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TORRANCE, May 13, 2021 (GLOBE NEWSWIRE) -- Premier Information Management, Inc. (OTC: PIFR) announced today that it has entered into a reverse merger agreement with Cannabinoid Biosciences, Inc. a California biopharmaceutical company, which intends to engage in the discovery, development, and commercialization of cures and novel therapeutics from proprietary cannabinoid, cannabidiol, endocannabinoids, phytocannabinoids, and synthetic cannabinoids product platform suitable for specific treatments in a broad range of disease areas. CBDX is SEC reporting Regulation A+, company. CBDX business plan is primarily, to engage in biopharmaceutical research and development operation with aim of identifying viable drug candidates to go into clinical trials and if successful, be submitted to the FDA for approval. Secondarily, the company also plans to roll-up CBD operations across the United States.
Based on mutual confidence that the reverse merger agreement, both parties agreed that a simple press release today was important in order to address recent inquiries as to the long-term future of the company.
These are the answers to recent inquiries along with other relevant points related to this strategic move:
This reverse merger involved a change of leadership and a completely new management infrastructure.
The agreement provides that No Reverse Split will take place as part of this transaction and that the Company may not perform a reverse split for the next 18 months, thereby, protecting the current shareholders' positions.
The CBDX management & operations team currently consists of 4 key individuals with plans to ramp up as it start to rollup targeted acquisitions.
As of today, OTC Markets is up to date on the current share structure.
This move will also involve maintaining the company pink current status on OTC Markets.
Change of name and ticker symbol would follow at the appropriate time.
All parties involved expect were satisfied with this reverse merger
PIFR is also pleased to announce that Kareem Davis has been appointed as the company’s President and CEO effective immediately.
Kareem brings the experience, capabilities and his “Avengers team” to PIFR, having served in several leadership roles in healthcare as well as building an online cannabis business to an 10 million dollar valuation in 2 year from the ground up.
“The U.S. cannabis industry has seen tremendous growth in the last year with more states moving towards legalization, I am consciously mindful of the history of cannabis and how it has disproportionately impacted black and brown people. As a black man, I believe that it is important for black and brown communities to be represented in the cannabis industry and that we embrace diversity in ownership and leadership, and I am honored to be in this position to steer those trajectories in our favor.”
About Premier Information Management, Inc./Cannabinoid Biosciences, Inc.
Cannabinoid Biosciences, Inc. a California corporation was incorporated on May 6, 2014, to operate as a biotechnology and specialty pharmaceutical holding company that engages in the discovery, development, and commercialization of cures and novel therapeutics from cannabinoid, cannabidiol, endocannabinoids, phytocannabinoids, and synthetic cannabinoids product platform suitable for specific treatments in a broad range of disease areas. CBDZ engages in biopharmaceutical research and development operation with aim of identifying viable drug candidates to go into clinical trials and if successful, be submitted to the FDA for approval. The Company seeks to revolutionize and standardize the pharmaceuticals and non-pharmaceutical CBD products formulations and applications across the CBD market in the United States of America. The company intends to engage in the following areas of the legal CBD business: (1) Ownership interest in certain businesses that extract, purchase and distribute Bulk Pure CBD, Isolate, Hemp Oil, THC-free CBD Distillate and Crude CBD Oil; and (2) Partnerships with local farmers to grow 2018 “Farm Bill” compliant hemp biomass.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward- looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.