This morning, GB Sciences, Inc. (OTC:GBLX) secured their bid to operate the Louisiana State University (LSU) Agricultural Center's medical cannabis production facility. The secured bid will enable GB Sciences to be the sole vendor of cannabis and extracted cannabis compounds on behalf of LSU for the patients of Louisiana.
Now, GB Sciences and the LSU AgCenter will be proceeding with contract negotiations that they expect to complete within the next 30 days. They hope to have the finalized contract executed by August.
Louisiana's Medical Cannabis program
In 2015, Louisiana's state legislature passed a law allowing for the production and use of medical marijuana. The only two medical cannabis cultivation, distribution and sales licenses in the state were granted to the agricultural centers at LSU and Southern University. The Act also authorizes the LSU AgCenter to conduct cannabis-related research.
In regards to conditions treated, Louisiana's program is relatively limited. The Act lists cancer, HIV and AIDS, cachexia or wasting syndrome, seizure disorders, epilepsy, spasticity, Crohn's disease, muscular dystrophy and multiple sclerosis as qualifying conditions.
Doctors are also limited in their number of medical marijuana patients, patients must first try a federally approved form of medical marijuana (i.e. dronabinol) and patients must revisit their doctor every 90 days.
GB Sciences' Role & Research
In addition to producing and selling medical cannabis products to eligible patients, GB Sciences will be conducting research in partnership with the LSU AgCenter. GB Sciences will have the first right to commercialize any inventions or discoveries that result from the research. The company's research goal is to advance their patented formulations toward FDA approved Clinical Trials.
Six other companies made bids to operate the LSU facility. The other companies were Columbia Care Louisiana, CB Medical, Captiva LA, Southern Roots Therapeutics, Fourier House and Tear Holdings. CB Medical contracted American Cannabis Company, Inc. (OTC: AMMJ) back in April to assist with their bid.
GB Sciences' CEO, John Poss
"This is groundbreaking news and a tremendous opportunity. Now that approval from the Louisiana State University Board of Supervisors has been received, contract negotiations will commence and should be completed within the next 30 days. Then we can begin the real work."
For more information on GB Sciences, be sure to check out the company's profile in our marijuana stock database.
For more information on Louisiana and their medical marijuana program, be sure to check out our Louisiana state news page.
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