LAS VEGAS, July 26, 2016 /PRNewswire/ -- Growblox Sciences, Inc. (OTCQB: GBLX) is pleased to announce that an entity associated with Pacific Leaf Partners LLC, the strategic partner that financed the buildout of the Teco Avenue cultivation facility in Las Vegas, has completed the purchase of that building.
In connection with the purchase, the initial term of the GBLX lease covering the facility was extended to ten years, with an optional five-year extension. GBLX has also entered into a preliminary amendment of its existing agreements with Pacific Leaf Partners. The amendment eliminates Pacific Leaf's option to buy into the cultivation facility itself, and will substantially reduce Pacific Leaf's existing royalty, which was done in consideration of the substantial intellectual property relating to proprietary strains of cannabis conveyed exclusively to GBLX by Pacific Leaf. The new longer term lease, the elimination of the option, and the decrease in royalty obligations were exchanged for the issuance of two million shares of GBLX common stock to Pacific Leaf or its designees. The precise terms of the new arrangements will be released upon completion.
John Poss, the CEO of GBLX, said, "We are extremely pleased to deepen our relationship with Pacific Leaf Partners, whose interests are completely aligned with our own. The purchase of the building allows us to comfortably move forward with the capital investment to expand the facility to over 1,000 lights, increasing production five-fold. The reduced royalty on the proprietary products that are being provided to us by Pacific Leaf, combined with our exclusive control of the Kyle Kushman brand in Nevada, creates an exciting opportunity for profitability from our primary Las Vegas medical cannabis cultivation facility."
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, [email protected], http://growblox.com
Investors: John Poss, [email protected]
SOURCE Growblox Sciences, Inc.