VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), announces unaudited fiscal Q3 Financial Statements for the three months ending March 31, 2019. In this quarter;
- the Company reported Revenue of $3,762,139, a 33% increase over the previous quarter, with Gross Profit of $1,113,903.
- the Company closed the acquisition of La Finca Interacviva-Arachna Inc. SAS, an integrated cannabis company operating in Colombia with access to over 1,060 acres of outdoor cultivation.
- the Company entered into a definitive agreement to manufacture a Proprietary Patent Pending THC Flake.
- the Company announced an exclusive partnership with First Medical Cannabis bringing immediate access to 1,000 acres of hemp cultivation in Puerto Rico. Additionally, the Company has the option to expand to an additional 5,000 acres.
- the Company announced the closing of CDN $1,975,000 in equity financings.
- the Company completed a definitive agreement for Acquisition of an extraction & manufacturing facility in Cathedral City. The acquisition expanded the Company's processing ability to over 500,000 kg of cannabis annually.
- the Company announced multi-state expansion into the Central United States, with teams concentrating on establishing operations in Michigan, Wisconsin, Missouri, and Illinois.
- the Company announced it has received approval for three new cultivation licenses in Colombia, with the ability to expand to over 100 acres. Additionally, through its non-profit organization, Chemesis believes it will extend its sowing prospects to add an additional 10,000 acres within the next three years.
- the Company announced it agreed with the holders of a $5.5 million promissory notes issued in connection with the Company’s acquisition of La Finca Interacviva-Arachna Med SAS to settle the full amount by issuing 4,104,476 common shares subject to 24 month leak out and escrow agreement.
Edgar Montero, CEO of Chemesis stated, “the Company’s operations continue to see increases in revenue quarter over quarter and we anticipate our operations will continue to grow as we see significant demand for the products we manufacture and package. The company's revenues, accounts receivables, and inventory is as strong as ever. Chemesis is also putting forth further resources to expand into the Eastern United States to continue to expand the Company’s multi-state operations. The team has created a foundation that we believe will create significant opportunities in 2019.”
Chemesis international still has access to $32,625,000 in drawdown equity facilities between New York based Alumina Partners Inc and Global Emerging Markets at the company's discretion.
The unaudited condensed consolidated interim financial Statements and MD&A for the three months ended March 31, 2019 will be filed on SEDAR and available at www.sedar.com.
On Behalf of The Board of Directors
CEO and Director
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.
1 (604) 398-3378
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
Source: Chemesis International Inc.
2019 GlobeNewswire, Inc., source Press Releases