Growblox Sciences, a biopharmaceutical research and development company with state-of-the-art technologies in plant biology and cultivation designed to produce consistent medicinal cannabis, announced today it has established Growblox Sciences Puerto Rico, LLC (“GBS PR”), a majority-owned subsidiary domiciled in Puerto Rico.
“As widely reported, Puerto Rico Governor Alejandro Garcia Padilla recently signed an executive order authorizing the production of medical cannabis. We are very excited by the timing of this announcement as it coincides with our continuing presence in Puerto Rico and our commitment to realizing significant fundamental growth this fiscal year.” Stated Growblox Sciences’ CEO & Chairman Craig Ellins.
In connection with its formation, GBS PR entered into a commercialization agreement with Growblox designed to accelerate the production and marketing of the Company’s proprietary cultivation suite. Growblox believes that the growing chambers and related equipment will facilitate the global manufacturing and distribution of cannabis and other plant-based medical solutions to combat a variety of clinically diagnosed health issues.
Under the commercialization agreement, GB Sciences Puerto Rico, LLC has been granted the exclusive world-wide rights to produce, lease and license the GrowBLOXTM technology suite, as well as the potential for other multiple revenue streams, including the financing of GrowBLOXTM technology suite units; fees for training and maintenance services, and diagnostic monitoring services during cultivation. Additionally, the agreement contemplates that GBS PR will sell cGMP-certified raw cannabis and hemp materials only to Growblox for international resale or manufacturing of cosmeceutical, nutraceutical, and pharmaceutical products.
Cesar Cordero-Kruger, veteran entrepreneur and local philanthropist, has been appointed CEO of the subsidiary. Mr. Cordero-Kruger has provided the first installment of the financing required to launch GBS PR operations from its new office in the capital of Puerto Rico, San Juan. Mr. Cordero-Kruger will own a minimum of 13% of the equity of Growblox Sciences Puerto Rico. It is intended by both Growblox and Mr. Cordero-Kruger that a minimum of $1,250,000 of funding for GBS PR will be provided by local sources on the island without any further requirement of cash investment by GBLX.
Mr. Cordero-Kruger has over 30 years of management experience in a diverse spectrum of businesses and academic environments. Since 1995 he has been a consultant for a major national drugstore chain, assisting with their expansion plans in Puerto Rico and the US Virgin Islands, resulting in the successful launch of over 60 new stores valuing approximately $500 Million in total development costs. He is a co-founder of General Management Assistant Corp. and was engaged by the Commonwealth of Puerto Rico’s Economic Development Administration on a variety of projects such as a feasibility analysis for the air cargo transportation industry, pilot’s school and air ambulance services in the Caribbean. Mr. Cordero-Kruger served as a professor of Statistics and Operations Management at the College of Business Administration of the Rio Piedras Campus, University of Puerto Rico, and was a system design, work measurement, and quality control professor at the Industrial Engineering department of the Polytechnic University of Puerto Rico.