Green Scientific Labs Holdings Inc. ("Green Scientific Labs") (CSE: GSL), a leading multi-state provider of innovative cannabis and hemp testing technologies and methods, announced today that it has reached an agreement to sell its Arizona business to Smithers, a leading provider of testing, consulting, information, and compliance services. The financial terms of the transaction are not being disclosed.
PHOENIX, April 3, 2023 /PRNewswire-PRWeb/ -- Green Scientific Labs Holdings Inc. ("Green Scientific Labs" or the "Company") (CSE: GSL), a leading multi-state provider of innovative cannabis and hemp testing technologies and methods, announced today that it has reached an agreement to sell its Arizona business to Smithers, a leading provider of testing, consulting, information, and compliance services. The financial terms of the transaction are not being disclosed.
The sale is expected to be completed in Q2 2023 subject to customary closing conditions, including regulatory approvals.
Green Scientific Labs has built a strong reputation in the cannabis compliance testing market over the years, offering a wide range of services to its customers. The decision to sell the business was made after careful consideration by the company's board of directors and management team.
"We are excited about this opportunity to move forward with Smithers who shares our commitment to excellence and customer satisfaction," said Michael Richmond, Chairman. "We are confident that this sale will be a positive step for our company, our employees, and our customers."
Smithers is committed to delivering accurate data, on time, through high touch relationships, the same high level of service and quality that Green Scientific Labs is known for, and to supporting the continued growth and success of the business.
"Smithers is thrilled to become part of Arizona cannabis industry. Once regulatory approval is granted, our combined teams are committed to delivering consistent testing services to this very dynamic market. We will take this opportunity between signing and closing, to get to know the GSL team, and to reach out to industry stakeholders to gain a better understanding of the unique wants and needs of the Arizona market," states Michael Hochschwender, CEO, Smithers.
Green Scientific Labs will continue to operate as usual until the closing of the sale. Customers can expect the same high level of service and support during this period.
Founded in 1925 and headquartered in Akron, Ohio, Smithers is a multinational provider of testing, consulting, information, and compliance services. With laboratories and operations in North America, Europe, and Asia, Smithers supports customers in the transportation, life science, packaging, materials, components, consumer, cannabis, dry commodities, and energy industries. Smithers delivers accurate data, on time, with high touch, by integrating science, technology, and business expertise, so customers can innovate with confidence.
About Green Scientific Labs
Green Scientific Labs (CSE: GSL) is a leading, multi-state provider of innovative cannabis and hemp testing technologies and methods. The Company's labs perform product testing to help cultivators, manufacturers, and retailers stay compliant with state and federal regulations. Green Scientific Labs delivers superior marijuana, cannabis, hemp, and CBD testing services, and provides industry leading customer service for its clients.
For more information, please visit https://www.greenscientificlabs.com/.
Cautionary Statement Regarding Forward-Looking Information and Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of applicable United States securities legislation. Such forward looking information and forward looking statements are not representative of historical facts or information or current condition but instead represent only the Company's belief regarding future events, plans or objectives, many of which by their nature are inherently uncertain and outside of the Company's control. Often, but not always, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved Such forward looking information and forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, forward-looking information and statements are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements as a result of known and unknown risk factors and uncertainties affecting the Company, including but not limited to, risks regarding the cannabis-testing industry or cannabis industry generally, failure to obtain regulatory or stock exchange approvals, economic factors, the equity markets generally and risks associated with growth and competition. Any forward-looking information and statements herein are made as of the date hereof and the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as may be required by applicable securities laws. All written and oral forward-looking information and forward-looking statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and forward-looking statements.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the content of this news release.
Michael Richmond, Green Scientific Labs, 833 837-8223, [email protected]
Glenn G. Goldney, Smithers, (330) 203-2188, [email protected]
SOURCE Green Scientific Labs