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DORADO, Puerto Rico, Sept. 05, 2018 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (OTCQB: GSRX) (“GSRX” or the “Company”) announced today that its wholly-owned subsidiary, Green Spirit Mendocino, LLC, d/b/a The Green Room, a medicinal and adult-use cannabis retailer in Point Arena, California (“The Green Room”), is the only cannabis dispensary in Mendocino County which stocks and sells Dragonglass Flake and Bake™ (“Dragonglass”). Currently available at select dispensaries in San Francisco, the exclusive agreement with The Green Room marks the first time the product will be available outside the Bay Area.
Dragonglass is a sublingual/edible flake made using superfood, and is based on a proprietary, patent-pending method of producing water-based edibles that are free of sugar, fat, alcohol, and synthetics. GSRX believes that Dragonglass is a unique product in a market flooded with sugar-based and high-calorie products, and demand for the product has remained high since its introduction in 2017. Available in new, California-compliant packaging, Dragonglass is sold in 100mg THC and 100mg CBD versions. Dragonglass is manufactured by Spirulinex, LLC, a majority-owned subsidiary of GSRX.
Headquartered in San Francisco, Spirulinex extracts and processes concentrates using non-volatile methods, then processes and formulates products for adult consumers. Spirulinex has developed all-natural, proprietary methods of suspending cannabinoids in water to create aqueous solutions, thereby eliminating the need to use oils, butter or synthetic lipids. Spirulinex offers cannabinoid products for which scientific dosage recommendations are included for consistency and quality assurance. Spirulinex has a robust patent portfolio, and continues to aggressively pursue protection for its innovations.
Spirulinex was co-founded by Ali Jamalian and Dr. Sarah Rodriguez. Dr. Rodriguez, Spirulinex’s Chief Scientist, is a leading researcher with experience in strain development and metabolic engineering for terpene production, restructuring of carbon metabolic fluxes, cellular metabolic analysis, bio-separation, and fermentation engineering. She holds a PhD from the University of California at Berkeley.
Located in Mendocino County’s Point Arena, The Green Room has experienced a record increase in sales since GSRX acquired the dispensary in late spring. The Company recently reported average daily sales during the second quarter increased 161%, as compared to average daily sales during the first quarter of 2018 (Green Room Sales Increase).
About GSRX Industries Inc.
GSRX 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, GSRX has acquired and operates four cannabis dispensaries in California and Puerto Rico, and has acquired five additional pre-qualified locations in Puerto Rico, all of which are currently under construction and expected to open later this year.
Green Spirit RX (Puerto Rico) https://www.facebook.com/Green-Spirit-Rx-746194692378429/
The Green Room https://www.facebook.com/greenroommendo/
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.