GB Sciences (OTCQB: GBLX) today announced that it has filed an 8k announcing the sale of its 50% ownership stake in GB Sciences Louisiana, LLC. for $16 million. The stake will be bought by Wellcana Plus at a fee of $7 million in cash at closing, $1 million in cash within 60 days of closing, and the remaining $8 million as an earn out. The profitability of the Louisiana operations will determine the proceeds realized through the earn out as well as the timing of those proceeds. The sale enables GBLX to focus on attaining a DEA license, profitability and GMP-compliancy at its Las Vegas, Nevada location. The company plans to collaborate with GB Sciences Louisiana on research and clinical trial opportunities in the future. Upon reaching mutually agreeable terms, GBLX will license its proprietary formulations to GB Sciences Louisiana for use in its research and final formulations.
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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. For more information, visit the company’s website at www.GBSciences.com.
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