NewsCovering Louisiana

Actions

Company to sell stake in Louisiana medical marijuana program

Posted: 2:36 PM, Sep 20, 2019
Updated: 2019-09-20 15:36:44-04
Coke eyeing the pot market

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.