SAN JUAN, Puerto Rico, Aug. 02, 2017 (GLOBE NEWSWIRE) — Green Spirit Industries Inc. (OTC:GSRX) is announcing that it is issuing a correction to the press release issued on July 31, 2017. The correct information is below.
In a recent on-air interview with Dave Gentry of “RedChip Money Report”, Les Ball, CEO of Green Spirit Industries Inc. discussed the new company’s entry into Puerto Rico’s burgeoning medical marijuana dispensary marketplace, the Company’s funding that has been secured, as well as near-and-longer-term plans for Green Spirit’s operations and growth. This was the first interview conducted by Ball since his appointment to head Green Spirit earlier this year.
Ball explained that Green Spirit is starting operations by acquiring 4 pre-approved and 1 pending medical marijuana dispensaries in Puerto Rico, where the sale of medical marijuana was legalized as of January 1 of this year. A U.S. territory, the Commonwealth of Puerto Rico has a population of approximately 3.5 million residents, and estimates annual tourists visiting the island at 10 million. Noting that “we believe we’ll be one of the first in the game,” Ball cites the advantage of being an early mover in the marketplace, and in addressing Puerto Rico’s estimated $300-$500 million black market for marijuana there, Ball, former Chairman of Macy’s Midwest and President of Macy’s East, calls the potential for market growth in Puerto Rico “infinite,” and went on to say, “I believe that the future of cannabis is comparable to what happened to spirits at the end of prohibition; however, in this case we are focused on providing cannabis for its abundant medical applications.”
“We believe that the legalization of medical marijuana here is welcome news for the Puerto Rican people who are now able to benefit from its use in treatment, and we are pleased to be one of the first and largest providers here.” In states where medical marijuana has been introduced, doctors prescribe cannabis for pain management, from headaches, diseases like cancer, or long-term conditions that include glaucoma and nerve pain. Other conditions for which medical marijuana is prescribed include: muscle spasms caused by multiple sclerosis; nausea from chemotherapy to treat cancer; poor appetite and weight loss brought on by chronic illnesses such as HIV and nerve pain; seizure disorders, and Crohn’s disease, among others.
When questioned about his strong and experienced corporate background and his desire to be a part of the medical marijuana industry, Ball stressed the importance of strong business leadership, and a historical lack thereof in “mom and pop” shops that have sprung up throughout states where marijuana has been legalized. “Unlike most of the competition out there, Green Spirit is going to be professionally managed to the highest standards. We know how to do leases, open dispensaries, do customer servicing and run a business professionally,” he asserted. “We are in a business that has traditionally been run by entrepreneurs with minimal retailing experience and not particularly well-funded.”
Ball also spoke to Green Spirit’s strategy to become a complete vertically integrated company, one with multiple revenue streams. “We have a plan to both organically grow and make acquisitions as appropriate, both in the dispensary side and on the grow side, as well as in the manufacturing of the various products (which include edibles, oils, pills, etc.).” These are potential acquisitions that we anticipate will take place in both the continental U.S. and other countries.
In addressing the company’s marketplace entry and overall growth potential, Ball once again stressed Green Spirit’s focus on strong and experienced business practices, along with conservative projections and high margins. “Green Spirit is a professionally organized and professionally managed business. We think our projections are conservative, and our margins are certainly materially better that I am used to in the retail department store or apparel business, so you are dealing with outstanding margins and a very large business opportunity. We have some of the most experienced people in both top line and middle management levels. These people have had tremendous success before and are eager to see that same success again with Green Spirits. Our goal is, first and foremost, to bring relief and comfort to our patients as we build what we hope to be one of the largest Cannabis companies in the world.”
The entire interview can be seen at https://www.youtube.com/watch?v=v5qfkZ5NTJs.
Green Spirit is in the business of acquiring, developing and operating medical marijuana dispensaries in Puerto Rico. The Company is in the process of acquiring four (4) pre-approved and one (1) pending medical marijuana dispensaries located in Puerto Rico. These dispensaries are located in the following Puerto Rican cities: (1) Fajardo, which is a hub for boating and fishing and a launching port for nearby islands Vieques, Culebra, the U.S. Virgin Islands and the British Virgin Islands; (2) Carolina, a tourist center near Puerto Rico’s international airport and home to top luxury hotels and casinos; (3) Dorado, an affluent residential area approximately 15 miles west of San Juan; (4) Isla Verde, a very popular place among tourists and locals; and (5) San Juan, the capital and largest city in Puerto Rico, and a major cruise destination port.
The Company goal is to open and acquire an additional fifteen (15) dispensaries over the next 12-18 months.
About Green Spirit Industries Inc.
Green Spirit Industries Inc. (OTC:GSRX), together with it’s wholly owned subsidiary, Project 1493, LLC, is in the business of acquiring, developing and operating medical marijuana dispensaries.
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: GlobeNewswire (August 2, 2017 – 11:42 AM EDT)