Business
Chemesis International Inc. Provides Update on Operations and GSRX Transaction
Chemesis International Inc. Provides Update on Operations and GSRX Transaction.
About this update from Gsrx Industries Inc
[{"type":"text","content":"\n NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION ON UNITED STATES WIRE SERVICES 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 announced transaction (“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 DirectorsEdgar MonteroCEO and Director About Chemesis International Inc. Chemesis Internation...