LAS VEGAS, May 23, 2016 /PRNewswire/ -- GrowBLOX Sciences, Inc., (OTCQB: GBLX) announced today that it was granted an occupancy permit for its 28,000 sf. Cannabis cultivation facility at 3550 West Teco Ave in Las Vegas, Clark County, Nevada.
"This is a great step toward final inspection and moving into the revenue stage," said John Poss, GrowBLOX CEO and CFO.
The Teco cannabis cultivation facility will be initially equipped with 200 grow lights supporting approximately 800 marijuana plants, with an initial production of 112 pounds of marijuana per month and serve the patient population of Nevada. When fully developed, 1,000 grow lights and 4,000 plants are expected to generate over $20 million in revenues per year from the facility.
"We aim to reach 4,000 cannabis plants as soon as possible, certainly within six to nine months," Poss said.
"Our occupancy license allows us to move forward in a new, cash flow generating phase for GrowBLOX. This development provides excitement for me and our teams and the company's prospects," Poss added.
Leslie Bockskor, GrowBLOX Board Member and Founder of Electrum Partners states, "I am encouraged by the best in breed practices and decisions that are going into the cultivation set up and development efforts led by John Poss and his team."
The Teco cultivation facility will provide the platform for our continued research and the development of new products, technology and modalities for cannabis cultivation and production.
About GrowBLOX Sciences, Inc.
GrowBLOX Sciences, Inc. (GBLX) is a biopharmaceutical research and development company focused on creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions. The Company has leading technology and cannabis industry processes, with a "big" data-driven clinical research and development loop to bring relief to patients in communities across the country. Through our GBS PR subsidiary, we are developing and globally distributing our GrowBLOX â„¢ suite of cultivation and growing chambers. To learn more about GrowBLOX Sciences, Inc., go to: http://growblox.com
This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Note: Although the Company's research and development activities are not illegal, the production and sale of cannabis products violate federal laws as they presently exist.
GrowBLOX is a registered trademark of GrowBLOX Sciences, Inc.
GrowBLOX Sciences, Inc.,
3550 West Teco Ave., Las Vegas, NV 89118
Liz Bianco Publicity Director, firstname.lastname@example.org, http://growblox.com
Investors: John Poss, email@example.com
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SOURCE GrowBLOX Sciences, Inc.