreements With Apothecary - USD ($)	Nov. 20, 2014	Feb. 09, 2012
Share-based Goods and Nonemployee Services Transaction [Line Items]
License agreement terms		Apothecary will provide research and development facilities with full circle operations including a California laboratory facility for internal research and development, along with 16 unique genetic strains specifically generated and maintained by a cancer survivor who recognizes the importance of proper growth and breeding in addition to investing $250,000 in research and development in the first 24 months. Apothecary failed to meet several contract provisions including investing $250,000 in R&D, setting up a laboratory facility, and reporting and remitting license fees owing to the Company
License agreement amendment terms	Per the amendment, the Company also agreed to provide Apothecary with a minimum of $150,000 and maximum of $300,000 of working capital each calendar quarter commencing December 31, 2014.
Rule 144 Restricted Stock [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Shares issued for license agreement, shares	14,500,000
Shares issued for license agreement, value	$ 971,500

Equity Method Investee (Narrati

Equity Method Investee (Narrative) (Details) - Investment In Equity Of OmniCanna Health Solutions, Inc. [Member] - Asset Purchase Agreement - Equity Method And Joint Venture [Member] - USD ($)	Nov. 05, 2014	Mar. 31, 2015	Dec. 31, 2014
Description of equity method investment	On November 5, 2014, the Company accounted for its investment and loans in Endocan Corporation using the equity method pursuant to ASC 323 – Investments – Equity Method and Joint Ventures. In accordance with ASC 323, when the Company does not have a controlling financial interest in an entity but exerts significant influence over the entity’s operating and financial policies, the Company accounts for its investment in accordance with the equity method of accounting. This generally applies to cases in which the Company owns a voting or economic interest of between 20 and 50 percent.
Investment in marketable securities	$ 247,500
Equity method investment in loan	$ 86,469
Impairment of equity investment		$ 48,750	$ 90,000

Subsequent Event (Narrative) (D

Subsequent Event (Narrative) (Details) - USD ($)	Jun. 03, 2015	May. 21, 2015	May. 04, 2015	Apr. 29, 2015	Apr. 20, 2015	Feb. 20, 2015	Mar. 31, 2015	Mar. 31, 2014
Subsequent Event [Line Items]
Common stock issued for debt settlement agreement, value							$ 180,828	$ 29,500
Loss of settlement of debt							$ 2,358,076	$ 2,116,500
Common Stock [Member] | Intrinsic Capital Corp. [Member] | Notes Payable [Member]
Subsequent Event [Line Items]
Common stock issued for debt settlement agreement, shares						30,828,080
Common stock issued for debt settlement agreement, value						$ 30,828
Loss of settlement of debt						$ (1,510,576)
Common Stock [Member] | Various Executive And Consultants [Member]
Subsequent Event [Line Items]
Shares issued for service, shares							101,255,310
Subsequent Event | Joint Development Agreement With IGXBio Inc [Member]
Subsequent Event [Line Items]
Joint development agreement terms		Pursuant to the Agreement the Company and IGX will jointly develop and conduct a clinical protocol for an anti-inflammatory utilizing cannabinoids and GenePro®, a DNA based immunotherapy with a FDA IND number. Each company will retain ownership of their respective intellectual property and equally own any new products or drugs derived from the Agreement. The term of the Agreement is initially for 4 years with an automatic renewal provision.
Subsequent Event | Rule 144 Restricted Stock [Member] | American Education Lawyers Group LLC [Member]
Subsequent Event [Line Items]
Shares issued for service, shares					5,000,000
Subsequent Event | Rule 144 Restricted Stock [Member] | Joint Development Agreement With IGXBio Inc [Member]
Subsequent Event [Line Items]
Shares issued for service, shares	5,000,000
Subsequent Event | Common Stock [Member] | Intrinsic Capital Corp. [Member] | Notes Payable [Member]
Subsequent Event [Line Items]
Common stock issued for debt settlement agreement, shares				40,000,000
Common stock issued for debt settlement agreement, value				$ 40,000
Loss of settlement of debt				$ (1,360,000)
Subsequent Event | Common Stock [Member] | Various Executive And Consultants [Member]
Subsequent Event [Line Items]
Shares issued for service, shares			52,948,000