Continues to Accelerate its Plans for Significant Revenue Growth in 2016
LAS VEGAS, NV / ACCESSWIRE / September 16, 2015 / GrowBLOX Sciences, Inc., (OTCQB: GBLX), a biopharmaceutical company with state-of-the-art technologies in plant biology and cultivation designed to produce consistent medicinal cannabis, announced today the acquisition of four Nevada State Medical Cannabis licenses.
An agreement with Sandra Tiffany, a former state senator of 14 years, an important figure in the legalization of medical cannabis in Nevada, and GBLX's General Manager of Nevada operations, brings three of those medical cannabis licenses to GrowBLOX Sciences.
Craig Ellins, Chairman of the Board and Chief Executive Officer, comments,"Opportunities, opportunities, opportunities! Through strategic partnerships, and as the acquisition of these licenses demonstrate, GBLX continues its rapid growth in becoming a premier provider of medical cannabis. We are looking forward to a very exciting 2016, as all the hard work we have executed on will transition to commercialization and revenue growth."
THE FIRST LICENSE is for a medical cannabis grow license for a location in Pahrump, Nevada. This location comprises not only a 5,000 square foot building, but also 4 acres of open space. This acreage is particularly interesting as it can be used for the construction of an unlimited number of greenhouses growing conventional product. This is acreage that would be particularly useful should recreational cannabis also become legal.
THE SECOND AND THIRD LICENSES are for a location on 3-1/2 acres in North Las Vegas. These licenses are for both the cultivation and production of medical cannabis. Not only does the cultivation license authorize a grow facility, but the subsequent license authorizes production, allowing our company to extract oils from the cannabis flower for vaporization or use in the creation of edibles.
THE FOURTH LICENSE is a dispensary license. Although arrangements with certain local Nevada parties were announced, in a subsidiary 55% owned by the Company (and 45% by the other Nevada partners,) the current arrangement is that the Company will own 100% of the grow facility, and the Nevada partners will own 90% of the dispensary licenses, only one of which has been granted (by Clark County) on Fort Apache Boulevard. The dispensary application which is pending with the City of Las Vegas included in the 90/10 arrangement should be granted. All of these arrangements are subject to certain regulatory approvals.
In addition to its ownership of the dispensaries, the Company retained the rights to 20% of the premier shelf space both of the dispensaries for its proprietary cultivation product, as well as the right to completely control and operate the delivery service that was included in the Fort Apache license, on a basis where 80% of the retail price is paid to the company when the Company's proprietary product is delivered. It is expected that only the Company's proprietary product will be delivered by the dispensary. All of these arrangements are also subject to certain regulatory approvals.
The newly acquired Nevada licenses are in addition to the "TECO" facility in Clark County. This 30,000 square foot Cultivation Lab will feature cleanroom infrastructure, environmental monitoring and controls, as well as biometric access security. The state-of-the-art design will provide the ideal facilities to produce raw materials at the capacity of a greenhouse with the precision of a laboratory.
All of the foregoing initiatives are contingent upon various regulatory prescriptions and proscriptions, and deadlines for certain aspects of operations. Although the Company is confident that it will comply with all such regulations and meet all such deadlines, it should be borne in mind that the Nevada state and local regulations which govern the medical cannabis business are labyrinthine and stringent.
About GrowBLOX Sciences, Inc.
GrowBLOX Sciences, Inc. (GBLX) is a biopharmaceutical research and development company focused on creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions. The Company has leading technology and cannabis industry processes, with a "big" data-driven clinical research and development loop to bring relief to patients in communities across the country. Through our GBS PR subsidiary, we are developing and globally distributing our GrowBLOX(TM) suite of cultivation and growing chambers. To learn more about GrowBLOX Sciences, Inc., go to: http://growblox.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 presently constituted.
GrowBLOX is a registered trademark of GrowBLOX Sciences, Inc.
GrowBLOX Sciences, Inc.,
6450 Cameron Street, Suite 110A, Las Vegas, NV 89118
Craig Ellins, CEO
Andrea Small Howard, Chief Science Officer
SOURCE: GrowBLOX Sciences, Inc.