LAS VEGAS, Sept. 25, 2018 /CNW/ -- GB Sciences, Inc. (OTCQB: GBLX) has been granted a recreational production license for the manufacture of cannabis oils. Oils are the base ingredient for vape products, tinctures, edibles, and nutraceutical formulations.
The Company received its medical marijuana production license on February 2, 2018. The State of Nevada instructed them to apply for the recreational license in June, for upgraded licenses. The Company's anticipated revenues from extracted and infused products were delayed by six months. Now, with the issuance of the recreational oil production license, the Company can begin selling its tinctures, oils, vape pens and edibles with estimated revenue starting at around $100,000 per month and growing to at least $300,000 per month.
The new product lines will be the first step in delivering therapeutic formulations directly into the hands of patients through the retail dispensaries in Nevada. In anticipation of receiving the recreational production license, product development and testing has been ongoing through the use of the current medical production license. Now these products are planned for retail dispensary sales as recreational products in Fall 2018.
The first product to go to retail will be WOKE, a single strain, whole plant extracted product line with full spectrum CBD, cold pressed hemp oil, and natural flavors. By pressing out the rosin of a single strain to retain all of the cannabinoids and terpenes, and adding 99%+ pure CBD isolate, cold pressed hemp oil and natural flavorings, these formulations will break new ground by offering a pure, consistent and trusted consumer experience in a cannabis-based medical formulation that will be sold at retail dispensaries
When asked to comment on this unique approach, Dr. Dominick Monaco, VP Operations commented,
"We have spent a lot of time, care and effort in selecting and cultivating the best genetics for their natural abilities to deal with specific disease conditions. Now whole plant extraction without using solvents allow us to complete the delivery on our promise… pure, consistent, and trusted raw ingredients in everything we do. We have planned on this opportunity for a long time. And now that it's here, we can't wait to get started."
The Company believes that taking a premier position in this rapidly expanding market not only creates fresh revenue streams, but proves the validity of the core philosophy that all cannabis users are patients, whether medical or adult use (recreational).
CEO and Chairman of the Board, John Poss, states, "This is a great opportunity to spread our core scientific approach to multiple new retail products. Our core tenets of purity, consistency and trust can now truly extend from seed to sale across multiple lines of cannabis products. It is the first step in building and introducing a national, trusted brand family. This is a true inflection point in the growth of GB Sciences."
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 866-721-0297, or Tom Arcuragi, EVP, [email protected]