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Fundamentals

Overview:
HQ: Las Vega, NV
Incorporated: 2001 as Growblox Sciences. It changed to GB in 2016.
Facilities: Baton Rouge LA.
Symbol: GBLX (OTC)

Focus: Neutral  (not unique)
This cannabis company focuses on cultivating and producing medical cannabis; as well as biopharmaceutical R&D. Its goal is to create pharmaceutical-grade CBD therapies for a variety of medical conditions. It is developing technologies in plant biology, cultivation, and extraction techniques, which are combined with biotechnology. It plans to produce medical-grade cannabis, cannabis concentrates, and cannabinoid therapies.

Size:
Market Cap: $61 mil
Enterprise Value: $73 mil
# of employees: 6

Should you invest in GB Sciences – GBLX (OTC)? Recommendation: See Below

Operations: Weak (not yet proven or large)
The total US cannabis market, including the black market, is now roughly $50 billion (6 million kgs), with the legal fraction about one-tenth, or $5 billion. This is currently split 50/50 between medical and rec, though rec sales will grow much faster in the coming years.

Financials: Weak (revenue too low)

Management: Neutral
CEO: John C. Poss

Branding: Weak
The company does not yet have brands in the market.

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Valuation: Strong (not priced for huge future revenue)
Current share price: 0.30
Price to Sales: 16.2 (Pharma industry = 7.5)
EV / revenue: 20

Risks: High
All cannabis and hemp companies are risky due to the young nature of the market. This company is especially risky because it does not yet have proven products, revenue or income.

Recommendation: Neutral
GB Sciences had revenue of $1.3 million for the quarter and $2.4 million for the year. It is priced for revenue 2.5 times its current revenue. Since its recent quarterly revenue is more than previous quarters, we estimate its current annual revenue pace to be between $7-15 million per year. Thus it is priced for revenue of about $17-30 million.


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