LAS VEGAS, NV / ACCESSWIRE / January 12, 2021 / GB Sciences, Inc. (OTCQB:GBLX) completed the sale of its remaining interest in GB Sciences Louisiana LLC ("GBSLA") on December 16, 2020 .
In November 2019 , the Company entered into a Membership Interest Purchase Agreement (the "Agreement") with Wellcana Plus, LLC ("Wellcana"), whereby Wellcana would acquire the Company's 50% membership interest in GBSLA. Since then, certain modifications of the Agreement had taken place so GB Sciences would be paid a total of $4,900 ,000: $4,150,000 in one lump sum at closing, in addition to the $750,000 already received, rather than over time to complete the sale to Wellcana. A portion of the proceeds from this sale were used to completely satisfy the Company's obligations to Iliad Reseach and Trading, LP .
John Poss , CEO and Chairman of GB Sciences , stated, "We have the highest respect for Wellcana and wish them continued success in bringing relief to patients in Louisiana . That said, completing this sale is a nice way to close out a tough year."
Andrea Small-Howard , Chief Science Officer and Director of both GB Sciences and GBS Global Biopharma, Inc. , remarked, "This brings us a big step forward in turning our attention from the past towards the future, where we can focus 100% of our attention and capital on developing our existing cannabis-based combination therapies and on new research to enrich our already promising patent portfolio."
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