GSRX Industries Inc., which operates four Green Spirit dispensaries in Puerto Rico and has six additional locations on the island in various phases of development and construction, is optimistic the use of cannabis for recreational purposes will be approved in the long-run.
Company CEO Leslie Ball, in an interview with Stock Day’s Everett Jolly, said GSRX Industries is “in it for the long haul. We’re optimistic it will become recreational because it’s such a great opportunity.”
“Our seed money and our main investor, who is now on our board, was living in Puerto Rico and came upon the opportunity,” said Ball. “The density of population versus almost anywhere else in the United States is impressive, plus the tourism.”
“And medically, Puerto Rico allows if you come from another state, all you have to do is get your medical card validated. Then you can go and buy medical cannabis,” Ball said, noting the local operation has shown “incredible growth.”
The company’s Puerto Rico locations “are performing as good as he’s ever seen with all of his years in retail,” Ball said.
Arizona-based GSRX Industries Inc., through its subsidiaries, is in the business of acquiring, developing and operating retail cannabis dispensaries, and is in the process of expanding its business to include the cultivation, extraction, manufacturing, and delivery of cannabis and cannabinoid products.
The company has been in business for a year and is already posting revenue, Ball said during the interview with Jolly. Total revenues generated were $706,428, an increase of 100 percent from the quarter ended June 30, 2018. Gross profit was $255,052, an increase of 66.6 percent from the prior quarter.
“We have four stores open in Puerto Rico, they’ve been open anywhere from seven or eight months, to just a few weeks ago,” he said. “We manufacture a very unique item, we have a patent pending, and we also have an extraction business we are investing in.”
The pending patent approval is for a product called “Dragon Glass,” which he described as a water-soluble “superfood.”
The flakes are put under the tongue and is “probably the only edible [cannabis product] that has no sugar, no fat, no calories, and is healthy because of the base product.”