DORADO, Puerto Rico, July 17, 2018 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (OTCQB:GSRX) (“GSRX” or the “Company”) today announced that its cannabis dispensary in Point Arena, California, The Green Room, has posted a record increase in sales for the quarter ended June 30, 2018.
Average daily sales at the dispensary during the second quarter increased 161%, as compared to average daily sales during the first quarter, and increased 60%, as compared to average daily sales during the second quarter of 2017. GSRX believes these increases are due to not only to the legalization of adult-use recreational cannabis sales beginning on January 1, but also to the Company’s increase in inventory, expansion of product selection, and an increase in local and regional advertising.
“We are extremely pleased that in just three months under our ownership and management, The Green Room has increased sales so tremendously," said GSRX CEO Les Ball. “We had very good sales at our three medicinal cannabis dispensaries that recently opened their doors in Puerto Rico as well, and anticipate strong growth there in the third and fourth quarters."
GSRX, which owns The Green Room, recently reported financial results for the second quarter (GSRX Second Quarter 2018 Results) and disclosed the Company’s further development of its California-based cannabis cultivation, extraction and manufacturing businesses. The Company is currently leasing 25,000 square feet of indoor growing space in Oakland for Sunset Connect Oakland, LLC, as well as laboratory and manufacturing space in San Francisco for Green Spirit Essentials, LLC and Spirulinex, LLC. GSRX holds majority interests in the three companies.
The Company has focused on vertical integration of its businesses, acquiring and developing interests from cultivation through extraction and manufacturing all the way to serving consumers through dispensaries and delivery. GSRX believes it is well-positioned in both California and Puerto Rico to reap the benefits of both medicinal and adult-use sales.
For more information about The Green Room, visit the website at http://www.thegreenroomcollective.org/.
About GSRX Industries Inc.
GSRX Industries Inc. (OTCQB: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. To date, GSRX has acquired and operates four cannabis dispensaries in California and Puerto Rico, and has acquired four additional pre-qualified locations in Puerto Rico, all of which are under construction with expected openings later this year.
Forward-Looking Statements
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.
Contact:
Paul Gendreau
PGPR
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678-807-7945