Chemesis International Inc. Receives Hemp Licensing in Central United States
06/20/2019 | 03:06am EDT
VANCOUVER, British Columbia, June 20, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”) announces it has received its Hemp Cultivation & Processing Licenses (“Licenses”) in the state of Michigan. With these licenses, the Company will begin its initial planting process in the coming weeks. These Licenses are a significant step forward in Chemesis’ long term goals of establishing itself as a major cannabis multi-state operator. The Company will also continue to evaluate assets and apply for licensing in the previously announced states such as Wisconsin, Illinois, Missouri, and Michigan.
In receiving these licenses, Chemesis now has US operations in California, Arizona, Puerto Rico and Michigan. The Company's long term growth strategy involves continuing to expand into other states with favourable regulations and assets that compliment Chemesis’ current operations and capabilities. The Company anticipates favourable regulations on both the state and federal level, and will continue to execute a strategy that will bring long term growth and shareholder value.
The state of Michigan passed the Michigan Regulation and Taxation of Marijuana Act (“MRTMA”) on November 6, 2018, which delegated responsibility for regulation, licensing, and enforcement for oversight for both medical and recreational use of cannabis. Michigan is projected to be in the top five of largest medical cannabis markets in the U.S. The total legal market is expected to be USD $755.7 million by 2020, with a CAGR of 7%.1
“We are very pleased to have received a Hemp Cultivation License for the state of Michigan,” said CEO of Chemesis, Edgar Montero. “Michigan is a large cannabis market and the Company believes building a major footprint in the state will not only increase revenues and long-term growth, but bring even bigger opportunities across the United States. The expansion also allows the Company to bring its products to consumers throughout the United States.”
Additional information on Chemesis International's Michigan operations will be announced in the near future.
On Behalf of The Board of Directors Edgar Montero CEO and Director
_______________ 1 New Frontier Data – 2018 Industry Outlook
About Chemesis International Inc.
Chemesis International Inc. is a vertically integrated U.S. Multi-State operator with International operations in Puerto Rico, and Colombia.
The Company focuses on prudent capital allocation to ensure it maintains a first mover advantage as it enters new markets and is committed to differentiate itself by deploying resources in markets with major opportunities. The Company operates a portfolio of brands which cater to a wide community of cannabis consumers, with focus on quality and consistency.
Chemesis has facilities in both Puerto Rico and California, and is in the process of constructing a GMP certified facility in Colombia. Chemesis’ Puerto Rico operations are licensed to operate 100,000 ft2 of cultivation, and 35,000 ft2 of manufacturing floor space. The Company is positioned to win additional licenses in highly competitive merit-based US states, and will expand its footprint to ensure it maintains a first mover advantage.
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 of the Company’s business, its product offerings and plans for sales and marketing, including finalizing an acquisition in Colombia. 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.
The CSE has not reviewed, approved or disapproved the content of this press release.