Marijuana research and the CEO

Rocky recently stumbled upon an implausible public company, “Cannabis Science Inc,” whose stated mission is “marijuana research and development.” The company’s website [click here] says that it employs scientific methodologies to “develop, produce, and commercialize phytocannabinoid based … products.”

Not surprisingly, the company’s headquarters are located on Market Street in San Francisco.

Even more interesting was an SEC Form 8-K that the company filed this morning:

“[At the] Special Board Meeting held July 10, 2009, the Board accepted the resignation of CEO Steven W. Kubby, Ray Carr, Mary Ruwart and Lee Wrights.

“The Board hereby authorizes an internal investigation and review of Mr. Kubby’s apparently fraudulent activities using the position he held as President & CEO, including but not limited to Mr. Kubby’s apparent inappropriate and unauthorized distribution of Company funds for his personal gain, while leaving essential obligations of the Company unmet.”

Rocky has only one question: “What was he smoking???”

[Disclosure: Rocky would not invest in this company, nor does he (in the words of President Clinton) "inhale."]