GB Sciences Receives $4,150,000 and Completes the Sale of Its Louisiana Operations to Wellcana Plus
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.
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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