GSRX Industries wholly-owned subsidiary, Point Arena Manufacturing, has received its Provisional Manufacturing License for Adult and Medicinal Cannabis Products from the California Department of Public Health Manufactured Cannabis Safety Branch.
The Provisional License replaces the Temporary License granted to Point Arena Manufacturing in April and allows for the commencement of operations at the Company’s new adult and medicinal cannabis products manufacturing business in Point Arena, California. The Type 6 license allows the Company to engage in extraction using a mechanical method or non-volatile solvent (ex: CO2, ethanol, water, or food-grade dry ice, cooking oils or butter), for infusions and for packaging and labeling.
"Point Arena Manufacturing will engage primarily in the manufacture of cannabis concentrate products related to vape cartridge filling and fulfillment, and in the manufacture of Dragonglass, the Company’s proprietary edible THC formulation. According to cannabis investment and market research firm Arcview, vaping accounted for 4.2% of the total legal cannabis market in 2015, capturing just $200 million in sales, yet grew to 12.9% of total legal cannabis sales in 2017 ($1.1 billion). By 2021, Arcview predicts that vape sales will surge to a total of $5.3 billion and will account for 25% of all legal cannabis sales," the company says.
The Company has signed a long-term lease for a building in Point Arena which will serve as Point Arena Manufacturing headquarters. Operations will commence at the location upon completion of facility buildout.
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