SAN FRANCISCO, April 12, 2018 (GLOBE NEWSWIRE) -- Green Spirit Industries Inc. (OTC:GSRX) (“Green Spirit” or, the “Company”) announced today that it has entered into an operating agreement to form a new entity, Green Spirit Essentials LLC (“GS Essentials”), via a joint venture with Sunset Connect SF Inc. (“Sunset Connect”), a cultivation and branded extractions business headquartered in the San Francisco Bay Area. The operating agreement provides that Green Spirit will own 55% of GS Essentials, which will operate a cannabinoid extractions and processing business in California.
Sunset Connect is an established San Francisco-centric cannabis brand respected amongst industry peers and popular with regional retailers. Sunset Connect produces top-shelf indoor flowers and has created a portfolio of branded extractions including crumble, shatter, wax and rosin. Sunset Connect products are currently available in dispensaries, as well as through licensed delivery services.
GS Essentials plans to run a mix of volatile and non-volatile closed loop extractions as well as an ethanol distillation process to allow the company to manufacture a broad spectrum of products, including topical applications, cartridges, oils, wax, shatter, crumble and oral for sale in California. The state has experienced a predicted boom in sales since the legalization of recreational cannabis in California on January 1st. In an article dated February 28, 2018, Business Insider cited a report from BDS Analytics, which tracks the cannabis industry, estimating the California market to hit $3.7 billion by the end of 2018, increasing to over $5 billion in 2019. (Business Insider)
“The public appetite in California for cannabis in forms other than flower continues to grow,” said Les Ball, Chief Executive Officer of Green Spirit. “We feel that offering consumers more varied ways to consume cannabis is a big part of the future of the industry. Our investment in GS Essentials puts our Company in a unique position to profit from multiple revenue streams, as GS Essentials develops and manufactures a varied menu of high-quality cannabinoid products to consumers eager for alternative delivery choices.”
GS Essentials will be managed by Ali Jamalian, founder of Sunset Connect, and Sarah Rodriguez, co-founder of Spirulinex, and Mark Young. A former creative director who has championed such consumer brands as Chivas, Pantene, Colgate and Harrod’s, Jamalian brings a deep understanding of branding and marketing to the burgeoning cannabis industry and has developed the cannabis industry brands Spirulinex, Aqua Tetra Highdrate and Sunset Connect. Mark Young, GS Essentials’ Head Extractor, has received multiple industry awards for the quality of his extractions, including First Place for Best Wax and First Place for Connoisseurs Choice at 420 Hempcon 2016, and First and Second Place for Best Wax and First Place for Best Booth at Halloweed Hempcon 2016. Rodriguez, Green Spirit Essentials’ Chief Scientist, is a leading researcher with experience in strain development and metabolic engineering for terpene production, restructuring of carbon metabolic fluxes, cellular metabolic analysis, bio-separation, and fermentation engineering. She holds a PhD from the University of California, Berkeley.
About Green Spirit Industries Inc.
Green Spirit Industries Inc. (OTC Pink:GSRX), through its subsidiaries, is in the business of acquiring, developing and operating retail cannabis dispensaries, and is in the process of expanding its business to include the cultivation, extraction, manufacture and delivery of cannabis and cannabinoid products.
This press release contains forward-looking statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions regarding the future, including but not limited to statements regarding our market, strategy, competition, development plans (including acquisitions and expansion), financing, revenues, operations, and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include the risks described in greater detail in the following paragraphs. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement except where applicable law requires us to update these statements. Market data used throughout this prospectus is based on published third party reports or the good faith estimates of management, which estimates are based upon their review of internal surveys, independent industry publications and other publicly available information.