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GB Sciences Announces the Sale of The Majority Interest in Nevada Cultivation Operations to Focus on Its First Two Cannabinoid-Based Medical Compounds for Parkinson's Disease and Neuropathic Pain
GB Sciences Announces the Sale of The Majority Interest in Nevada Cultivation Operations to Focus on Its First Two Cannabinoid-Based Medical Compounds for Parkinson's Disease and Neuropathic Pain.
About this update from Gb Sciences, Inc.
[{"type":"text","content":"\n\n\n\nGB Sciences Announces the Sale of The Majority Interest in Nevada Cultivation Operations to Focus on Its First Two Cannabinoid-Based Medical Compounds for Parkinson's Disease and Neuropathic Pain\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGB Sciences Announces the Sale of The Majority Interest in Nevada Cultivation Operations to Focus on Its First Two Cannabinoid-Based Medical Compounds for Parkinson's Disease and Neuropathic Pain\nCanada NewsWire\nLAS VEGAS, Dec. 5, 2019\n\n\n\nLAS VEGAS, Dec. 5, 2019 /CNW/ -- GB Sciences, Inc. (OTCQB: GBLX) announced the execution of a Binding Letter of Intent for the Sale of 75% of its membership interests in the Company's Las Vegas, Nevada cultivation and production operation.  This transaction will significantly reduce the Company's operating expenses, generate near-term working capital, and provide ongoing cashflow to enable the Company to focus solely on its biopharmaceutical and wellness assets. \n\n \n \n\n \nThe transaction is the next step in the Company's exit from cannabis cultivation and production. The Company is pivoting to focus all of its capital and efforts on advancing GBS Global Biopharma, Inc.'s scientific programs including its three patents, four patent applications and four provisional patent applications. This is in anticipation of interim data on the Parkinson's Disease animal studies expected later this month, which will be readying the Parkinson's formulation for a first-in-human trial. The Company is also developing a wellness business, utilizing its formulations for licensing as nutraceuticals and natural health supplements which allows earlier monetization of its patent portfolio.\nAt Closing, the $6 million sale of its interests in the Las Vegas operation shall include a $3 million cash payment and a $3 million promissory Note to GB Sciences with the opportunity to sell the remaining 25% interest to the Purchaser in 18 months from Closing.  Due to the moratorium on license transfers in Nevada, a Closing date will be set when the moratorium is lifted. The Purchaser will immediat...