Growblox Sciences Inc. (OTCMKTS:GBLX) announced that it’s established a majority owned subsidiary called Growblox Sciences Puerto Rico LLC (GBS PR). It is domiciled in Puerto Rico.
Craig Ellins, president and CEO of Growblox, commented:
As widely reported, Puerto Rico Governor Alejandro Garcia Padilla recently signed an executive order authorizing the production of medical 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.
As quoted in the press release:
In connection with its formation, GBS PR entered into a commercialization agreement with Growblox designed to accelerate the production and marketing of the Company’s proprietary cultivation suite. Growblox believes that the growing chambers and related equipment will facilitate the global manufacturing and distribution of cannabis and other plant-based medical solutions to combat a variety of clinically diagnosed health issues.
Under the commercialization agreement, GB Sciences Puerto Rico, LLC has been granted the exclusive world-wide rights to produce, lease and license the GrowBLOXTM technology suite, as well as the potential for other multiple revenue streams, including the financing of GrowBLOXTMtechnology suite units; fees for training and maintenance services, and diagnostic monitoring services during cultivation. Additionally, the agreement contemplates that GBS PR will sell cGMP-certified raw cannabis and hemp materials only to Growblox for international resale or manufacturing of cosmeceutical, nutraceutical, and pharmaceutical products.
Growblox Sciences, Inc. (GBLX) is a biopharmaceutical research and development company focused on creating safe, standardized pharmaceutical-grade cannabis-based therapies that target a variety of medical conditions. The Company is leading pioneering technology and industry processes, with a “big” data-driven clinical research and development loop ability to bring relief to patients in communities across the country. Through our GBS PR subsidiary, we are developing and globally distributing our GrowBLOXTM suite of cultivation and growing chambers.