Las Vegas, NV / ACCESSWIRE / February 4, 2015 / GrowBLOX Sciences, Inc., “GB Sciences” (GBLX), a biopharmaceutical research and development company with state-of-the-art technologies in plant biology and cultivation, which are designed to produce consistent medicinal cannabis, has signed an agreement to license certain of its proprietary TissueBLOX technology to an unaffiliated licensed cannabis testing company. The licensed technology consists of certain equipment, procedures, and know-how related to the seedless propagation of genetically-identified strains of cannabis. The technology will enable the licensee to offer as a service to third-party growers the ability to grow specific strains of cannabis with an unprecedented level of reliability, precision, and most importantly, consistency of genetic material. As a practical matter what this means is that any grower, having developed and tested a strain of cannabis with certain characteristics desired by the grower, can provide for the continuous and consistent production of the genetics for that strain, enabling it to be branded as either a recreational or medicinal product.
The TissueBLOX technology enables propagation of genetically consistent strains by means of growth from direct tissue cultures, as opposed to cloning or the planting of seeds. Dr. Ulrich Reimann-Philipp, Botanist and Cultivation Manager at GB Sciences said, “We have tissue culture technology that enables scalable production of cannabis strains with a genetic consistency not available by any other means. Cultivators who seek to brand a product, regardless of the characteristics or intended purposes of that product, can now genetically identify, isolate, and reproduce that strain efficiently and cost-effectively. We believe that this branding is a natural progression in the development of the newly emerging cannabis business, and will enable consumers to better select whatever it is they may seek from the product.” Dr. Reimann-Philipp continued, “Of course, in order to provide consistency, growing conditions need to be standardized and strictly controlled as well. Our TissueBLOX system optimizes the ‘nature’ part of the equation, but growers will still need to provide consistency in the equally important ‘nurture’ part of the process.”
The agreement provides for nonrefundable advance royalty payments, which have been received in the last 60 days, against a continued stream of revenue resulting from the sale of the service by the licensee to third parties. Management believes that, in addition to the other revenue streams available to it from its growing activities and the development of its own proprietary strains, the ability to license its substantial suite of proprietary technologies will produce ongoing revenue as a separate business line for many years to come, and will help to take a fledgling industry to a more mature, and thus consumer friendly, place.
About GrowBLOX Sciences, Inc.
GrowBLOX Sciences, Inc. “GB Sciences” is a biopharmaceutical research and development company that merges state-of-the-art technologies in plant biology, cultivation technology and post-production processes in order to optimize our safe and consistent medicinal cannabis. The company is pioneering technology, industry-leading processes, and a big data-driven clinical research and development algorithm to bring relief to patients in communities across the country.
To learn more about GB Sciences, Inc., go to www.gbsciences.com.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding the payment of dividends, marketing and distribution plans, development activities and anticipated operating results. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as the Company’s ability to accomplish its business initiatives, significant fluctuations in marketing expenses and ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of its products and services, as well as the introduction of competing products, or management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: GrowBLOX Sciences, Inc.
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