VANCOUVER, British Columbia, Jan. 17, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), announces its subsidiary Natural Ventures has entered into a licensing agreement to produce Dragonglass Flake and Bake™ (“Dragonglass”) for Project 1493 LLC., a subsidiary of GSRX Industries, Inc. Dragonglass will be available exclusively at Green Spirit RX dispensaries throughout Puerto Rico.
GSRX Industries Inc. (OTCQB: GSRX), one of Puerto Rico’s largest operators of medicinal cannabis dispensaries (under the brand name Green Spirit RX), has five medicinal cannabis dispensaries on the island, located in San Juan-Puerto Nuevo, San Juan-Hato Ray, Carolina, Dorado and Fajardo. These dispensaries are located in prime areas with large populations that are in close proximity to tourist centers and hotels. In anticipation of growing demand for cannabis related products including edibles like Dragonglass, Green Spirit RX also has five additional locations in Puerto Rico expected to be opened in 2019. The company also holds pre-qualified licenses in Puerto Rico for transportation and at-home patient delivery. Furthermore, Project 1493 and Green Spirit RX will lead all marketing efforts in Puerto Rico to ensure cannabis consumers are educated on Dragonglass and its benefits.1
Dragonglass is made using a multi-patent pending technology that allows consumers to consume cannabis in a variety of different methods, flavors and colors. The dried activated THC powder or flake is all natural, and contains zero calories, sugar, fat, alcohols and is 100% vegan. The powder or flake is produced via a proprietary water-based cannabinoid infusion method, which allows users to expect onset within 7-15 minutes. Dragonglass will come in a variety of flavors that include mint, cinnamon, lemon-lime and even Cayenne for cooking. Dragonglass can be administered sublingually, ingested, micro dosed, and added to foods or drinks.2
“We are tremendously pleased with the agreement to bring Dragonglass to cannabis consumers in Puerto Rico,” said CEO of Chemesis, Edgar Montero. “Chemesis believes the patent-pending proprietary technology could revolutionize the industry in Puerto Rico with its fast onset and versatile methods of consumption. Natural Ventures will continue to increase its capabilities to serve the increasing demand of Puerto Rico’s cannabis industry.”
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Under the agreement, Project 1493 will provide formulas, equipment, technology, and training to manufacture Dragonglass at Natural Ventures’ Puerto Rico facility. Under the agreement, Chemesis International and Project 1493 LLC. have a 50/50 net profit split.
The Company has also drawn down CDN $500,000 from the previously announced CDN $25 million equity facility from Alumina Partners Ltd., a New York based private equity firm. The Company will issue 384,615 common shares at a price of CDN $1.30 and also issue 384,615 common share purchase warrants at an exercise price of CDN $2.45 (“Warrants”). Each Warrant is exercisable for one common share for a period of five years.
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.
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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.
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