Form 8-K for CANNABIS SCIENCE, INC.
Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive AgreementOn November 20, 2014, Cannabis Science, Inc.(the “Company”), entered into an Amendment to a License Agreement (the “Amendment Agreement”) that it had entered into with Apothecary Genetics Investments LLC (“Apothecary”) on February 9, 2012 (the “Original Agreement”). The parties entered into the Amendment Agreement to amend certain terms that were contained in the Original Agreement. In the Amendment Agreement, the Company has agreed to issue Apothecary or its assigns 14,500,000 shares of restricted common stock of the Company and fund Apothecary a minimum of $150,000 up to a maximum of $300,000 in working capital per calendar quarter commencing in the quarter ending December 31, 2014. In exchange the Company will purchase and license two northern California production farms with a combined total of 51 acres and related equipment for cannabis cultivation and new product development. As a result of the acquisition, the Company is entitled to licensing fees and royalties, rights to assign assets and fees to affiliates and subsidiaries and ownership of all tangible assets such as land, facilities and equipment as well as new business ventures.
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