DORADO, Puerto Rico, April 22, 2019 (GLOBE
NEWSWIRE) -- GSRX Industries Inc. (GSRX)
(“GSRX†or, the “Companyâ€) today announced that revenues for
1st quarter of 2019 will set a new record, besting 4th
quarter revenues by approximately 75%. Initial (unaudited) results
for 1st quarter indicate that GSRX will post total
revenues of approximately $2.9 million, with gross profit rising to
a record 51.76%. Audited results for 1st quarter will be
announced in May.
Sales at the Company’s cannabis dispensaries in Puerto Rico and California remain strong, and the Company’s Pure and Natural CBD brand also continues to see strong growth. GSRX will continue to open new dispensaries as they are completed and fully licensed in both California and Puerto Rico. Pure and Natural CBD stores are slated to open soon in Texas and Tennessee.
“We see strong demand across all our operations and look forward to commencing nonvolatile extraction and lite manufacturing soon,†said GSRX CEO Les Ball CEO. “Our tremendous increases in revenues each quarter confirm the solid growth of our overall business operations.â€
The Company recently announced financial results for 4th quarter and full year 2018 results, reporting record revenues of $1.66 million for the quarter, an increase of 135% over the prior quarter.
Given stronger than anticipated 1st quarter sales, in February management adjusted its revenue expectations upward from previous estimate of $2.6 – $2.7 million to $2.7 - $2.9 million for the quarter.
About GSRX Industries
Inc.
GSRX Industries Inc. (GSRX), through its subsidiaries, is in the
business of acquiring, developing and operating retail cannabis
dispensaries and non-THC CBD retail stores. GSRX is also in the
process of expanding its business to include distribution,
lite manufacturing and delivery of cannabis and cannabinoid
products. Currently, GSRX operates five cannabis dispensaries in
Puerto Rico under the name Green Spirit RX, one dispensary in
California under the name The Green Room, and has five additional
pre-qualified locations in Puerto Rico, all of which are in various
phases of development and construction. GSRX also owns and operates
the e-commerce site GetPureAndNatural.com,
which offers a broad range of pharmaceutical grade CBD
products.
Forward-Looking
Statements
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, anticipated 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.
Contact:
Paul Gendreau
PGPR
[email protected]
678-807-7945