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SOURCE GrowBLOX Sciences, Inc.
LAS VEGAS, June 5, 2014 /PRNewswire/ -- I am pleased to address our shareholders as our company has made some very exciting headway in our goal in setting the gold standard for the medicinal marijuana industry. But first, there has been some misconception about GrowBLOX Sciences, Inc. (OTCQB:GBLX) that I would like to clear up. GrowBLOX Sciences will not be selling our GrowBLOX cultivation chambers to the retail consumer. Our mission is to grow and provide high-grade pharmaceutical cannabis to the medical marijuana industry and perfect the cultivation process. We realize that as marijuana becomes more and more accepted for medical treatment, the ability to grow efficacious strains without any alteration from batch to batch will create tremendous value for our shareholders. Our technology provides a superior grow method when compared to other grow operations. The Company must file licensing applications in individual states in order to cultivate and dispense medical-grade products. As of yesterday, GrowBLOX presented to the Clark County Commission for its dispensary licensing applications in Nevada. I am very satisfied with our presentation and am anticipating a positive outcome for you, our shareholders. We expect to hear results on our cultivation license within the very near future.
The Company has been working diligently to prepare the masses for our proprietary technology and its ability to change the future of medical-grade products from nutraceuticals and pharmaceuticals. The first GrowBLOX cultivation chamber has come off of the production line and will be vertically integrated into our working business model. The GrowBLOX is not meant for the retail consumer, as it is our mission to grow the most efficacious medical-grade product that is consistent each and every time it is grown and harvested. Our focus is to bring to market cutting edge technologies to commercially cultivate and produce medical-grade marijuana and marijuana concentrates that will provide patients with valuable medicines that make a real difference to their quality of life. Our technology has a proven record of an efficacious product because the GrowBLOX is that astonishing. We are not growing from seeds, clippings or clones. Our technology will allow us to grow from tissue, something that, to our knowledge, no other medical marijuana company is doing. We are in the process of hiring a vast assortment of scientists, who collectively hold various Ph.D.'s and patent portfolios.
While we have perfected our technology, we have also moved on to other states and U.S. islands seeking to secure a strong technological presence to legally cultivate, produce and distribute medical-grade products. The Company recently opened its subsidiary GB Sciences Puerto Rico, Inc. and is monitoring the island's pending legislation to legalize medical marijuana. We aim to be at the forefront of the island's initiatives in medical marijuana and will work in conjunction with local municipalities to ensure the highest standards are implemented and met.
The Company has raised $5 million from accredited and institutional investors through common stock and warrants, which if fully exercised will amount to a $30 million financing. GrowBLOX Sciences plans to maximize shareholder returns through our proprietary indoor growing technology and its efficacious products. This financing will provide for licensing and cultivation facilities in Nevada in preparation and assumption of receiving dispensary and cultivation licenses for the state of Nevada.
GrowBLOX Sciences expects to have results from the County Commissioners hearing as early as next week. If approved, GrowBLOX will be placed on a very short list that will be sent up to the State for final approval.
I would like to thank all of the shareholders for their continued support of GrowBLOX and for having the confidence in our technology and ability to impact this emerging industry. This is a very exciting and promising time for our company and shareholders and we look forward to updating the investment community as we continue to execute on our business plan.
Chairman and CEO
GrowBLOX Sciences, Inc.
Riverview Capital Enterprises
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