DORADO, Puerto Rico, April 05, 2018 (GLOBE NEWSWIRE) -- Green Spirit Industries Inc. (OTCPink:GSRX) (“Green Spirit” or, the “Company”) announced today that it has acquired The Green Room, a cannabis dispensary business located at 138 Main Street in Point Arena, Mendocino County, California. The business is licensed under the name Green Spirit Mendocino, LLC, and will continue to do business as The Green Room.
“Green Spirit has now commenced day-to-day operations on the ground in two marketplaces ripe with opportunity – Puerto Rico and California,” said Les Ball, CEO of Green Spirit. “Our first of several planned Green Spirit RX medicinal cannabis dispensaries in Puerto Rico is open and operating in Dorado. Now, with our acquisition of The Green Room completed, Green Spirit’s entry into California’s medicinal and recreational cannabis marketplace is a key factor in our expansion initiative to establish a major presence in California’s exploding cannabis business.”
According to a state-sponsored study published in the Los Angeles Times in June of 2017 by the University of California Agricultural Issues Center (Legal marijuana could be a $5-billion boon to California's economy), existing medical cannabis sales were $2 billion per year (approximately 25% of total cannabis sales), with the rest representing sales in the illegal market of approximately $5.7 billion. The study also suggested that beginning in 2018, the state’s tourism industry is expected to boom as visitors pour in from other states and countries that do not allow the sale and use of cannabis, citing estimated sales of $7.2 billion a year of wine to tourists visiting California.
During the first quarter of 2018, Green Spirit announced its entry into California’s cultivation and extraction business via a joint venture with Sunset Connect SF Inc. (Sunset Connect Joint Venture), as well as its acquisition of a majority stake in California-based cannabinoid products manufacturer Spirulinex, LLC (Spirulinex Acquisition).
For more information about Green Spirit Industries Inc. visit GreenSpiritRX.com
About Green Spirit Industries Inc.
Green Spirit Industries Inc. (OTC Pink: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.
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.
Source:Green Spirit Industries, Inc.