Green Spirit Industries Archives - Green Market Report

Debra BorchardtJuly 12, 2018


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.


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 BorchardtJune 18, 2018


The OTC Markets Group approved the listing for MedMen Enterprises to trade on its OTCQB Venture Market using the ticker symbol “MMNFF.” The company just recently listed its shares as the result of a reverse take over on the Canadian Securities Exchange with the symbol “MMEN.” The MedMen subordinate voting shares will begin trading today on June 18th at the opening of the market.

“With our subordinate voting shares now trading on the OTC, U.S. investors can more easily access one of the leading cannabis companies in the country with assets in the top strategic markets: California, Nevada, and New York,” said Adam Bierman, MedMen’s co-founder and chief executive. “Following our recent listing on the CSE, this is another important milestone to the growth of our enterprise. We are committed to maximizing long-term shareholder value by focusing on our track record of execution. We will continue to build a real footprint with real assets across the full cannabis vertical in the most strategic markets in this emerging industry.”

The company faced a great deal of criticism when it went public for its generous compensation package to the top executives, which it changed in response to shareholder complaints. The company has also created two different classes of voting rights in its shares with top executives receiving more votes than other shareholders. The company has made no changes with regards to voting rights.

The stock was lately trading at C$4.69, down from its initial price of C$5.25, but climbing back from its low of C$3.43. The stock began to recover once the company made the changes to the compensation structure.

Green Spirit Industries Inc.

Retail cannabis dispensary operator Green Spirit Industries Inc. (GSRX) reported that its stock began trading on the OTCQB Market (OTCQB) on June 13, after successfully uplisting from the OTC Pink Market. Green Spirit said that it believes that the move to the OTCQB will “provide enhanced investor benefits including higher reporting standards, greater access to analyst coverage and news services, and more comprehensive compliance requirements.”

“We anticipate that trading on the OTCQB will raise our visibility within the investment community and will help to broaden our shareholder base,” stated Les Ball, CEO of Green Spirit. “Uplisting to the OTCQB is a significant milestone for any company, as it provides shareholders and potential investors with greater transparency and liquidity, and exposes Green Spirit to institutional investors which, historically, do not invest in Pink Sheet companies.”

Green Spirit is in the business of acquiring, developing and operating retail cannabis dispensaries, and is in the process of expanding its business to include the cultivation, extraction, manufacture, and delivery of cannabis and cannabinoid products. The company has acquired and operates four cannabis dispensaries in California and Puerto Rico, and has acquired four additional pre-qualified locations in Puerto Rico, all of which are under construction with expected openings later this year.  The company expanded its California operations into the cultivation/growing, extraction/processing and cannabinoid manufacturing businesses during the first quarter of 2018 through joint ventures in which it holds majority stakes.

The stock was lately trading at $3.25

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