Green Spirit Industries Reports 2nd Quarter

Green Spirit Industries (GSRX) continues to build itself up from the Pink Sheets as this tiny dispensary chain expands its footprint.

The company reported revenue of $353,430 for the second quarter and gross profits of $153,073. The second quarter loss per share was $.03, an 85% improvement from the same period last year, which was a loss per share of $.20. Operating expenses for the current quarter decreased 50% to $1,656,561, compared to $3,297,215 for the prior year period. Total assets as of June 30, 2018, were $9,626,698, versus total liabilities of only $248,824.

“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 full-scale operations.”

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.

The revenue in the second quarter included two cannabis dispensaries that were in operation. 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 the 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.

Pipeline

According to the company statement, Green Spirit has the following items in its pipeline:

  • In addition to three fully operational medicinal cannabis dispensaries in Puerto Rico, the Company has four more dispensaries with pre-qualified licenses either under construction or near completion.
  • In California, the Company expects to secure several locations for new dispensaries and to seek additional acquisitions as well.
  • With the addition of newly acquired dispensaries and, most significantly, the full launch of operations at Sunset Connect, Green Spirit Essentials and Spirulinex in the third quarter, the company anticipates triple-digit revenue growth in third and fourth quarters.
Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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