logo-loader
viewGSRX Industries Inc.

GSRX's Point Arena Manufacturing to launch cannabis concentrate production by third quarter end

The company plans to produce concentrates for vaping products as well as Dragonglass, an edible formulation of THC

Person vaping
Point Arena has received the necessary licensing to begin production in California, and all that remains is construction of the manufacturing facility

GSRX Industries Inc’s (OTCMKTS:GSRX) cannabis subsidiary Point Arena Manufacturing expects to begin full-scale operations by the end of the third quarter, the company announced Thursday.

It plans to produce cannabis concentrates for vaping products as well as Dragonglass, a proprietary edible formulation of tetrahydrocannabinol (THC).

Point Arena has received the necessary licensing to begin production in California, and all that remains is construction of the manufacturing facility. The plant is expected to be completed and properly inspected in September.

READ: GSRX Industries bolsters executive team with new COO

The company hopes to capitalize on vaping’s growing share of the cannabis industry. From 2015 to 2017, vaping jumped from $200 million in sales, representing 4.2% of the cannabis market, to $1.1 billion in sales, representing nearly 13% of the market, according to data from the market research firm Arcview.

By 2021, the firm projects vape sales to swell to $5.3 billion and account for 25% of cannabis sales.

GSRX currently operates five dispensaries in Puerto Rico under the name Green Spirit RX and one in California called The Green Room. Five additional dispensaries in Puerto Rico are in the process of development and construction.

Its stock stumbled more than 11% to $0.75 midday Thursday.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: GSRX Industries Inc.

Price: 0.06 USD

OTCQB:GSRX
Market: OTCQB
Market Cap: $4.85 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of GSRX Industries Inc. named herein, including the promotion by the Company of GSRX Industries Inc. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read