LAS VEGAS, Oct. 23, 2017 /PRNewswire/ -- GB Sciences, Inc. (OTCQB: GBLX) projects sales of $500,000 in October and continued sales of at least $500,000 per month over the next three months. GB Sciences recorded unaudited sales of approximately $320,000 in the three months ended 9/30/17.
The company is operating at 200 grow lights, which is only 30% of its expected final capacity after build out is completed. After the final build out, cultivation revenues will continue to increase with a target flower capacity of $18Million annually. The company is expected to open its production facility in late November or early December of 2017. This operating unit should generate additional significant free cash flow from oil over 2018 at a steadily accelerating pace.
GB Sciences' Cultivation Labs™ yielded a first harvest the last week in June 2017. Between July 1st and September 31, 2017 the initial crops or 'spins' were harvested and sold. These first crops were used to give valuable feedback on everything from nutrients, to irrigation, to environmental controls. These initial crops have led to producing a very high quality medical grade cannabis.
Throughout the third quarter, the propagation and cultivation systems continued to be refined and the quality of the cannabis flower improved. This improved flower quality has also improved the sales price per gram. In the month of October alone, premium flower sales have yielded $500K.
Las Vegas adult use sales for the first month of operation were twice those generated by Colorado during their first month of adult use, and seven times that of Oregon and Washington. This high demand has produced a cannabis shortage in Nevada. All revenue projections are subject to fluctuations in the wholesale price of cannabis in the Nevada market.
GB Sciences is now beginning the packaging and distribution of pre-roll and premium flower products. This product will be sold as retail through dispensaries. The revenue story will now have a consistency that matches GB Sciences' verified seed-to-sale process.
"Ours is a strong revenue story and getting stronger," said John Poss, CEO, GB Sciences. "We've come a long way and are now the company to watch."
About GB Sciences, Inc.
GB Sciences, Inc. (GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; 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 GB Sciences, Inc., go to: http://gbsciences.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.
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SOURCE GB Sciences, Inc.