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GSRX Industries posts record $3.5 million revenue for 2Q as it expands cannabis dispensaries

CEO Les Ball says the diversified medical cannabis company continues to see ‘strong growth across the board’ in the company’s operations

Signage for a medical dispensary
The company’s San Francisco extraction company Spirulinex LLC is behind Dragonglass, a wildly popular all-natural dried THC powder combined with organic Spirulina

GSRX Industries Inc (OTCQB:GSRX) announced Tuesday that it posted record revenue of $3.5 million in the second quarter.

The rapidly growing Dorado, Puerto Rico-based medical cannabis company, which has its fingers in many pies, said the second-quarter revenue of $3.5 million was 19% higher than the $2.866 million it posted in the first quarter.

“We continue to see strong growth across the board in GSRX’s operations,” said GSRX CEO Les Ball.

READ: GSRX Industries’ subsidiary wins provisional distribution license for adult-use and medical cannabis products

The company said that initial unaudited results for the second quarter indicate that GSRX will post total revenue of $3.5 million, which represents the high end of previously published guidance.

The gross profit number of $1.67 million also sets a record, said the company, demonstrating an increase of approximately 11% over first-quarter gross profit. The company said audited results for the second quarter will be shared in August.

The company, through its subsidiaries, acquires, develops and operates medical cannabis dispensaries and cannabinoid (CBD) retail stores.

Currently, GSRX operates five cannabis dispensaries in Puerto Rico under the Green Spirit RX brand name. It has also signed a long-term lease in Palm Springs for its second adult-use and medicinal cannabis dispensary in California.

However, GSRX is also moving into distribution, extraction and light manufacturing of cannabis and CBD products. 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter@UttaraProactive 

Quick facts: GSRX Industries Inc.

Price: 0.0352 USD

Market: OTCQB
Market Cap: $2.88 m

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