PHOENIX, Nov. 06, 2018 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (OTCQB: GSRX), through its subsidiaries, is in the business of acquiring, developing and operating retail cannabis dispensaries, and is in the process of expanding its business to include the cultivation, extraction, manufacturing, and delivery of cannabis and cannabinoid products. Leslie Ball, Chief Executive Officer, talked with Stock Day’s Everett Jolly.
Jolly started the interview by mentioning they have only been in business for a year and are already posting revenue. Total revenues generated were $706,428, an increase of 100% from the quarter ended June 30, 2018. Gross profit was $255,052, an increase of 66.6% from the prior quarter. Jolly said the company must be excited with those metrics. A recent release from the company shows this growth was due to the revenue generated by the Company’s Green Spirit RX dispensaries in Puerto Rico and The Green Room in California.
“We have 4 stores open in Puerto Rico, they’ve been open anywhere from 7 or 8-months ago, to just a few weeks ago. We’ve got one dispensary open in Mendocino County [CA],” explained Ball. “We manufacture a very unique item, we have a patent pending, and we also have an extraction business we are investing in.”
Ball went on to say on the retail side the company is doing extremely well and they will have several more stores open shortly. He said they are also looking for more opportunities and that they have very “robust” plans.
Jolly then mentioned that they are not in Colorado nor in Washington or Oregon. He wanted to know why. Ball explained that in Colorado a company must be 51% locally owned and that GRSX wants to own 51% for reporting. He said they looked closely at a property in Washington and it wasn’t what they wanted at this time. Jolly then asked for a general update and future outlook.
“We’ve only got 4 or 5 stores open and we are going to have 11 in the very near future. We’ve got this product called Dragon Glass, it’s patent pending and is a very unique product,” explained Ball. “It’s superfood, it’s water soluble. It’s flakes when put under your tongue. It’s probably the only edible that has no sugar, no fat, no calories, and is healthy because of the base product.”
Ball went on to say one of the ways they are separated from other companies is the strong business management. Jolly then noted they began medical dispensaries in Puerto Rico, he wanted to know why there.
“Our seed money and our main investor, who is now on our board, was living in Puerto Rico and came upon the opportunity,” said Ball. “The density of population versus almost anywhere else in the United States is impressive, plus the tourism. And medically, Puerto Rico allows if you come from another state, all you have to do is get your medical card validated. Then you can go and buy medical cannabis. We are in it for the long haul. We are optimistic it will become recreational because it’s such a great opportunity.”
Ball said what’s very encouraging to him is the incredible growth. He says the Puerto Rico locations are performing as good as he’s ever seen with all of his years in retail. Jolly then asked about The Green Room in California.
“The Green Room is a little jewel,” said Ball. He explained that the area is a top surf destination making the business seasonal, but it has performed really well.
Jolly then said he noticed they are doing more retail, but he wanted to know what else they will be doing in the market space.
“We are joint ventured with Spirulinex, we own 51%, which is the Dragon Glass, and they are making other things, all kinds of edibles that we are developing there. And it’s just launching,” Ball said. “We see huge opportunity there. We have an extraction business, it’s a manufacturing business. We are looking at growth.”
To hear the entire interview with GSRX, listen to the Stock Day Podcast here: https://upticknewswire.com/featured-interview-ceo-les-ball-of-gsrx-industries-inc-otcqb-gsrx/
About GSRX Industries Inc.
GSRX Industries Inc. (OTCQB: GSRX), through its subsidiaries, is in the business of acquiring, developing and operating retail cannabis dispensaries, and is in the process of expanding its business to include the cultivation, extraction, manufacture and delivery of cannabis and cannabinoid products. Currently, GSRX operates five cannabis dispensaries in California and Puerto Rico, and has six additional pre-qualified locations in Puerto Rico, all of which are in various phases of development and construction.
Websites:
Green Spirit RX https://www.greenspiritrx.com/
Spirulinex https://www.spirulinex.com
Sunset Connect https://www.sunsetconnect.co
Instagram:
Spirulinex https://www.instagram.com/spirulinex/
Sunset Connect https://www.instagram.com/sunsetconnect/
The Green Room https://www.instagram.com/greenroommendo/
Facebook:
Green Spirit RX (Puerto Rico) https://www.facebook.com/Green-Spirit-Rx-746194692378429/
Spirulinex https://www.facebook.com/spirulinex
The Green Room https://www.facebook.com/greenroommendo/
Forward-Looking Statements
This press release contains forward-looking statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions regarding the future, including but not limited to statements regarding our market, strategy, competition, development plans (including acquisitions and expansion), financing, revenues, operations, and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include the risks described in greater detail in the following paragraphs. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement except where applicable law requires us to update these statements. Market data used throughout this prospectus is based on published third party reports or the good faith estimates of management, which estimates are based upon their review of internal surveys, independent industry publications and other publicly available information.
Contact:
Paul Gendreau
PGPR
paul@pgprmedia.com
678-807-7945
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SOURCE:
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https://upticknewswire.com/