LAS VEGAS, May 9, 2018 /PRNewswire/ -- GB Sciences, Inc. (OTC:GBLX), the previously announced proposed acquisition of NevadaPURE, LLC, a Nevada limited liability company, by GB Sciences has been terminated. In accordance with the terms of the non-binding letter of intent signed between the parties and after the due diligence period (which was mutually extended by one week), GB Sciences and NevadaPURE, LLC mutually agreed not to proceed with the transaction.
GB Sciences' Chairman of the Board and CEO John Poss said: "A nondisclosure agreement between the parties prevents GB Sciences from making extensive comments on the proposed transaction. After considerable due diligence, the parties could not reach a consensus on the terms of the proposed acquisition."
NevadaPURE, LLC Operating Manager, James Green said: "We have the highest regard for GB Sciences and wish them well in their future endeavors. Everyone involved in the due diligence process worked conscientiously to consummate a final agreement; unfortunately there were differences of opinion that could not be overcome."
About GB Sciences, Inc.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. The Company's goal is creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions. To learn more about GB Sciences, Inc., go to: http://gbsciences.com.
This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Note: Although the Company's research and development activities are not illegal, the production and sale of cannabis products violate federal laws as they presently exist.