Point Arena Manufacturing, LLC is Wholly-Owned Subsidiary of GSRX Industries Inc.
DORADO, Puerto Rico, June 24, 2019 (GLOBE
NEWSWIRE) -- GSRX Industries Inc. (GSRX)
(“GSRX†or, the “Companyâ€) announced today that its wholly-owned
subsidiary, Point Arena Manufacturing, LLC (“Point Arena
Manufacturingâ€), has received its Provisional Manufacturing License
for Adult and Medicinal Cannabis Products from the California
Department of Public Health Manufactured Cannabis Safety
Branch.
The Provisional License replaces the Temporary License granted to Point Arena Manufacturing in April and allows for the commencement of operations at the Company’s new adult and medicinal cannabis products manufacturing business in Point Arena, California. The Type 6 license allows the Company to engage in extraction using a mechanical method or non-volatile solvent (ex: CO2, ethanol, water, or food-grade dry ice, cooking oils or butter), for infusions and for packaging and labeling.
Point Arena Manufacturing will engage primarily in the manufacture of cannabis concentrate products related to vape cartridge filling and fulfillment, and in the manufacture of Dragonglass, the Company’s proprietary edible THC formulation. According to cannabis investment and market research firm Arcview, vaping accounted for 4.2% of the total legal cannabis market in 2015, capturing just $200 million in sales, yet grew to 12.9% of total legal cannabis sales in 2017 ($1.1 billion). By 2021, Arcview predicts that vape sales will surge to a total of $5.3 billion and will account for 25% of all legal cannabis sales.
The Company has signed a long-term lease for a building in Point Arena which will serve as Point Arena Manufacturing, LLC headquarters. Operations will commence at the location upon completion of facility buildout.
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 also is in
the process of expanding its business to include distribution,
extraction and light 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
premium hemp extract 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