World News: 08:05 GMT Wednesday 11th September 2019. [Chemesis International Inc. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, Sept. 11, 2019 (GLOBE NEWSWIRE) -- , announces that its subsidiary, Natural Ventures PR LLC (“”), has entered into an agreement to purchase (the “”) three cannabis dispensary operations (the “”) in Puerto Rico from Caribbean Green LLC (“”) 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 decade.
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.”
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 11th September 2019
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