World News: 08:05 GMT Wednesday 14th August 2019. [Chemesis International Inc. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, Aug. 14, 2019 (GLOBE NEWSWIRE) -- , announces that it has signed Letters of Intent (“LOIs”) with 34 private liquor stores in British Columbia (B.C.) for distribution of its hemp-based chew products, pursuant to which Chemesis expects to begin distributing its products throughout the lower mainland and other densely populated areas of B.C. by early Q4 2019.
Chemesis anticipates strong demand in the Canadian market, as its tobacco-free, smokeless product is a healthier alternative to otherwise similar products that are currently available. A research report published in November, 2018 estimates the market for such products at CAD $2 billion, with an annual growth rate of 8% from 2013-2018.
Opportunities outside of liquor stores will also be pursued as the company gears towards its Q4 2019 commercialization.
"These LOIs will provide great consumer access to our hemp-derived chew", stated Chemesis CEO, Edgar Montero. "As the brand and products continue to develop, the Company will look to replicate these type of distribution arrangements. We are excited to be able to offer the market a smoke-less, tobacco-free product which is a healthier alternative to otherwise similar products currently available."
Due to competitive nature of the market, the Company will not disclose who the LOIs have been signed with at this time.
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 that 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 ft of cultivation, and 35,000 ft 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.
Globe Newswire: 08:05 GMT Wednesday 14th August 2019
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