LAS VEGAS, Nov. 6, 2019 /PRNewswire/ -- GB Sciences, Inc. (OTCQB: GBLX) announces a delay in the sale of GB Sciences Louisiana LLC.
On September 16, 2019, GB Sciences, Inc. (the "Company"), filed a Current Report on Form 8-K disclosing that the Company had signed a term sheet with K2 Logic, LLC ("K2") pursuant to which K2 will pursue the purchase of the Company's 50% ownership interest in GB Science Louisiana, LLC for $8,000,000 in cash and earn out provisions for up to an additional $8,000,000. The parties were to negotiate and draft a Purchase and Sale Agreement with the intent to close the transaction by October 31, 2019. The parties were not prepared to close on October 31, 2019, and have now extended the closing date to on or before November 30, 2019.
About GB Sciences, Inc.
GB Sciences, Inc. (OTCQB: 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.
GB Sciences, Inc., 3550 West Teco Ave., Las Vegas, NV 89118
Liz Bianco, [email protected]
SOURCE GB Sciences, Inc.