LAS VEGAS, Oct. 4, 2016 /PRNewswire/ -- Growblox Sciences, Inc. (OTCQB: GBLX) announces today that it has acquired two additional Medical Marijuana Establishment ("MME") licenses in Clark County, Nevada. Growblox has formed GB Sciences Las Vegas, LLC. in order to acquire these two licenses. Growblox will be the owner/operator of the businesses and own 60% of the entity with the option to own up to 80%.
The production license will be incorporated into our cannabis cultivation facility in Las Vegas, NV. This license will allow Growblox to convert plants to oil, which opens a vast market that utilizes more of the plant, and produces a higher profit margin. These oils can then be used to make many popular products, such as personal vaporizer pens, gel caps, edibles, a large number of beauty aids, cosmetics, pure botanicals, extracts, and much more.
The cultivation license expands our current Nevada cultivation capacity well beyond the current capacity of 28,000 sq ft, which can support, 4000 plants, with a 20 million dollar run rate at full production.
"I am extremely pleased to see our hard work come to fruition. These cultivation and production licenses will position us to offer a highly diverse suite of products for patients from all medical cannabis-approved states, due to Nevada's critical reciprocity regulation. This will also enhance Growblox's positioning as a fully vertically-integrated and formidable presence in the Nevada Medical Cannabis Market," stated John Poss, Growblox CEO.
About Growblox Sciences, Inc.
Growblox Sciences, Inc. (GBLX) is a diverse vertically integrated cannabis company, focused on cultivation as well as biopharmaceutical research and development. The Company's goal is creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions. 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 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.