UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 7, 2019
GSRX INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
| Nevada | 333-141929 | 14-1982491 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
Building No. 3, P.E. 606, int. Jose Efron Ave.
Dorado, Puerto Rico 00646
(Address of principal executive offices) (zip code)
(214) 808-8649
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Copy to:
Darrin M. Ocasio, Esq.
Sichenzia Ross Ference LLP
1185 Avenue of the Americas, 37th Floor
New York, New York 10036
Phone: (212) 930-9700
Fax: (212) 930-9725
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure.
On February 7, 2019, GSRX Industries Inc. (the “Company”) issued a press release announcing, among other things, that the Company has experienced stronger-than-projected sales in the month of January at its five (5) Green Spirit RX medicinal cannabis dispensaries in Puerto Rico and its Green Room dispensary in Point Arena, California. Additionally, the Company announced that that it will announce its 4th quarter and 2018 annual financial and operating results on or about February 28, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report, including the exhibits hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 7.01 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document filed by the Company with the Securities and Exchange Commission, whether made before or after the date of this report, regardless of any general incorporation language in such filing (or any reference to this Current Report on Form 8-K generally), except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
| Exhibit Number | Description | |
| 99.1 | Press Release, dated February 7, 2019 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GSRX INDUSTRIES INC. | ||
| Dated: February 7, 2019 | By: | /s/ Thomas Gingerich |
| Name: | Thomas Gingerich | |
| Title: | Chief Financial Officer | |
GSRX INDUSTRIES INC. ANNOUNCES STRONG 1ST QUARTER SALES AT THE COMPANY’S SIX DISPENSARIES IN PUERTO RICO AND CALIFORNIA
Dorado, Puerto Rico, February 7, 2019 – GSRX Industries Inc. (OTCQB: GSRX) (“GSRX” or, the “Company”) today provided guidance that January sales have been stronger than projected at the Company’s five owned-and-operated Green Spirit RX medicinal cannabis dispensaries in Puerto Rico, and at the Company’s owned-and-operated Green Room dispensary in Point Arena, California.
Average daily sales across GSRX retail dispensaries rose to $26,211. during the current quarter-to-date, an increase of 49% over 4th quarter 2018 ($17,612.), and an increase of 271% over 3rd quarter 2018 ($7,065.). Given the dramatic rise in sales, management is adjusting its performance expectations upward, and anticipates revenues of $2.6 - $2.7 million for 1st quarter 2019.
In addition, the Company’s gross profit margins have steadily increased to 52% during the current period, up from 44% in 3rd quarter 2018 and 47% in 4th quarter 2018.
“Retail sales for January have surpassed our expectations, and our recently launched website GetPureAndNatural.com is posting strong sales,” said GSRX CEO Les Ball. “With our retail operations performing strongly, we are expecting record revenues for first quarter of 2019.”
GSRX Industries Inc. will announce 4th quarter and 2018 annual financial and operating results on or about February 28, 2019.
About GSRX Industries Inc. GSRX Industries Inc. (OTCQB: GSRX), through its subsidiaries, 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. Currently, GSRX operates five cannabis dispensaries in Puerto Rico under the name Green Spirit RX, one dispensary in California under the name The Green Room, and has five additional pre-qualified locations in Puerto Rico, all of which are in various phases of development and construction. GSRX also owns and operates the e-commerce site GetPureAndNatural.com, which offers a broad range of pharmaceutical grade CBD products.
Websites:
Green Spirit RX https://www.greenspiritrx.com/
Spirulinex https://www.spirulinex.com
Get Pure and Natural GetPureandNatural.com
Instagram:
Spirulinex https://www.instagram.com/spirulinex/
The Green Room https://www.instagram.com/greenroommendo/
Facebook:
Green Spirit RX (Puerto Rico) https://www.facebook.com/Green-Spirit-Rx-746194692378429/
Spirulinex https://www.facebook.com/spirulinex/
The Green Room https://www.facebook.com/greenroommendo/
Forward-Looking Statements
This press release contains forward-looking statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions regarding the future, including but not limited to statements regarding our market, strategy, competition, development plans (including acquisitions and expansion), financing, anticipated revenues, operations, and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include the risks described in greater detail in the following paragraphs. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement except where applicable law requires us to update these statements. Market data used throughout this prospectus is based on published third party reports or the good faith estimates of management, which estimates are based upon their review of internal surveys, independent industry publications and other publicly available information.
Contact:
Paul Gendreau
PGPR
paul@pgprmedia.com
678-807-7945