Ron Strider
Well-Known Member
LSU took another step closer Thursday to cutting a $3.4 million contract with a private vendor to grow marijuana for medical purposes.
A committee of the LSU Board of Supervisors approved allowing President F. King Alexander to open negotiations on the details of a general pact with GB Sciences Inc. to handle the production of medical marijuana. The deal would pay LSU AgCenter $3.4 million or, if greater, a commission of 10 percent of gross receipts for an initial five year term.
The state named the agriculture centers at LSU and Southern as the only legal growers of marijuana plants, from which medicines can be extracted. Louisiana recently approved a law allowing the use of medicines produced from a plant that is otherwise illegal to possess in this state.
The entire board sat in on the Finance Committee meeting. Usually the entire board adopts whatever a panel approves.
But Thursday morning some board members, who were not part of the committee, wanted answers to questions before they said they would be willing to sign off on the deal.
"This is a very sensitive matter," said Board member Glenn J. Armentor. Though not a member of the committee, he asked for an opportunity to get questions asked and answered before moving forward with the contract.
Stanley J. Jacobs said he had some questions about the company's financials.
Board Member Ann Duplessis scolded her colleagues for not reading the materials in advance. "So we don't get to a board meeting and have this charade happen," she said.
Finance Committee Chairman Ron Anderson pointed out that the resolution was only to allow Alexander to hammer out the details of the overall deal. Those members with questions about the deal would have plenty of opportunity to ask before the contract is up for a final vote. Anderson expects the contract to be completed by August.
"We are not a pot company," said John Poss, chief executive officer of GS Sciences Inc., based in Las Vegas.
He said the company has been researching cannabis properties and had filed patents on three different compounds that address aspects of neurological conditions, inflammatory disorders and heart disease.
"I don't want to be just another weed grower," LSU Ag Chancellor Richardson told the board. For him, the research component is important and he pointed to the company's willingness to contribute $500,000 for research.
Richardson added that no LSU students would be employed and the facility won't be adjacent to campuses.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: LSU Board moves forward on medical marijuana contract | Education | theadvocate.com
Author: Mark Ballard
Contact: Help | theadvocate.com
Photo Credit: GB Sciences
Website: theadvocate.com | The Advocate | Baton Rouge News, Sports and Entertainment
A committee of the LSU Board of Supervisors approved allowing President F. King Alexander to open negotiations on the details of a general pact with GB Sciences Inc. to handle the production of medical marijuana. The deal would pay LSU AgCenter $3.4 million or, if greater, a commission of 10 percent of gross receipts for an initial five year term.
The state named the agriculture centers at LSU and Southern as the only legal growers of marijuana plants, from which medicines can be extracted. Louisiana recently approved a law allowing the use of medicines produced from a plant that is otherwise illegal to possess in this state.
The entire board sat in on the Finance Committee meeting. Usually the entire board adopts whatever a panel approves.
But Thursday morning some board members, who were not part of the committee, wanted answers to questions before they said they would be willing to sign off on the deal.
"This is a very sensitive matter," said Board member Glenn J. Armentor. Though not a member of the committee, he asked for an opportunity to get questions asked and answered before moving forward with the contract.
Stanley J. Jacobs said he had some questions about the company's financials.
Board Member Ann Duplessis scolded her colleagues for not reading the materials in advance. "So we don't get to a board meeting and have this charade happen," she said.
Finance Committee Chairman Ron Anderson pointed out that the resolution was only to allow Alexander to hammer out the details of the overall deal. Those members with questions about the deal would have plenty of opportunity to ask before the contract is up for a final vote. Anderson expects the contract to be completed by August.
"We are not a pot company," said John Poss, chief executive officer of GS Sciences Inc., based in Las Vegas.
He said the company has been researching cannabis properties and had filed patents on three different compounds that address aspects of neurological conditions, inflammatory disorders and heart disease.
"I don't want to be just another weed grower," LSU Ag Chancellor Richardson told the board. For him, the research component is important and he pointed to the company's willingness to contribute $500,000 for research.
Richardson added that no LSU students would be employed and the facility won't be adjacent to campuses.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: LSU Board moves forward on medical marijuana contract | Education | theadvocate.com
Author: Mark Ballard
Contact: Help | theadvocate.com
Photo Credit: GB Sciences
Website: theadvocate.com | The Advocate | Baton Rouge News, Sports and Entertainment
