Good news up this morning.
GB Sciences Sells First Cannabis Harvest and Officially Enters Revenue ModeFont size: A | A | A
6:30 AM ET 7/5/17 | Dow Jones
The first cannabis crop harvest yielded 133 pounds of product from 45 lights. 63 pounds were sold as premium flower, with 66.5 pounds held back for conversion to medical grade cannabis oil.
LAS VEGAS, July 5, 2017 /PRNewswire/ -- GB Sciences, Inc. (OTCQB: GBLX) has harvested its first crop and sold 63 pounds of premium flower while holding back 66.5 pounds for conversion to medical grade oil. Based on conservative estimates and production volumes, the company projects revenue of $2.8M through December 31, 2017, and will complete its full fiscal year projections (March 31, 2018) within the next few months.
GB Sciences has spent the past year-and-a-half building what has been called by many industry professionals 'the cleanest grow facility in the business'. The Las Vegas Nevada facility, built to exacting standards, grows premium cannabis flower. The flower is then used to extract medical grade oils for scientific research and medical use, creating a fully vertical operation.
The company has begun expansion of the facility, and expects to increase production and sales beginning January 2018.
"Within the next six months, we expect to complete the Phase II expansion of the facility from 200 lights to over 600 lights," said Kevin Kuethe, VP Operations for GB Sciences. "This will allow us to harvest approximately once a week and nearly triple the current production output."
"It feels really good to get these kinds of results," Kuethe continued. "We were able to achieve yields of over two pounds per light and our test results are 20% THC or better over our first two harvests. The keys to getting such high and consistent results are our state-of-the-art precision controlled growing environment, our own custom-blended nutrients, and most of all, our highly synergistic team of scientists, botanists and growers. The pride shows in what we do and how we do it."
