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Green Spirit Industries changes name to GSRX Industries

By on July 17, 2018

SAN JUAN– Puerto Rico-based Green Spirit Industries Inc.–which acquires, develops and operates cannabis dispensaries–has changed its name to GSRX Industries Inc.

The company said in a release that the name change reflects its “intention to expand its business to include pharmaceutical-related products manufactured by Spirulinex, LLC,” in which GSRX holds a majority stake.

Spirulinex, the release adds, has an “intellectual property portfolio of patents pending,” and “extracts and processes [cannabis] concentrates using non-volatile methods, then processes and formulates a variety of consumer products.”

GSRX further promoted that Spirulinex developed an “all-natural proprietary method of suspending cannabinoids in water to create aqueous solutions, thereby eliminating the need for oils, butter or synthetic lipids, and will offer products in which cannabinoids are scientifically dosed for consistency and quality assurance.”

GSRX is expanding its business to include the cultivation, extraction, manufacture and delivery of cannabis and cannabinoid products. It owns 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.”

Its California operations in the “cultivation/growing, extraction/processing and cannabinoid manufacturing businesses…through joint ventures in which it holds majority stakes,” grew during the first quarter of 2018.

In a release Tuesday, GSRX announced that its dispensary in Point Arena, Calif., The Green Room, registered “a record increase” in sales for the quarter ended June 30.

The company acquired the retail location three months ago and said average daily sales “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 CEO Les Ball added: “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 says it anticipates “triple-digit revenue growth” in the third and fourth quarters.

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