GSRX Industries Inc. sells Green Spirit dispensaries in Puerto Rico
Two years after entering the local market, GSRX Industries Inc. — which operates Green Spirit dispensaries in Puerto Rico through its wholly-owned subsidiary Project 1493, LLC — has sold all of its cannabis assets, and transferred all related liabilities, licenses and permits, to Puerto Rico Industrial Commercial Holdings Biotech Corp., for $4.6 million.
The sum is divided into a net cash proceed to GSRX of $2.2 million, and monthly payments of $100,000 over a period of 24 months.
The Puerto Rico Health Department approved the transactions, the company stated.
Arizona-based GSRX Industries, through its subsidiaries, is in the business of distribution, extraction and light manufacturing, and delivery of cannabis and cannabinoid products.
The company has been doing business in Puerto Rico since 2018, announcing several acquisitions and deals along the way. The latest was in August 2018, when it confirmed it picked up Dispensarios 420, LLC in Caguas, through its Project 1493, LLC subsidiary that it has now sold.
According to its website, there are five Green Spirit dispensaries located in Carolina, Dorado, Fajardo, Isla Verde and San Juan, where is seeks to cater to tourists.