VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), announces a partnership with First Medical Cannabis LLC, to commence exclusive cultivation of hemp with high yields of CBD. With the anticipation of hemp legalization in Puerto Rico, the Company continues to increase its foothold on the island and now has the ability to cultivate high yield CBD derived from hemp on a large scale for distribution on the island and the mainland USA.
Initially, Chemesis will have access to 1,000 acres for hemp cultivation, and will have the option to expand up to an additional 5,000 acres of prime agricultural estate. In total, the partnership and joint venture with the First Medical Cannabis provides the Company with access of up to 6,000 acres of agricultural land in Puerto Rico.
Chemesis will leverage its fully compliant facility to manufacture, process, and distribute hemp-derived CBD products. The facility has the ability to off-take all hemp produced by First Medical, and process into finished goods for sale in domestic and international markets, including the continental United States.
The sole member of First Medical holds one of the largest privately-owned land estates in the Valley de Lajas, Puerto Rico, an area that is well known for being one of the most agriculturally prolific regions in the Caribbean. Puerto Rico has a competitive advantage as the climate, soil, and geographical region allow for a much longer growing season. “Since the last of Puerto Rico’s sugar mills closed in 2000, the island has been in need of an agricultural revolution and the hemp industry promises much needed jobs,” said Chemesis CEO, Edgar Montero. “Puerto Rico’s tropical climate makes the island an ideal competitor in the hemp industry, furthermore it will allow the Company to harvest up to 3 crops per year compared to 1 in many areas around the world.”
“As previously announced, the Company has begun cultivating high potency CBD strains and will leverage its licenses and registered seed strains to develop high quality crops. With the passing of the 2018 Farm Bill, Chemesis has acquired the necessary assets and built strategic relationships which will allow the Company to cultivate, manufacture, and ship finished goods across the United States,” added Montero.
Under the terms of this partnership, the company will issue 1,000,000 shares subject to 36 month leak-out and grant the option to purchase up to 1,000,000 shares of Chemesis stock for a period of 24 months, at an option price of $2.12.
On Behalf of The Board of Directors
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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