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The Closing Date of GB Sciences’ Sale of GB Sciences Louisiana LLC Is Delayed
GB Sciences, Inc. (OTCQB: GBLX) announces a delay in the sale of GB Sciences Louisiana LLC.
On September 16, 2019, GB Sciences, Inc. (the “Company”), filed a Current Report on Form 8-K disclosing that the Company had signed a term sheet with K2 Logic, LLC (“K2”) pursuant to which K2 will pursue the purchase of the Company’s 50% ownership interest in GB Science Louisiana, LLC for $8,000,000 in cash and earn out provisions for up to an additional $8,000,000. The parties were to negotiate and draft a Purchase and Sale Agreement with the intent to close the transaction by October 31, 2019. The parties were not prepared to close on October 31, 2019, and have now extended the closing date to on or before November 30, 2019.
SOURCE GB Sciences, Inc.