Business
Chemesis International Inc. Acquires 19.9% Equity Stake in GSRX Industries Inc.
Chemesis International Inc. Acquires 19.9% Equity Stake in GSRX Industries Inc..
About this update from Gsrx Industries Inc
[{"type":"text","content":"\nGSRX Operates Six Dispensaries; 5 in Puerto Rico and 1 in California with Major Expansion Plans\n GSRX Signs Exclusive Manufacturing Agreement with Chemesis DORADO, Puerto Rico, April 01, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the \"Company\" or \"Chemesis\"), announces that it has entered into an agreement (\"Agreement\") to acquire 19.9% of the outstanding common stock of GSRX Industries Inc. (\"GSRX\") (OTCQB: GSRX). Through its various subsidiaries, GSRX is in the business of acquiring, developing and operating retail cannabis dispensaries in Puerto Rico and California. GSRX also operates one Pure and Natural retail kiosk and is in the process of launching two additional hemp based non-THC CBD retail store fronts in Tennessee and Texas. Chemesis has extensive manufacturing, processing and extraction capabilities, which ties together with GSRX's ability to professionally operate dispensaries and CBD stores. This will greatly expand Chemesis' footprint in strategic locations, specifically Puerto Rico, California, Tennessee and Texas for both THC and hemp based non-THC CBD products. As part of the Agreement, GSRX has granted Chemesis a right of first refusal to manufacture GSRX's current and future production requirements in all jurisdictions where Chemesis has production capabilities that will meet the demand of its location and product growth. GSRX also will ensure that there is dedicated shelf space for Chemesis' brands and products at each GSRX licensed THC dispensary and CBD store. Recently GSRX raised its first quarter 2019 consolidated revenue guidance to USD $2.7m-$2.9m. GSRX has five additional pre-qualified dispensary locations at various phases of development and construction for initial expansion in Puerto Rico. \"Led by seasoned retail veteran Mr. Leslie Ball, GSRX has developed a retail strategy that fits incredibly well with Chemesis and complements its extraction and manufacturing abilities by providing expanded sales channels for Chemesis with additional retail access into key markets,\" said Edgar Montero, Chief Executive Officer of Chemesis. \"The Company believes GSRX will allow it to move into a retail fulfilment strategy that will drive revenues, increase exposure to our brands, and also enable us to penetrate new markets. The profess...