Additionally, this first crop provides important seeds and genetics for future crops
LAS VEGAS, Dec. 12, 2018 /PRNewswire/ -- GB Sciences, Inc. (GBLX) announces that their first crop in the rapidly expanding hemp market expects to yield a gross profit of $0.7million dollars as well as seeds and genetics. These seeds and genetic information will provide the mother plants in order to expand the program, which should prove to be a significant revenue generator for the Company.
An integral part of the Company's success is its partnership with The Colorado Hemp Project (CHP). "Wild Bill" Billings co-founded the company with his daughter in order to educate farmers on the value of growing hemp and to then find the right partner for their crop.
"GB Sciences told us what they wanted out of the plants, and we worked together to fill in the blanks," remarked Wild Bill. "GB Sciences understands the magic of this plant and it's future. Real soon, everyone will have hemp supplements and food in their daily diets. And that's a good thing."
"For GB Sciences, The Colorado Hemp Project provided unique genetics to explore, sourced the land, found the right farmers and the production resources necessary to take the project from seed to sale." Remarked GB Sciences' Chief Science Officer, Andrea Small-Howard.
"The fundamental purpose in creating this outdoor lab was to find a lower cost source for minor cannabinoids to use in our medical formulations. We focused on hemp as it is an inherently lower cost source for the non-THC cannabinoids due to lower production costs as well as its legal and taxable status. Clearly, we called it as we are already generating revenue and this is only our first small step into the market," John Poss, Chairman and CEO of GB Sciences explains. "Going forward, we are looking to develop a robust hemp operation as an integral and lucrative part of our core business."
About GB Sciences, Inc.
GB Sciences, Inc. (GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. The Company's goal is creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions. To learn more about GB Sciences, Inc., go to: http://gbsciences.com.
This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Note: Although the Company's research and development activities are not illegal, the production and sale of cannabis products violate federal laws as they presently exist.
GB Sciences, Inc., 3550 West Teco Ave., Las Vegas, NV 89118
Tom Arcuragi, EVP, firstname.lastname@example.org
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