In November 2019, the Company entered into a Membership Interest Purchase Agreement (the "Agreement") with Wellcana Plus, LLC ("Wellcana"), whereby Wellcana would acquire the Company's 50% membership interest in GBSLA. Since then, certain modifications of the Agreement had taken place so GB Sciences would be paid a total of $4,900,000: $4,150,000 in one lump sum at closing, in addition to the $750,000 already received, rather than over time to complete the sale to Wellcana. A portion of the proceeds from this sale were used to completely satisfy the Company's obligations to Iliad Reseach and Trading, LP.
John Poss, CEO and Chairman of GB Sciences, stated, "We have the highest respect for Wellcana and wish them continued success in bringing relief to patients in Louisiana. That said, completing this sale is a nice way to close out a tough year."
Andrea Small-Howard, Chief Science Officer and Director of both GB Sciences and GBS Global Biopharma, Inc., remarked, "This brings us a big step forward in turning our attention from the past towards the future, where we can focus 100% of our attention and capital on developing our existing cannabis-based combination therapies and on new research to enrich our already promising patent portfolio."
About GB Sciences, Inc.
GB Sciences, Inc. (OTCQB: GBLX) is a biopharmaceutical research and cannabinoid-based drug development company whose goal is to create patented formulations for safe, standardized, cannabinoid therapies that target a variety of medical conditions in both the pharmaceutical and wellness markets. To learn more about GB Sciences, Inc., go to: http://gbsciences.com.
This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Note: Although the Company's research and development activities are not illegal, the production and sale of cannabis products violate federal laws as they presently exist.
GB Sciences, Inc.,
3550 West Teco Avenue,
Las Vegas, NV 89118
866-721-0297 or email@example.com
Source: GB Sciences