Chemesis’ wholly owned subsidiary, La Finca, increases farm size with additional licenses
VANCOUVER, British Columbia, May 29, 2019 (GLOBE NEWSWIRE) — Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA:CWAA) (the “Company” or “Chemesis”), wholly owned subsidiary La Finca Interacviva-Arachna Med SAS (“La Finca”) announces it has received notification from the Ministry of Justice, that is has received approval for three new cultivation licenses for three additional farms located near Bogota, Colombia.
Currently, the Company has 5 acres planted for its pilot spring harvest and has the ability to expand to over 100 acres once the initial harvest is complete. These new acres, to be planted soon, not only will be focused on producing biomass but will also contribute in expediting the expansion of La Finca`s seed stock, a crucial step in guaranteeing acreage growth is in sync with seed availability.
The Company has also established a non-profit organization with the sole purpose of promoting cannabis cultivation. The Association for the Promotion of Cannabis Cultivation offers a new agricultural model with focus on the inclusion of farming communities such as indigenous, afro-Colombians, agroindustries and other small farmers with technical advice, seed, and a crop purchasing program.
The Association has joined forces with Ricardo Garzon, one of Latin America’s leading experts in the implementation of sustainable projects. Mr. Garzon has worked for several major organizations including the International Development Bank, USAID, The World Bank, the International Finance Corporation and is a recognized expert in the development and structuring of associative models throughout Latin America. The proposed model will be presented to Colombian communities and will allow La Finca to extend its sowing prospects to add an additional 2,000+ farming families and over 10,000 acres within the next three years to its previously announced land package. The Company believes this puts La Finca on the frontline of the transformation of agriculture in Colombia.
“La Finca has made an incredible amount of progress since joining Chemesis, and the addition of these licenses allows La Finca to further establish our cultivation operations,” said CEO of Chemesis, Edgar Montero. “Mr. Garzon is a welcomed addition and brings a wealth of experience to Chemesis’ Latin American team. The Company believes his expertise and relationships will allow Chemesis to expand its operations significantly through the Association for the Promotion of Cannabis Cultivation.”
Furthermore, with the expected increases of biomass production, La Finca will be moving into its 14,000 ft2 facility by the end of fiscal Q4. The space is strategically located near Bogota’s city centre, airport, and near the company’s growing operations, which will allow for cost effective transportation. The facility is currently being built out by using GMP compliant protocols for both extraction and finished goods manufacturing.
“A vital part of Chemesis’ long term vision is establishing a GMP certified facility in Latin America. The facility provides Chemesis the ability to add profitability with extraction and finished goods manufacturing. As regions in Latin America establish regulations, Chemesis will continue to maintain its first mover advantage in the markets we operate in.”
Chemesis is also pleased to announce that it has completed three tranches of a private placement (“Private Placement”) for gross aggregate proceeds of CDN $1,050,000. Chemesis issued a total of 567,567 units (“Units”) under the Private Placement, with each Unit comprised of one common share at a price of CDN $1.85 per share and one common share purchase warrant (“Warrants”), and each Warrant exercisable for a period of 60 months at a price of $2.50. No fees were paid on this placement.
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.
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