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5. INVESTMENT IN KANNALIFE SCIENCES, INC.
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9 Months Ended |
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Sep. 30, 2013
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| Equity Method Investments and Joint Ventures [Abstract] | |
| Investment in Kannalife Sciences, Inc. |
On March 4, 2013, April 11, 2013, August 29, 2013, and October 30, 2013, pursuant to a Stock and Warrant Purchase Agreement (the “Purchase Agreement”), the Company acquired a total of 2,447,551 shares of the Series A Preferred Stock of KannaLife Sciences, Inc. (“KannaLife”), 19,557,800 shares of KannaLife’s common stock and warrants to purchase additional shares of common stock in KannaLife. KannaLife is a Delaware corporation and phyto-medical company specializing in the research and development of pharmacological products derived from plants. These share holdings constituted a 19.98% share of the issued and outstanding Series A Preferred Stock and 20.91% of the issued and outstanding common stock of KannaLife as of November 14, 2013. The shares were acquired through two payments of $250,000 each, and one payment of $150,000. These payments included the exercise of a portion of the Company’s common stock warrant. |