DORADO, Puerto Rico, June 20, 2018 (GLOBE NEWSWIRE) -- Green Spirit Industries Inc. (OTCQB:GSRX) (“Green Spirit” or the “Company”) is providing an Update to Shareholders to advise them of the important steps and accomplishments the Company has achieved over the past year, as well as plans for the near future.
“The goal for our first year of operation was to open four medicinal cannabis dispensaries in Puerto Rico,” said Green Spirit CEO Les Ball. “Despite having two Category 5 hurricanes which definitely slowed our initial progress there, Green Spirit now has a total of four cannabis dispensaries in operation, including one in California, with four more dispensaries in Puerto Rico slated to commence operations sometime this year. Seizing the opportunity to participate in what is predicted to be one of the largest cannabis markets in the world, we are in the process of expanding our business to include growing/cultivation, extraction and manufacturing businesses in California.”
Regarding its operations in Puerto Rico, to date, Green Spirit has:
- acquired a total of seven pre-qualified medicinal cannabis dispensaries in Puerto Rico, with locations in Dorado, Carolina, Fajardo, San Juan (2 locations), Bayamón and Isla Verde;
- commenced operations at its dispensaries located in Dorado, Carolina, and San Juan (Hato Rey);
- nearly completed construction on its two dispensaries located in Fajardo and San Juan (Andalucia); and
- begun construction on its two dispensaries located in Isla Verde and Bayamón.
During the first quarter of 2018, Green Spirit expanded its operations into the California market and:
- acquired an established retail storefront cannabis dispensary called “The Green Room” located in Point Arena, Mendocino County;
- holds a 55% majority stake in a newly established joint venture with Sunset Connect SF, Inc., in which it formed Sunset Connect Oakland, LLC, which is in the process of establishing cannabis cultivation/growing operations;
- holds a 55% majority stake in a newly established joint venture with Sunset Connect SF, Inc. in which it formed Green Spirit Essentials, LLC, which is in the process of establishing a cannabinoid extractions and processing business, and
- holds a 51% majority stake in a newly established joint venture with Solunas Aqua Corp., named Spirulinex, LLC, which has developed a broad slate of cannabinoid ingestibles, and which has multiple patents pending.
In addition to the Company’s $3.3 million capital raise in May 2017, the Company raised additional capital through various financings as follows: (i) $5 million in December 2017; (ii) $697,000 in February 2018; and $2.6 million earlier this month.
Green Spirit also expanded its Board of Directors this year with the appointments of Mr. Steven W. Farkas, Dr. Harlan R. Ribnik, MD and Christian Briggs. Green Spirit also established an Advisory Board, naming former Puerto Rico Secretary of Agriculture Juan Bauzá Salas, Luis F. Toledo, Alexander Shilenkov and Jeffrey B. Jump to serve as non-executive board advisory consultants to provide support and strategic advice to the Company in identifying new business opportunities and expanding the Company’s operations.
In addition, as previously reported, on June 13, the Company’s stock commenced trading on the OTCQB Market (OTCQB), after successfully uplisting from the OTC Pink Market.
For more information about Green Spirit, visit the Company’s website at http://www.greenspiritrx.com/.
About Green Spirit Industries Inc.
Green Spirit Industries Inc. (OTCQB:GSRX), through its subsidiaries, is in the business of acquiring, developing and operating retail cannabis dispensaries, and is in the process of expanding its business to include the cultivation, extraction, manufacture and delivery of cannabis and cannabinoid products. To date, Green Spirit has acquired and operates four cannabis dispensaries in California and Puerto Rico, and has acquired four additional pre-qualified locations in Puerto Rico, all of which are under construction with expected openings later this year. The Company expanded its California operations into the cultivation/growing, extraction/processing and cannabinoid manufacturing businesses during the first quarter of 2018 through joint ventures in which it holds majority stakes.
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, 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.
© 2018 GlobeNewswire, Inc. All Rights Reserved.