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VANCOUVER, British Columbia, Aug. 23, 2019 (GLOBE NEWSWIRE) — Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA:CWAA) (the “Company” or “Chemesis”), announces that it is continuing to proceed toward completing the previously announcedtransaction (“Acquisition”) to purchase a majority stake in GSRX Industries Inc. (“GSRX”) (OTCQB:GSRX), with an anticipated closing date of August 31, 2019.
GSRX currently operates five dispensaries in Puerto Rico and has plans to open five additional dispensaries on the island. The company also operates one retail CBD kiosk in Clarksville, Tennessee with a retail store front expected to open up in Nashville, Tennessee as well as Lakeway, Texas. GSRX also holds a fully licensed distribution centre and a boutique dispensary in Point Arena, California. In addition, GSRX expects to open a dispensary in Palm Springs, California by calendar Q1, 2020.
“Upon the successful closing of the Acquisition, Chemesis will have controlling interest for the purposes of financial reporting, making the Company a fully vertically integrated, multi-state operator with assets in California, Tennessee, Arizona, Michigan, Texas, and Puerto Rico,” said CEO, Edgar Montero. “The Company continues to position itself in the market to ensure we are able to develop the business in a way that builds long term shareholder value.”
In addition, Chemesis’ California extraction facilities are seeing an increase in trim being processed month over month. The Company also continues to manufacture finished products for its in-house and partner brands. The team is working on expanding its manufacturing capabilities to increase product offerings while expanding its relationship with Happy Tea and Jay & Silent Bob to add additional SKU’s.
This news release does not constitute an offer to sell or the solicitation of an offer to purchase any securities. The securities referenced herein may not be offered sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefore.
On behalf of the board of directors
CEO and Director
About Chemesis International Inc.
Chemesis International Inc. is a vertically integrated global leader in the cannabis industry, currently operating within California, Puerto Rico, and finalizing an acquisition in Colombia.
Chemesis is developing a strong foothold in key markets, from cultivation, to manufacturing, distribution and retail. Chemesis has facilities in both Puerto Rico and California, allowing for cost effective production and distribution of its products. In addition, Chemesis leverages exclusive brands and partnerships and uses the highest quality extraction methods to provide consumers with quality cannabis products.
Chemesis will add shareholder value by exploring opportunities in emerging markets while consistently delivering quality product to its consumers from seed to sale.
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Company’s business, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company’s products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release