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.
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]
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