Point Arena Manufacturing, LLC is Wholly Owned Subsidiary of GSRX Industries Inc.
DORADO, Puerto Rico, June 20, 2019 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (GSRX) (“GSRX” or, the “Company”) announced today that its wholly owned subsidiary, Point Arena Manufacturing, LLC (“Point Arena Manufacturing”) has received formal approval from Mendocino County’s Coastal Development Commission to conduct commercial cannabis manufacturing activities in Point Arena, CA, clearing the way for the Company to complete construction of its manufacturing facility there and to begin operations following final inspection. In April, Point Arena Manufacturing, LLC received its Temporary Manufacturing License for Adult and Medicinal Cannabis Products from the California Department of Public Health Manufactured Cannabis Safety Branch.
Receipt of approval from the Coastal Development Commission is an important step towards the commencement of operations at the Company’s new adult and medicinal cannabis products manufacturing business in Point Arena, CA. The Type 6 license allows the Company to engage in extraction using a mechanical method or non-volatile solvent (ex: CO2, ethanol, water, or food-grade dry ice, cooking oils or butter), for infusions and for packaging and labeling.
Fueled by the tremendous growth in vaping, Point Arena Manufacturing will engage primarily in the manufacture of cannabis concentrate products related to vape cartridge filling and fulfillment. According to cannabis investment and market research firm Arcview vape cartridges, a once-overlooked product category with sales of less than $100 million in 2014, boasted sales of $2.9 billion in 2018, with sales estimated to reach $8.4 billion in 2022, nearly matching estimated flower sales of $8.5 billion.
The Company has signed a long-term lease for a building in Point Arena which will serve as Point Arena Manufacturing, LLC headquarters. Operations will commence at the location upon final facility buildout.
About GSRX Industries Inc.
GSRX Industries Inc. (GSRX), through its subsidiaries, is in the business of acquiring, developing, and operating retail cannabis dispensaries and non-THC CBD retail stores. GSRX also is in the process of expanding its business to include distribution, extraction and light manufacturing, and delivery of cannabis and cannabinoid products. Currently, GSRX operates five cannabis dispensaries in Puerto Rico under the name Green Spirit RX, one dispensary in California under the name The Green Room, and has five additional pre-qualified locations in Puerto Rico, all of which are in various phases of development and construction. GSRX also owns and operates the e-commerce site GetPureAndNatural.com, which offers a broad range of premium hemp extract products.
This press release contains forward-looking statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions regarding the future, including but not limited to statements regarding our market, strategy, competition, development plans (including acquisitions and expansion), financing, anticipated revenues, operations, and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include the risks described in greater detail in the following paragraphs. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement except where applicable law requires us to update these statements. Market data used throughout this prospectus is based on published third party reports or the good faith estimates of management, which estimates are based upon their review of internal surveys, independent industry publications and other publicly available information.