Company to sell stake in Louisiana medical marijuana program

Louisiana

LOS ANGELES, CA – SEPTEMBER 7: Marijuana plants grow at Perennial Holistic Wellness Center, a not-for-profit medical marijuana dispensary in operation since 2006, on September 7, 2012 in Los Angeles, California. A group of activists have submitted about 50,000 signatures in an effort to force a referendum on a marijuana dispensary ban in Los Angeles to take effect next week. A minimum of 27,425 valid signatures from registered voters is needed to let voters decide on the issue in March, and until the number can be verified, the ban will not be enforced. . The ban would not prevent patients or cooperatives of two or three people to grow their own in small amounts. Californians voted to legalize medical cannabis use in 1996, clashing with federal drug laws. (Photo by David McNew/Getty Images)

BATON ROUGE, La. (AP) — A Nevada-based company has agreed to sell its 50% stake of a Louisiana medical marijuana business.

News outlets report the $16 million deal between GB Sciences Inc. and Lafayette-based Wellcana Plus LLC is expected to close by the end of October.

The Advocate reports GB Sciences Louisiana LLC is the exclusive partner for Louisiana State University’s state-approved medical marijuana program. The deal will make Wellcana the full owner of GB Sciences Louisiana.

The medical marijuana program released its first batch of products to licensed pharmacies last month .

Officials for LSU and GB Sciences both say they don’t expect the sale to impact their operations.

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Information from: The Advocate, http://theadvocate.com

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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