SAN JUAN, Puerto Rico, Aug. 01, 2017 (GLOBE NEWSWIRE) -- In a recent on-air interview with Dave Gentry of “RedChip Money Report” Les Ball, CEO of Green Spirit Industries Inc. (Pink Sheets:GSRX) discussed the new company’s entry into Puerto Rico’s burgeoning medical marijuana dispensary marketplace, the Company’s funding that has been secured, as well as near-and-longer-term plans for Green Spirit’s operations and growth. This was the first interview conducted by Ball since his appointment to head Green Spirit earlier this year.
Ball explained that Green Spirit is starting operations by acquiring five medical marijuana dispensaries in Puerto Rico, where the sale of medical marijuana was legalized as of January 1 of this year. A U.S. territory, the Commonwealth of Puerto Rico has a population of approximately 3.5 million residents, and estimates annual tourists visiting the island at 10 million. Noting that “we believe we’ll be one of the first in the game,” Ball cites the advantage of being an early mover in the marketplace. In addressing Puerto Rico’s estimated $300-$500 million black market for marijuana there, Ball, former Chairman of Macy’s Midwest and President of Macy’s East, calls the potential for market growth in Puerto Rico “infinite,” and goes on to say “I believe that the future of cannabis is comparable to what happened to spirits at the end of prohibition. However, we are more interested in how the cannabis can treat the people of Puerto Rico with their medical issues. Our hope is that our efforts can bring comfort and relief to the wonderful people of Puerto Rico who are afflicted with certain medical conditions.”
When questioned about his strong corporate background and his desire to be a part of the medical marijuana industry, Ball stressed the importance of strong business leadership, and a historical lack thereof in “mom and pop” shops that have sprung up throughout states where marijuana has been legalized. “Unlike most of the competition out there, Green Spirit is going to be professionally managed. We know how to do leases, open dispensaries and run a business,” he asserted. “We are in a business that has traditionally been run by entrepreneurs with minimal retailing experience and not particularly well-funded.”
Ball also spoke to Green Spirit’s strategy to become a vertically integrated company, one with multiple revenue streams. “We have a plan to both organically grow and make acquisitions as appropriate, both in the dispensary side and on the grow side, as well as in the manufacture of the various products (which include edibles, oils, pills, etc.).” These are potential acquisitions that we anticipate will take place in both the continental U.S. and other countries.
In addressing the company’s marketplace entry and overall growth potential, Ball once again stressed Green Spirit’s focus on strong business practices, along with conservative projections and high margins. “Green Spirit is a professionally organized and professionally managed business. We think our projections are conservative, and our margins are certainly materially better that I am used to in the retail department store or apparel business, so you are dealing with outstanding margins and a very large business opportunity. We have experienced people in both top line and middle management levels. These people have had tremendous success before and are eager to see that same success again with Green Spirit.”
The entire interview can be seen at https://www.youtube.com/watch?v=v5qfkZ5NTJs.
Green Spirit is in the business of acquiring, developing and operating medical marijuana dispensaries in Puerto Rico. The Company is in the process of acquiring five (5) pre-approved medical marijuana dispensaries located in Puerto Rico. These dispensaries are located in the following Puerto Rican cities: (1) Fajardo, which is a hub for boating and fishing and a launching port for nearby islands Vieques, Culebra, the U.S. Virgin Islands and the British Virgin Islands; (2) Carolina, a tourist center near Puerto Rico's international airport and home to top luxury hotels and casinos; (3) Dorado, an affluent residential area approximately 15 miles west of San Juan; (4) Miramar, an elegant and upscale neighborhood in the district of Santurce, San Juan; and (5) San Juan, the capital and largest city in Puerto Rico, and a major cruise destination port.
The Company will seek to acquire up to fifteen (15) additional dispensaries over the next 12 to 18 months in North America.
About Green Spirit Industries Inc.
Green Spirit Industries Inc. (Pink Sheets:GSRX), together with its wholly-owned subsidiary, Project 1493, LLC, is in the business of acquiring, developing and operating medical marijuana dispensaries.
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