GB Sciences Sells First Cannabis Harvest and Officially Enters Revenue Mode
Ryan Allway
July 5th, 2017
News, Top News
The first cannabis crop harvest yielded 133 pounds of product from 45 lights. 63 pounds were sold as premium flower, with 66.5 pounds held back for conversion to medical grade cannabis oil.
LAS VEGAS, July 5, 2017 /PRNewswire/ — GB Sciences, Inc. (GBLX) has harvested its first crop and sold 63 pounds of premium flower while holding back 66.5 pounds for conversion to medical grade oil. Based on conservative estimates and production volumes, the company projects revenue of $2.8M through December 31, 2017, and will complete its full fiscal year projections (March 31, 2018) within the next few months.
GB Sciences has spent the past year-and-a-half building what has been called by many industry professionals ‘the cleanest grow facility in the business’. The Las Vegas Nevadafacility, built to exacting standards, grows premium cannabis flower. The flower is then used to extract medical grade oils for scientific research and medical use, creating a fully vertical operation.
The company has begun expansion of the facility, and expects to increase production and sales beginning January 2018.
“Within the next six months, we expect to complete the Phase II expansion of the facility from 200 lights to over 600 lights,” said Kevin Kuethe, VP Operations for GB Sciences. “This will allow us to harvest approximately once a week and nearly triple the current production output.”
“It feels really good to get these kinds of results,” Kuethe continued. “We were able to achieve yields of over two pounds per light and our test results are 20% THC or better over our first two harvests. The keys to getting such high and consistent results are our state-of-the-art precision controlled growing environment, our own custom-blended nutrients, and most of all, our highly synergistic team of scientists, botanists and growers. The pride shows in what we do and how we do it.”
About GB Sciences, Inc.
GB Sciences (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.
Forward-Looking Statements
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.
Contact Information
Corporate:
GB Sciences, Inc., 3550 West Teco Ave., Las Vegas, NV 89118
866-721-0297, or
Liz Bianco Publicity Director, liz@gbsciences.com, http://gbsciences.com
Tom Acuragi, COO, tom@gbsciences.com
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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