SAN JUAN, Puerto Rico, Aug. 15, 2017 (GLOBE NEWSWIRE) — Green Spirit Industries Inc. (OTC Pink:GSRX) (“Green Spirit” or, the “Company”) through its wholly-owned subsidiary, Project 1493 LLC, has commenced construction on the first of four locations in Puerto Rico for which the Company has acquired pre-qualified medical marijuana dispensary license. The Company anticipates construction to be completed at its Dorado location, on Puerto Rico’s northern coast, by October 15, 2017. The opening of its first dispensary will mark Green Spirit’s official entry into the U.S. territory’s newly legalized (as of January 1, 2017) industry for medical cannabis. Once construction at each location is completed and passes inspection by the Department of Health of Puerto Rico, the requisite operating permit is issued.
“Work is well underway on our first dispensary, and with a projected build-out of ten weeks, we are projecting opening mid-October,” said Les Ball, CEO of Green Spirit Industries Inc. “We are wasting no time, and are working hard to bring medical marijuana to those patients in Puerto Rico who have long anticipated its legalization here. Everything is on schedule, and we anticipate sharing news about other locations soon.”
The first of Green Spirit’s planned Puerto Rico dispensaries is currently under construction at Paseo del Plata Shopping Center, Building No. 3, P.R. 696, int. José Efrón Avenue, in Puerto Rico’s Dorado municipality. Dorado is located approximately 15 miles west of San Juan, and is regarded as a popular tourist destination with numerous golf courses, beaches and luxury hotels, including Dorado Beach – A Ritz-Carlton Reserve, the Caribbean’s only 2017 Forbes Five-Star Hotel and Spa award winner. Dorado is also home to upscale neighborhoods and a picturesque central square.
To date, Green Spirit has acquired pre-qualification licenses to commence construction on four of its five medical cannabis dispensary locations, and anticipates receiving its fifth pre-qualification license to its Isla Verde location during its fourth quarter.
The Company plans 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 Pink: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 15, 2017 – 7:00 AM EDT)