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DORADO, Puerto Rico, Aug. 24, 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 entered into a Final Asset Purchase Agreement with Dispensarios 420, LLC to acquire the fully-licensed Dispensario 420 medicinal cannabis dispensary located at Carr. #1 Km 30.9 Plaza El Retiro Local 3 & 4, Caguas, PR 00725. The Company anticipates completion of the purchase during the third quarter, as well as rebranding/renaming the dispensary Green Spirit RX.
Caguas is one of Puerto Rico’s largest municipalities, with a population of approximately 135,000, and is located in the island’s lush Central Mountain Range, approximately 20 miles south of San Juan and 40 miles northeast of Ponce. It is home to the popular tourist destination Jardin Botánico y Cultural William Miranda Marin, and the Criollos de Caguas baseball team, considered one of Latin America’s all-time greatest, having won 3 Caribbean World Series and 15 Puerto Rico national titles. A number of pharmaceutical companies have facilities located in Caguas, including Mylan, Neolpharma Grupo Farmaceutico, and Farmacias Aliadas Bairoa. The San Juan Batista School of Medicine and Columbia Centro Universitario are located in Caguas, as well as the 10-story Menonita Hospital and the 23-story Caguas Tower apartment building.
There are currently three Green Spirit RX locations operating in Puerto Rico – in Dorado, Carolina, and Hato Rey, the most heavily populated district of San Juan. The Company has five pre-qualified locations that are currently under construction or near completion. Those are located in Fajardo, Isla Verde, San Juan, Bayamón, and Old San Juan. In addition, the Company has applied for pre-qualification of a Green Spirit RX location in Guaynabo. GSRX recently received pre-qualification and preliminary approval for a medicinal cannabis manufacturing license (Manufacturing) and a medicinal cannabis transportation license (Transportation), the latter of which will allow the Company to transport and deliver cannabis between Green Spirit RX dispensaries and patients’ homes in Puerto Rico. The Company also owns and operates The Green Room, a cannabis dispensary in Point Arena, California.
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.
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Green Spirit RX (Puerto Rico) https://www.instagram.com/greenspiritrx/
Sunset Connect https://www.instagram.com/explore/tags/sunsetconnect/
Green Spirit Essentials https://www.instagram.com/explore/tags/greenspiritessentials/
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.