LAS VEGAS, Oct. 16, 2018 /PRNewswire/ -- GB Sciences, Inc. (OTCQB: GBLX) announces the harvesting of its first hemp crop in association with the Colorado Hemp Project. Following closely on the overall philosophy and strategy of the Company, hemp is planned to provide both a reliable source of hard to find cannabinoids and terpenes necessary to manufacture cannabis-based medical formulations and also provide a fresh revenue source through the sale of bulk hemp oil and other hemp related products.
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"This is GB's first outdoor hemp crop that we created as a genetic test lab project to produce scalable and economically viable supplies of minor cannabinoids for both medical and recreational purposes," states Dr. Andrea Small-Howard, Chief Science Officer at GB Sciences. "It would not have been possible without The Colorado Hemp Project. Besides providing unique genetics for GB Sciences to explore, they also sourced the land, the farmers and the production resources necessary to take the project from seed to sale. This was an incredible experience and paints a bright future for this relationship moving forward. We can't wait to begin expanding the program next growing season. We plan on developing a lot of unique strains that will support all of our efforts to maximize the benefits of hemp as a source of novel compounds. Exciting times."
"The job of The Colorado Hemp Project is to contract out land and find the right farmers to get GB Sciences the genetics they need for their own purposes," says William "Wild Bill" Billings, VP & Co-Founder of The Colorado Hemp Project. "All this land is GB Sciences'. They told us what they wanted out of the plants, and we worked together to fill in the blanks. They understand the magic of this plant and it's future. Real soon, everyone will have hemp supplements and foods in their daily diets. And that's a good thing."
"This is our first step into this market," John Poss, Chairman and CEO of GB Sciences explained. "We started small and used the opportunity like an outdoor test lab to develop the genetics we need for medicinal as well as purely commercial needs. Hemp production is a logical adjunct to being in the cannabis industry. These plants are close cousins and have unique individual properties. So getting the best out of each one is a logical growth path. Cannabis strains provide THC, which is the psychoactive compound, and a host of cannabinoids and terpenes. But the volume of these cannabinoids and terpenes is not present in the plant in large enough quantities to make it commercially viable to extract them at scale. Hemp, on the other hand, provides a much larger volume of these valuable compounds, and very little THC. In fact, legally less than .03% by volume. So combining the benefits of both, we get all the hard to find compounds we need for our biopharma products, plus have the financial benefits of the adult use cannabis market and the commercial hemp product markets all in one go. We are really looking forward to developing a robust hemp operation as an integral part of our core business."
About GB Sciences, Inc.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. The Company's goal is creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions. 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.
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SOURCE GB Sciences, Inc.