Houston, Texas--(Newsfile Corp. - March 6, 2024) - Cannabis Bioscience International Holdings, Inc. (OTC Pink: CBIH) announces that Dante Picazo, its chief executive officer, is contributing one billion shares of his common stock to the Company. These shares will be retired and have the status of authorized and unissued shares. As a result of this contribution, the number of the Company's outstanding shares has been reduced to approximately 9.4 billion. Since current management assumed control of the Company in 2019, its members have contributed 5.5 billion shares to the Company for no or nominal consideration. The shares have a market price of approximately $5 million, valued at the closing price of $0.0009 on March 5, 2024. The Company believes that Mr. Picazo's contribution will increase shareholder value.
In March 2022, Mr. Picazo contributed 500 million shares of his common stock to the Company to compensate future members of its board of directors and to provide shares for share-based employee benefits under its incentive compensation plan.
"I believe that Mr. Picazo's contribution will benefit the shareholders by reducing the number of outstanding shares without a reverse stock split and reaffirms his commitment to the Company," said Brian Cuban, a member of the Company's Advisory Board.
CBIH Announces the Retirement of One Billion Shares
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The Company, headquartered in Houston, Texas, continues the rigorous work of innovating medical formulations and state-of-the-art biotechnology where AI algorithms play a key role in providing top tier therapeutic solutions to patients. We look to fortify our promise of market integrity and the development of our scientific research.
The retirement of these shares further indicates that CBIH is poised and hopes for future success, highlighting its pledge to its mission and ongoing efforts for sustainable growth. We expect this dedication to stability and expansion instills shareholders with confidence in the company's enduring vision for the long term, as well as reaffirming the undeviating determination to enhance CBIH's position in the medical cannabis market industry.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCmarkets.com.
For more information contact us at:
(214) 733-0868
ir@cbih.net
Dante Picazo
CEO - CBIH
Website:
www.cbih.net
X: www.twitter.com/cbihstock
Instagram: www.instagram.com/CBIHSTOCK
Investor Relations:
Peter Nicosia
Bull in Advantage, LLC
Phone: 585-703-6565
Email: Info@BlueHorseshoeStocks.com
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