PENSACOLA, FL -- (Marketwired) -- 08/19/14 -- Greenscape Laboratories, Inc. (PINKSHEETS: MJLB)
Greenscape Laboratories, Inc. ("Greenscape") is pleased to announce an investment in Sylios Corp. ("Sylios") (PINKSHEETS: UNGS) and its wholly owned subsidiary, The Greater Cannabis Corp, LLC (GCC), as well as cross consulting agreements.
Sylios and GCC announced on August 15, 2014 an Agreement with Artemis Dispensing Technologies ("Artemis") which licenses "particular technologies with respect to Cannabis related dispensary units... and to the utilization of said technologies, in the development, marketing and sale of said units." The dispensing product is expected to be completed and launched during the fourth quarter of 2014.
Currently, recreational marijuana is available in both Colorado and Washington. State law in each of these jurisdictions requires testing -- which explains Greenscape Laboratories, Inc.'s involvement.
Greenscape Laboratories, Inc. will provide the testing services required for retail sales through the automated dispensing kiosks. Greenscape believes this vertical integration will provide it with additional revenue, i.e., both from the testing services and from its investment in Sylios Corp.
Integral to the Agreement between Sylios and Greenscape, are cross-consulting agreements. The parties will be compensated in stock for these services, resulting in an investment in Sylios by Greenscape and vice versa. Greenscape will be issuing restricted common stock to Sylios Corp. and Sylios will be issuing to Greenscape shares of restricted common stock. Greenscape shares issued to Sylios will be restricted from public sale for a period of one year, which should allow for production and deployment of the cannabis automated vending dispensing units.
James Scheltema, President of Greenscape Laboratories, Inc. stated that "[T]he sale of cannabis through automated retail outlets is a logical way to expand the testing services markets. The dispensing units should allow for widespread deployment in retail markets without the need to incur the prohibitive cost associated with antiquated brick-and-mortar retailing methods."
Located in Pensacola, Florida USA, Greenscape Laboratories, Inc. (http://www.mjnalab.com/) is a publicly traded company listed on the OTC PINK under the "MJLB" trading symbol. Greenscape Laboratories, Inc. was founded for the purpose of ensuring the safety of cannabis by providing advanced assistance in testing consumable products for both chemical and foreign contaminants. We believe that testing is extremely important to all users -- both medical and recreational. Our goal is to become the standard by which laboratories in this industry are measured.
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