Growblox Sciences, Inc. (GBLX) Prepares for Commercialization through Launch of New Subsidiary
Growblox Sciences earlier this week took a step toward the commercialization of its GrowBLOX™ technology suite through the establishment of Growblox Sciences Puerto Rico, LLC (GBS PR), a majority-owned subsidiary housed on the Caribbean commonwealth. The move comes on the heels of an executive order issued last Sunday by Governor Alejandro Garcia Padilla authorizing the use of some or all controlled substances or derivatives of the cannabis plant for medical use. Through a collaboration with GrowBlox the island is now launching a clinical investigation into the use and production of medicinal 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,” Craig Ellins, CEO and chairman of Growblox, stated in the news release.
GBS PR immediately entered into a commercialization agreement with its parent company designed to accelerate the production and marketing of the company’s proprietary cultivation suite. Under this agreement, GBS PR was granted exclusive worldwide rights to produce, lease and license the GrowBLOX™ technology suite, including additional revenue streams for financing costs, training fees and maintenance services. As for the product, the agreement stipulates that GBS PR will sell cGMP-certified raw cannabis and hemp materials exclusively to its parent company for international resale or manufacturing processes.
Indications are promising that Growblox is ramping up its production efforts at the perfect time. According to a study by Pew Research Center, support for marijuana legalization is rapidly outpacing opposition, with a slim majority responding in favor of outright legalization in a 2015 survey. This public support is most clearly identifiable by studying the recent actions of state legislatures. Currently, nearly half of all states allow for the use of medicinal cannabis, and four states and the District of Columbia have passed measures to legalize marijuana use outright.
In an effort to streamline the launch of its new subsidiary, Growblox has appointed Cesar Cordero-Kruger, veteran entrepreneur and local philanthropist, as CEO of GBS PR. In addition to providing the first installment of financing required to launch the new company, Cordero-Kruger also purchased 2,820,000 shares of GBLX common stock. It is expected that the remaining funding required to launch the new subsidiary will be secured from investors on the island without any further cash investment by Growblox.
Under the management of Cordero-Kruger, GBS PR gains significant access to potential projects with the University of Puerto Rico. The new CEO formerly served as a professor of Statistics and Operations Management at the Rio Piedras Campus. As the island territory’s Health Secretary begins to form a report on how to implement the governor’s executive order, the new company’s ties to the island’s premier educational institution could give it a strategic advantage moving forward.
“For almost the past year Growblox has been exploring initiatives in Puerto Rico including potential projects with the University of Puerto Rico,” stated Ellins. “We are pleased to announce the leadership and support of a recognized figure such as Cesar.”
With an inside track on a new potential market, as well as continued advancement toward the commercialization of its product suite, Growblox is in a strong position to realize considerable growth in the coming months. Look for the company to continue establishing its presence in the medicinal cannabis industry for the foreseeable future.
For more information, visit www.gbsciences.com
Please see disclaimer on the QualityStocks website: http://Disclaimer.QualityStocks.com
Growblox Sciences earlier this week took a step toward the commercialization of its GrowBLOX™ technology suite through the establishment of Growblox Sciences Puerto Rico, LLC (GBS PR), a majority-owned subsidiary housed on the Caribbean commonwealth. The move comes on the heels of an executive order issued last Sunday by Governor Alejandro Garcia Padilla authorizing the use of some or all controlled substances or derivatives of the cannabis plant for medical use. Through a collaboration with GrowBlox the island is now launching a clinical investigation into the use and production of medicinal 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,” Craig Ellins, CEO and chairman of Growblox, stated in the news release.
GBS PR immediately entered into a commercialization agreement with its parent company designed to accelerate the production and marketing of the company’s proprietary cultivation suite. Under this agreement, GBS PR was granted exclusive worldwide rights to produce, lease and license the GrowBLOX™ technology suite, including additional revenue streams for financing costs, training fees and maintenance services. As for the product, the agreement stipulates that GBS PR will sell cGMP-certified raw cannabis and hemp materials exclusively to its parent company for international resale or manufacturing processes.
Indications are promising that Growblox is ramping up its production efforts at the perfect time. According to a study by Pew Research Center, support for marijuana legalization is rapidly outpacing opposition, with a slim majority responding in favor of outright legalization in a 2015 survey. This public support is most clearly identifiable by studying the recent actions of state legislatures. Currently, nearly half of all states allow for the use of medicinal cannabis, and four states and the District of Columbia have passed measures to legalize marijuana use outright.
In an effort to streamline the launch of its new subsidiary, Growblox has appointed Cesar Cordero-Kruger, veteran entrepreneur and local philanthropist, as CEO of GBS PR. In addition to providing the first installment of financing required to launch the new company, Cordero-Kruger also purchased 2,820,000 shares of GBLX common stock. It is expected that the remaining funding required to launch the new subsidiary will be secured from investors on the island without any further cash investment by Growblox.
Under the management of Cordero-Kruger, GBS PR gains significant access to potential projects with the University of Puerto Rico. The new CEO formerly served as a professor of Statistics and Operations Management at the Rio Piedras Campus. As the island territory’s Health Secretary begins to form a report on how to implement the governor’s executive order, the new company’s ties to the island’s premier educational institution could give it a strategic advantage moving forward.
“For almost the past year Growblox has been exploring initiatives in Puerto Rico including potential projects with the University of Puerto Rico,” stated Ellins. “We are pleased to announce the leadership and support of a recognized figure such as Cesar.”
With an inside track on a new potential market, as well as continued advancement toward the commercialization of its product suite, Growblox is in a strong position to realize considerable growth in the coming months. Look for the company to continue establishing its presence in the medicinal cannabis industry for the foreseeable future.
For more information, visit www.gbsciences.com
Please see disclaimer on the QualityStocks website: http://Disclaimer.QualityStocks.com
