Chemesis International Inc. Affiliate GSRX Industries Expecting Strong 2nd Quarter Sales
04/23/2019 | 10:17am EDT
VANCOUVER, British Columbia, April 23, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), announces its affiliate GSRX Industries Inc. (“GSRX”) (OTCQB: GSRX) is expecting strong 2nd quarter sales from its six operational dispensaries in California & Puerto Rico. GSRX has five owned-and-operated Green Spirit RX medicinal cannabis dispensaries in Puerto Rico and at its owned-and-operated Green Room dispensary in Point Arena, 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.
As previously announced, Chemesis acquired 19.9% of GSRX as a part of its decision to expand its retail strategy across the United States and Puerto Rico. GSRX announced it has daily sales for the first three weeks of the 2nd quarter, which are approximately 27% higher than its average daily sales in the 1st quarter. With such strong sales, GSRX anticipates revenues of approximately $3.3 - $3.5 million for the 2nd quarter 2019. Additionally, GSRX recently announced record 1st quarter revenues of $2.9 million (unaudited), with a rise in gross profit to 51.76%.
“We are very excited about the progress GSRX is making, this is validated with the strong sales numbers and continued demand for high-quality products,” said CEO of Chemesis, Edgar Montero. “The Company has a strong retail strategy that allows Chemesis’ to leverage its high-quality manufacturing, extraction, and sought-after brands. With its stake in GSRX, Chemesis has greatly expanded its retail footprint in strategic locations and as GSRX continues to open dispensaries the Company will continue to brands and products at those locations.”
On Behalf of The Board of Directors Edgar Montero 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 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, including in relation to statements regarding the Acquisition, the anticipated benefits of the Acquisition, the expected size of the CBD market, the Company’s ability to increase production of various cannabidiol products, and generally regarding the business, products and future of the Company’s business, its product offerings and plans for sales and marketing, including upon completion of the Acquisition. 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 Acquisition will not be completed as proposed or at all, that the anticipated benefits of the Acquisition will not materialize, that the CBD market will not expand as anticipated, that the Company will not be able to expand production of CBD products at the rate anticipated upon closing of the Acquisition (or at all), and generally 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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