(PRESS RELEASE) The Southern University Board of Supervisors has approved a contract with Advanced Biomedics LLC, a company majority owned by Carencro entrepreneur Carrol Castille.
The board met at Southern University on Friday for the final discussions on the matter wherein Castille and Advanced Biomedics were green-lighted to begin the process of manufacturing medical cannabis as one of only two licensed growers in the state.
Along with Southern University, Advanced Biomedics plans to construct a facility on a 176-acre plot of land in Baker, Louisiana for growing, manufacturing and distributing pharmaceutical grade medicines from the cannabis plant.
Under this contract, the Southern University Ag Center will receive more than $6 million over five years. The company has also agreed to provide the Center with an additional $1 million signing bonus for each additional contract term.
Speaking about this historical opportunity Castille said, “I am honored to be able to bring this much-needed medicine to the people of Louisiana and to stimulate the economy in my home state in such an enormous way. Advanced Biomedics is ready to get tractors on the ground and get this facility up and running as soon as we possibly can. My commitment and financials have not changed since we first bid on this license and now that the contract is in place we will show Southern University and the people of Louisiana what I and Advanced Biomedics can do for them.”
Products will be available in dispensaries throughout the state in early 2019.