Chemesis International Inc. Enters into an Agreement to Purchase Three Dispensary Operations in Puerto Rico – GlobeNewswire

VANCOUVER, British Columbia, Sept. 11, 2019 (GLOBE NEWSWIRE) — Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), announces that its subsidiary, Natural Ventures PR LLC (“Natural Ventures”), has entered into an agreement to purchase (the “Acquisition”) three cannabis dispensary operations (the “Dispensaries”) in Puerto Rico from Caribbean Green LLC (“Caribbean Green”) in exchange for $1.3 million USD in cash over 24 months. The Dispensaries are currently operating under the Caribbean Green brand and will generate approximately $3,600,000 USD in revenues for calendar 2019.
The Dispensaries are located near the major city of San Juan, in the areas of Carolina, Guaynabo and Condado. The Dispensaries are in high foot-traffic areas, populated throughout the year by numerous tourists visiting through the island’s largest port and airport. The island sees over 4 million tourists each year and has steadily seen an increase in visitors over the past decade1.The Company will now own eight dispensaries in Puerto Rico, with an additional five pre-qualified dispensaries that are in various stages of development. In the United States, the Company owns three retail stores and has two additional dispensaries located in Palm Springs and Riverbank, California, which are expected to be online by calendar Q1 2020. With this acquisition, the Company will be operating eleven dispensary retail stores in Puerto Rico and the United States, and expects to have an additional seven stores opened by the end of calendar Q1 2020.“Chemesis’s subsidiary Natural Ventures continues to solidify itself as the largest vertically integrated cannabis operator in Puerto Rico,” said Chief Executive Officer, Edgar Montero. “With the acquisition of three additional dispensaries the Company will further increase its exposure to the retail cannabis business. Acquiring additional dispensaries fits within Chemesis’s strategic plan to ensure our manufactured products and brands receive priority retail exposure.”On Behalf

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