Business
CORRECTION: GSRX Signs Letter of Intent to Acquire Licensed Retail Cannabis Dispensary in Desert Hot Springs, California
CORRECTION: GSRX Signs Letter of Intent to Acquire Licensed Retail Cannabis Dispensary in Desert Hot Springs, California.
About this update from Gsrx Industries Inc
[{"type":"text","content":"\nDORADO, Puerto Rico, Sept. 28, 2018 (GLOBE NEWSWIRE) -- This document corrects and replaces the press release that was sent today, September 28, 2018, at 07:25 am EDT.\n GSRX Industries Inc. (OTCQB: GSRX) (“GSRX” or the “Company”), today announced that it has executed a binding letter of intent (the “LOI”) to acquire So Cal MM Patients Association d/b/a The Coughy Shop, a licensed retail cannabis dispensary currently operating in Desert Hot Springs, California. The transaction would include all assets, including licenses and permits covering medical and adult-use cannabis sales, leases, equipment, inventory, and other assets. “Signing this LOI is another key strategic step forward for GSRX, as we continue to execute on our plan to expand our retail brand-focused model throughout the largest growth markets and markets that provide opportunity for longevity,” said Les Ball, CEO of GSRX. “California clearly represents the largest market opportunity in the U.S, and we remain confident in our ability to expand our retail brand-focused model and to build sustainable, long-term shareholder value in locations that make sense.” The Company has commenced due diligence and anticipates completion of the purchase before the end of the fourth quarter. The transaction enables the Company to take assignment of the Conditional Use Permit (CUP), grandfathering a retail location for adult use and medicinal cannabis sales, and small cultivation and kitchen-manufacturing activity. The transaction is subject to closing conditions, including satisfactory completion of due diligence, entry into definitive agreements, receipt of the requisite approval by the City of Desert Hot Springs and State Bureau of Cannabis Control, and all other requisite cannabis permits and licenses as required by state and local regulators.  About GSRX Industries Inc.                                                                          ...