Las Vegas, NV, Nov. 13, 2017 (GLOBE NEWSWIRE) -- GB Sciences, Inc. (OTCQB: GBLX) announces that it has met the October gross revenue projection of $500K from the sale of premium flower. Gross sales projections for the month of November are also trending in this direction.
With reported gross sales of only $320K in the last financial quarter, how did this drastic turnaround occur? This question was posed to newly appointed COO Kevin Kuethe.
"Any time you grow at scale, more than 100 lights, it takes a few harvest cycles to 'fine tune' the operation. And fine tuning our custom concentrated nutrient blends is a key element in the process. After all, it is the nutrition that keeps the plants healthy, and each strain eats a little different blend of nutrients to maximize the genetic potential of each of our strains. Now the entire process is dialed in and we are operating our precision controlled growing environments for maximum consistency, quality and yield."
The GB Sciences cultivation facility has 180 active flower lights for plant cultivation. With an industry standard yield of approximately one and one half (1.5) pounds yield per flower light (of cured, untrimmed flower), and the current market rates per gram of cannabis in the Nevada market, it seems impossible to get this kind of recurring revenue from a cultivation facility of this size.
"Improbable, yes… but impossible, no," said Mr. Kuethe. "Our growing techniques have an intangible that we like to call: happiness. And by happiness, I'm referring to a feeling, a vibe, an intangible that we are all on the same mission and in the same direction to do better, to be better and you can see it in the way we work, and you can definitely see it in our plants. They are large, healthy, and produce consistently high yields. We do this by using state-of-the-art modern growing techniques to create and control the growing environment…yes. But inside that environment, our growers bring a deep experience and understanding of the plant, along with a truly happy vibe. That's how we get basically double the industry average yield. The plants pick up on that vibe and it shows all the way throughout their lives. And the numbers speak for themselves. We cultivate happy plants, and the happiness spreads to the dispensaries all the way down to the consumer. Call it crazy, but it's real. Our entire ecosystem is happy… like a room without a roof."
GB Sciences, Inc.
GB Sciences, Inc. (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.
Corporate:
GB Sciences, Inc., 3550 West Teco Ave., Las Vegas, NV 89118
1-866-721-0297, or http://gbsciences.com
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b8cdf3b7-60ee-4b23-8533-f1e5106553fe
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c7db039c-c2b2-422c-ae20-dc0d104b93a2