CBIH Announces the Retirement of One Billion Shares

About this update from Cannabis Bioscience International Holdings, Inc.

[{"type":"text","content":"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 SharesTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/10188/200651_4d07a35ae47b5919_001full.jpgThe 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...

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