The LSU AgCenter has finalized its agreement with GB Sciences Louisiana LLC to operate the center’s medical marijuana business.
GB Sciences Louisiana is a subsidiary of GB Sciences, a Las Vegas cannabis company focused on biopharmaceutical development. The parent company has filed patent applications for using cannabis for chronic pain and heart therapies as well as chronic arthritis, Crohn’s disease, inflammatory bowel disease and asthma.
“It is extremely important that we can provide patients with safe and consistent options to help improve their quality of life,” said Bill Richardson, LSU vice president for agriculture.
In Louisiana, only the LSU AgCenter and Southern University’s AG Center hold licenses to produce medical marijuana. The medication must be in an oil; an oral form, such as pills, sprays or chewables; topical applications; transdermal patches and suppositories.
GB Sciences expects to begin production at an off-campus facility by the middle of next year.
Under the terms of the agreement, the LSU AgCenter will receive $3.4 million or 10 percent of gross revenue, whichever is greater, over five years. GB Sciences will also support LSU AgCenter research through funding for personnel, laboratory research space and equipment plus an additional monetary contribution for research initiatives. [Read more at The Advocate]