Scottsdale 9/17/2015 8:00:00 PM
News / Finance

QualityStocks News - GrowBLOX Sciences, Inc. (GBLX) Acquires 4 Nevada State Medical Cannabis Licenses

QualityStocks would like to highlight GrowBLOX Sciences, Inc. (OTCQB: GBLX), a biopharmaceutical research and development company, focused on creating safe, standardized pharmaceutical-grade cannabis-based therapies for various medical conditions. The company is pioneering technology, industry-leading processes, and a big data-driven clinical research and development algorithm, to bring relief to patients in communities across the country.

In the company’s news,

GrowBLOX Sciences, a biopharmaceutical company with state-of-the-art technologies in plant biology and cultivation designed to produce consistent medicinal cannabis, this morning announced it has acquired four Nevada State Medical Cannabis licenses.

The acquisition of three of the licenses stems from an agreement with Sandra Tiffany, a former state senator of 14 years and an important figure in the legalization of medical cannabis in Nevada, who was recently appointed GBLX’s general manager of Nevada operations.

Craig Ellins, chairman of the board and chief executive officer, stated, “Opportunities, opportunities, opportunities! Through strategic partnerships, and as the acquisition of these licenses demonstrate, GBLX continues its rapid growth in becoming a premier provider of medical cannabis. We are looking forward to a very exciting 2016, as all the hard work we have executed on will transition to commercialization and revenue growth.”

The first license is for a medical cannabis grow license for a location in Pahrump, Nevada. This location comprises a 5,000-square-foot building and 4 acres of open space. This acreage can be used for the construction of an unlimited number of greenhouses growing conventional product. GBLX notes that this acreage would be particularly useful should recreational cannabis also become legal.

The second and third licenses are for a location on 3-1/2 acres in North Las Vegas. These licenses are for both the cultivation and production of medical cannabis. Not only does the cultivation license authorize a grow facility, but the subsequent license authorizes production, allowing GBLX to extract oils from the cannabis flower for vaporization or use in the creation of edibles.

The fourth license is a dispensary license. Although arrangements with certain local Nevada parties were announced, in a subsidiary 55% owned by GBLX (45% by the other Nevada partners), the current arrangement is that GBLX will own 100% of the grow facility, and the Nevada partners will own 90% of the dispensary licenses, only one of which has been granted (by Clark County) on Fort Apache Boulevard. The dispensary application, which is pending with the City of Las Vegas, included in the 90/10 arrangement should be granted. All of these arrangements are subject to certain regulatory approvals.

In addition to its ownership of the dispensaries, GBLX has retained the rights to 20% of the premier shelf space both of the dispensaries for its proprietary cultivation product, as well as the right to completely control and operate the delivery service that was included in the Fort Apache license, on a basis where 80% of the retail price is paid to the company when the company’s proprietary product is delivered. It is expected that only the Company’s proprietary product will be delivered by the dispensary – subject to certain regulatory approvals.

The newly acquired Nevada licenses are in addition to the “TECO” facility, a 30,000-square-foot cultivation lab that will feature cleanroom infrastructure, environmental monitoring and controls, as well as biometric access security. The state-of-the-art design will provide the ideal facilities through with GBLX can produce raw materials at the capacity of a greenhouse with laboratory precision.

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