Business
Green Spirit Industries Inc. Announces Second Quarter 2018 Results
Green Spirit Industries Inc. Announces Second Quarter 2018 Results.
About this update from Gsrx Industries Inc
[{"type":"text","content":"\nDORADO, Puerto Rico, July 12, 2018 (GLOBE NEWSWIRE) -- Green Spirit Industries Inc. (OTCQB:GSRX) (“Green Spirit” or the “Company”) today announced financial results for the second quarter ended June 30, 2018.\n “We are very proud of the tremendous progress we made in the second quarter of 2018.  This was our first full quarter of operations, with dispensaries in Dorado, Puerto Rico and Point Arena, CA,\" said Green Spirit CEO Les Ball, “We opened two other dispensaries, in and near San Juan, Puerto Rico, late in the quarter.  In addition to these four dispensaries, we made tremendous progress at Sunset Connect, our cultivation operation in California, and at Spirulinex, our extraction and manufacturing operations in California.  Both are moving forward with fullscale operations.\" Second Quarter 2018 Highlights Revenue was $353,430 for the second quarter of 2018, with Gross Profit of $153,073. Total Assets as of June 30, 2018 were $9,626,698, versus Total Liabilities of only $248,824. Operating expenses for the current quarter decreased 50% to $1,656,561, compared to $3,297,215 for the prior year period.  Second quarter loss per share was $.03, an 85% improvement from the same period last year, for which the Company posted a per share loss of $.20.Green Spirit raised $3,000,500 in gross proceeds during the quarter for acquisitions and general corporate purposes, bringing the total raised since May 2017 to more than $12,000,000.Second quarter results include revenue from two cannabis dispensaries that were in operation for the full quarter, one in Dorado, Puerto Rico and the other in Point Arena, California. Two other dispensaries were opened in and near San Juan, Puerto Rico late in the quarter, and will contribute full-quarter revenue beginning in third quarter.The Company further developed its California-based cannabis cultivation, extraction and manufacturing businesses, leasing 25,000 square feet of indoor growing space in Oakland for Sunset Connect Oakland, LLC, as well as laboratory and manufacturing space in San Francisco for Green Spirit Essentials LLC and Spirulinex, LLC. Green Spirit holds majority interests in the three companies. Highlights Subsequent to Second Quarter 2018 On June 13, the Company’s stock commenced trading on the OTCQB Market (...