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DORADO, Puerto Rico, July 31, 2018 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (OTCQB:GSRX) (“GSRX” or, the “Company”), through its wholly-owned subsidiary, Project 1493 LLC, has received pre-qualification for a new Green Spirit RX medicinal cannabis dispensary in Puerto Rico, which will bring the total number of GSRX medicinal cannabis dispensaries there to eight, upon receipt of the requisite establishment licenses from the Department of Health of Puerto Rico.
“We are heavily investing resources in Puerto Rico as the island continues its return to business-as-usual following last year’s devastating hurricanes,” said GSRX CEO, Les Ball. “Based on strong sales at our first locations to open in Dorado, Carolina and Hato Rey, we feel certain that making medicinal cannabis more widely available to local patients in Puerto Rico, as well as visitors with medical licenses issued in their home states, is a prudent investment, and we look forward to open new locations throughout 2018 and into 2019.”
Importantly, the island'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 currently operates Green Spirit RX medicinal cannabis dispensaries in Dorado, Carolina and the Hato Rey neighborhood of San Juan. The Company has four more locations that are currently under construction or near completion in Puerto Rico, located in Isla Verde, San Juan, Fajardo and Bayamón. The Company also owns and operates The Green Room, a cannabis dispensary in Point Arena, California. GSRX recently announced financial results for second quarter 2018, which cited record revenue for the Company (GSRX Second Quarter Financial Results).
The new pre-qualified application is for a location in Old San Juan at Calle Fortaleza #65, San Juan 00901. Immediately recognizable by its centuries-old fortifications that overlook San Juan Bay, Old San Juan is the most visited place in Puerto Rico, and one of the most popular cruise destinations in the Caribbean. Known for its rich history, romantic ambiance, Old World elegance, exquisite food and festive atmosphere, Old San Juan plays host to cultural events throughout the year. There, visitors to the island can tour Ponce de Leon’s mansion, La Fortaleza palace, walk the old city’s cobblestone streets or ride the Old San Juan trolley while enjoying the architecture of Puerto Rico’s most historical neighborhood. The new Green Spirit RX dispensary will be located just steps away from La Fortaleza (The Fortress), the official residence of the Governor of Puerto Rico. Also known as Palacio de Santa Catalina, it was built between 1533 and 1540 to defend the harbor of San Juan, and is the oldest executive mansion in continuous use in the New World.
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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The Green Room https://www.instagram.com/explore/locations/504270803090625/the-green-room/
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.
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