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DORADO, Puerto Rico, Aug. 01, 2018 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (OTCQB: GSRX) (“GSRX” or, the “Company”), through its wholly-owned subsidiary, Project 1493 LLC, announced today that it has received pre-qualification and preliminary approval for a medicinal cannabis manufacturing license in Puerto Rico, in addition to the eight dispensary pre-qualifications it has received to date. Of its pre-qualified dispensary locations, Green Spirit RX dispensaries are currently operating in Dorado, Carolina, and San Juan (Hato Rey), with five locations in various stages of development and construction in Fajardo, Isla Verde, San Juan (Andalucia), Bayamón, and Old San Juan.
The pre-qualified manufacturing license allows GSRX to develop and build a cannabinoid-based production business in Puerto Rico. GSRX is already involved in cannabinoid-based product manufacturing in California via its Green Spirit Essentials, LLC and Spirulinex, LLC subsidiaries, and anticipates benefits from expanding its manufacturing operations in Puerto Rico. Start of production in Puerto Rico is dependent upon numerous factors, and will begin only after the business undergoes requisite inspections and is issued all requisite permits and licensing.
GSRX is a majority stakeholder in two California-based companies, Green Spirit Essentials, LLC and Spirulinex, LLC, which engage in the extraction and manufacture of concentrates using non-volatile methods, as well as the processing and formulation of a variety of consumer products. Spirulinex has developed an all-natural proprietary method of suspending cannabinoids in water to create aqueous solutions, thereby eliminating the need for oils, butter or synthetic lipids, and will offer products in which cannabinoids are scientifically dosed for consistency and quality assurance. Spirulinex has a robust patent portfolio, and continues to aggressively pursue protection for its innovations.
Importantly, Puerto Rico’s cannabis law includes a reciprocity policy that allows dispensaries to serve patients who are visiting for business or pleasure, who hold a medical cannabis card from their home state. GSRX recently announced financial results for second quarter 2018, which cited record revenue for the Company (GXRS Second Quarter Financial Results).
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 four additional pre-qualified locations in Puerto Rico, all of which are currently under construction and expected to open later this year.
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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.