LAS VEGAS, June 26, 2017 /PRNewswire/ -- GB Sciences, Inc. (OTCQB: GBLX) secures bid to Louisiana State University (LSU) and receives authorization from the LSU Board of Supervisors to proceed with contract negotiations to act as the LSU Agricultural Center's (AgCenter) licensed operator of their medical cannabis production facility as outlined in the Alison Neustrom Act (hereinafter referred to as the "Act"). The secured bid will enable GB Sciences to be the sole vendor of cannabis and extracted cannabis compounds on behalf of LSU for the patients of Louisiana. The agricultural centers at LSU and Southern University have the only two licenses granted by the State of Louisiana to cultivate, distribute, and sell medical cannabis.
The Act specifically authorizes the LSU AgCenter to conduct research on medical cannabis. The AgCenter will operate a separate independent research division alongside and in the same facility as the Production Entity's commercial operation, which will produce therapeutic medical cannabis products for qualified patients of Louisiana. GB Sciences will have first rights to commercialize any inventions or discovery of the research.
The facility will serve people who live in the state of Louisiana. The cultivation plant will contain a minimum of a 5,000 square foot research lab. The license and partnership is for the development of new cannabis based medical compounds and tissue propagation development for new cannabis drug discovery to advance the GB Sciences (GBLX) patented formulations toward FDA approved Clinical Trials.
In order to secure this bid, GB Sciences raised two million dollars in bonds. The bonds collateralized a required bid bond associated with the offer to LSU. This was an open bid process. The other companies were Columbia Care Louisiana, CB Medical, Citiva LA, Southern Roots Therapeutics, Fourrier House and Terah Holdings. The LSU AgCenter and GB Sciences hope to have the final contract executed by August, pending approval of company finances by the LSU Board of Supervisors.
"This is groundbreaking news and a tremendous opportunity," said CEO John Poss, "Now that approval from the Louisiana State University Board of Supervisors has been received, contract negotiations will commence and should be completed within the next 30 days. Then we can begin the real work."
About Louisiana State University
Louisiana State University and Agricultural and Mechanical College (hereinafter referred as the "University" or "LSU") is the state's comprehensive research university. The University is classified by the Carnegie Foundation as a Doctorate-granting university with very high research activity – one of the only 27 public and 23 private universities in the nation. The University's instructional programs include 194 undergraduate and graduate/professional degrees. The University is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools (SACSCOC) to award bachelors, masters, doctoral, and professional degrees.
As the premier university of the state, the mission of the University is the generation, preservation, dissemination, and application of knowledge and the cultivation of the arts for the benefit of the peoples of the state, the nation, and the global community. The University offers challenging undergraduate, graduate, doctoral, and professional education programs for outstanding students from Louisiana, the nation, and other countries. The University's libraries and museums preserve the rich cultural heritage of the state, and scholar and artists at the University contribute to the literature, history, science, technology, and arts of our culturally diverse community.
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://growblox.com
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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.
SOURCE GB Sciences, Inc.