SAN JUAN, Puerto Rico, Aug. 09, 2017 (GLOBE NEWSWIRE) — Green Spirit Industries Inc. (OTCPink:GSRX) (“Green Spirit” or, the “Company”), through its wholly-owned subsidiary, Project 1493 LLC, has completed the acquisition of four pre-qualified medical marijuana dispensary applications in Puerto Rico, paving the way for the Company’s planned entry into the U.S. territory’s newly legalized (as of January 1, 2017) industry for medical cannabis.
“We are very pleased with the progress we have already made as we work to bring medical marijuana to those patients in Puerto Rico who have long anticipated its legalization here,” said Les Ball, CEO of Green Spirit Industries Inc. “Our goal is to make medical cannabis available throughout the island via locations that are accessible to all, professionally managed and operated, and fully legal, and to that end, we are happy to announce our first four locations.”
Announced by the Company as “in process” on June 20, the Company has acquired all of the legal rights, permits, licenses, long-term leasing contracts and assets pertaining to four medical marijuana dispensaries, which it plans to develop and operate dispensaries at the following locations:
(1) FAJARDO — Bo. Quebrada de Fajardo, Carr. #3 Km. 44.9. Fajardo is an ocean side community located at the northeast tip of the island; it is the hub of the majority of Puerto Rico’s recreational boating, and a popular launching port for nearby islands Vieques, Culebra, and the U.S. and British Virgin Islands;
(2) CAROLINA — 65th Infantry Avenue, Km. 11.0, marginal 3, Lomas de Carolina. Carolina is a tourist center located on the island’s northeast coast, just east of the capital San Juan. Carolina is home to Puerto Rico’s main airport, the Luis Muñoz Marin International Airport, and Plaza Carolina, one of Puerto Rico’s largest shopping malls.
(3) DORADO — Paseo del Plata Shopping Center, Building No. 3, P.R. 696, int. José Efrón Avenue. Dorado is located approximately 15 miles west of San Juan. It is regarded as a tourist destination with golf courses, hotels and beaches, as well as upscale neighborhoods and a picturesque central square.
(4) SAN JUAN – 511 Ave. Andalucia, Puerto Nuevo San Juan – Puerto Nuevo is a commercial neighborhood of San Juan, and is located within walking distance of the city’s Tito Puente Amphitheatre and Luis Muñoz Marin Park.
As part of the acquisitions, the Company has also entered into long-term lease agreements at each location. The four dispensaries will not be fully licensed until construction at each location is completed, and the Department of Health of Puerto Rico issues the requisite operating permit for each of the dispensaries.
The Company’s goal is to acquire and open an additional fifteen (15) dispensaries over the next 12-18 months.
About Green Spirit Industries Inc.
Green Spirit Industries Inc. (OTCPink:GSRX), together with its 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 9, 2017 – 4:22 PM EDT)