Chemesis International Inc. Announces U.S. Multi-State Expansion
04/29/2019 | 03:06am EDT
VANCOUVER, British Columbia, April 29, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), announces it has commenced the process to expand its operations into the Central United States. The Company will concentrate on establishing operations in Michigan, Wisconsin, Missouri, and Illinois. The Company is in the application stage in each state and is also in the process of completing due diligence on assets that include cultivation, extraction, and distribution.
Currently, each state is in different stages of developing its medical and recreational cannabis markets. The state of Michigan has passed both recreational and medical cannabis laws, and state regulators are forming recreational cannabis laws with anticipated sales to begin early 2020. In Michigan, Chemesis has applied for a Hemp Co-Processing License, Hemp Cultivation License, Medical Cannabis Processing License, and will apply for the Adult Use Cannabis Processing License in Calendar Q4, 2019.
The state of Illinois is developing a medical cannabis program, which allows patients that qualify for certain medical conditions to obtain cannabis flower and derivatives. The Company will apply for licenses when the state begins accepting applications and is currently evaluating assets and other opportunities in the state.
In addition, Chemesis will look to build a first mover advantage in Wisconsin, where the state is in the early stages of forming a basis for legalization. Lastly, the state of Missouri is in the process of shaping a framework of regulations for a medical cannabis program, and the Company is in the process of applying for the Medical Processing and Cultivation License.
“Chemesis sees significant opportunities within these states, and it allows the Company to begin building a presence in the Central and Eastern United States,” said Edgar Montero, CEO of Chemesis. “The management team has identified opportunities that we believe will provide the Company with significant exposure in these markets. Chemesis is continuing its efforts to establish itself as a major multi-state operator with facilities and licenses across the United States.”
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 Buy-Out Transaction, the anticipated benefits of the Acquisition and the Buy-Out Transaction, respectively, the ability to realize any profits or increase to profits from its production facilities the expected size of the CBD market, the Company’s ability to increase production of various cannabidiol products, and generally regarding the business, profitability, products and future of the Company’s business, its product offerings and plans for revenue generation, sales and marketing, including upon completion of the Acquisition and Buy-Out Transaction, respectively. 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 or Buy-Out Transaction, respectively, will not be completed as proposed or at all, that the anticipated benefits of the Acquisition or Buy-Out Transaction, respectively, will not materialize, that its production facilities will not be profitable or increase profitability as expected, 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 Buy-Out Transaction, respectively (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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