GB Sciences Partners with Wellcana Group, LLC. in the Development of Medical Cannabis in Louisiana
GB Sciences Louisiana LLC. Will Operate One of Only Two Licenses Granted by the State of Louisiana under LSU Agricultural Center’s Medical Cannabis License
LAS VEGAS, February 14, 2018/PR Newswire/–GB Sciences, Inc. (OTCQB: GBLX) and its wholly-owned subsidiary GB Sciences Louisiana, LLC (GBSL) are pleased to announce the completion of a new agreement with Wellcana Group, LLC (Wellcana) to work together on the previously announced initiative for the development of medical cannabis in Louisiana, a joint effort of the Louisiana State University AgCenter and GBSL, operating under the AgCenter’s medical cannabis license, which is one of only two licenses granted by the State.
The terms of the agreement provide that Wellcana will buy 15% of the newly-issued equity of GBSL for $3 million. Wellcana also has an option to purchase an additional 35% for an additional $7 million investment. This new influx of cash will enable GB Sciences to redirect financial resources already earmarked for the Louisiana project to other areas of operation and in other jurisdictions. The new funds will be used to complete the construction of the Louisiana infrastructure, and for general corporate purposes.
This new agreement also furthers the goals of GB Sciences to bring strategic Louisiana investors into the project. Wellcana will have the right to appoint members to the Board, of which two shall be Louisiana residents.
GB Sciences CEO, John Poss, said “Our intent has always been to bring Louisiana investors into our project. We are extremely fortunate to be partnering with Wellcana, an organization that shares our commitment to providing the highest quality medical cannabis to the patients of Louisiana. We could not be happier with this arrangement, in part because it represents such a novel and progressive blending of public and private sector resources to achieve important results, for everyone’s benefit.”
Wellcana Executives believe: “This investment represents the culmination not only of our own goals and dreams, but of the goals and dreams of many Louisiana patients that will be the direct beneficiaries of our joint efforts. We feel that Louisiana is at the forefront of intelligent development of medical marijuana, and we believe that the significant research talents and resources of the AgCenter will produce new formulations that will greatly benefit the entire country. We are proud to be citizens of a state that has demonstrated such forward thinking in such a regulatorily difficult but crucially important field.”
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
Tom Arcuragi, EVP, firstname.lastname@example.org