Growblox Sciences earlier this week took a step toward the
commercialization of its GrowBLOX™ technology suite through the establishment
of Growblox Sciences Puerto Rico, LLC (GBS PR), a majority-owned subsidiary
housed on the Caribbean commonwealth. The move comes on the heels of an
executive order issued last Sunday by Governor Alejandro Garcia Padilla
authorizing the use of some or all controlled substances or derivatives of the
cannabis plant for medical use. Through a collaboration with GrowBlox the island
is now launching a clinical investigation into the use and production of
medicinal cannabis.
“We are very excited by the timing of this announcement as
it coincides with our continuing presence in Puerto Rico and our commitment to
realizing significant fundamental growth this fiscal year,” Craig Ellins, CEO
and chairman of Growblox, stated in the news release.
GBS PR immediately entered into a commercialization
agreement with its parent company designed to accelerate the production and
marketing of the company’s proprietary cultivation suite. Under this agreement,
GBS PR was granted exclusive worldwide rights to produce, lease and license the
GrowBLOX™ technology suite, including additional revenue streams for financing
costs, training fees and maintenance services. As for the product, the
agreement stipulates that GBS PR will sell cGMP-certified raw cannabis and hemp
materials exclusively to its parent company for international resale or
manufacturing processes.
Indications are promising that Growblox is ramping up its
production efforts at the perfect time. According to a study by Pew Research
Center, support for marijuana legalization is rapidly outpacing opposition,
with a slim majority responding in favor of outright legalization in a 2015
survey. This public support is most clearly identifiable by studying the recent
actions of state legislatures. Currently, nearly half of all states allow for
the use of medicinal cannabis, and four states and the District of Columbia
have passed measures to legalize marijuana use outright.
In an effort to streamline the launch of its new subsidiary,
Growblox has appointed Cesar Cordero-Kruger, veteran entrepreneur and local
philanthropist, as CEO of GBS PR. In addition to providing the first
installment of financing required to launch the new company, Cordero-Kruger
also purchased 2,820,000 shares of GBLX common stock. It is expected that the
remaining funding required to launch the new subsidiary will be secured from
investors on the island without any further cash investment by Growblox.
Under the management of Cordero-Kruger, GBS PR gains
significant access to potential projects with the University of Puerto Rico.
The new CEO formerly served as a professor of Statistics and Operations
Management at the Rio Piedras Campus. As the island territory’s Health
Secretary begins to form a report on how to implement the governor’s executive
order, the new company’s ties to the island’s premier educational institution
could give it a strategic advantage moving forward.
“For almost the past year Growblox has been exploring
initiatives in Puerto Rico including potential projects with the University of
Puerto Rico,” stated Ellins. “We are pleased to announce the leadership and
support of a recognized figure such as Cesar.”
With an inside track on a new potential market, as well as
continued advancement toward the commercialization of its product suite,
Growblox is in a strong position to realize considerable growth in the coming
months. Look for the company to continue establishing its presence in the
medicinal cannabis industry for the foreseeable future.
For more information, visit www.gbsciences.com
About QualityStocks
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to find, evaluate, and learn more about investing in these companies.
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to find, evaluate, and learn more about investing in these companies.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
No comments:
Post a Comment