GSRX VANCOUVER, British Columbia, April 23, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), announces its affiliate GSRX Industries Inc. (“GSRX”) (OTCQB: GSRX) is expecting strong 2nd quarter sales from its six operational dispensaries in California & Puerto Rico. GSRX has five owned-and-operated Green Spirit RX medicinal cannabis dispensaries in Puerto Rico and at its owned-and-operated Green Room dispensary in Point Arena, California. GSRX also operates one Pure and Natural retail kiosk and is in the process of launching two additional hemp based non-THC CBD retail store fronts in Tennessee and Texas.
As previously announced, Chemesis acquired 19.9% of GSRX as a part of its decision to expand its retail strategy across the United States and Puerto Rico. GSRX announced it has daily sales for the first three weeks of the 2nd quarter, which are approximately 27% higher than its average daily sales in the 1st quarter. With such strong sales, GSRX anticipates revenues of approximately $3.3 - $3.5 million for the 2nd quarter 2019. Additionally, GSRX recently announced record 1st quarter revenues of $2.9 million (unaudited), with a rise in gross profit to 51.76%.
“We are very excited about the progress GSRX is making, this is validated with the strong sales numbers and continued demand for high-quality products,” said CEO of Chemesis, Edgar Montero. “The Company has a strong retail strategy that allows Chemesis’ to leverage its high-quality manufacturing, extraction, and sought-after brands. With its stake in GSRX, Chemesis has greatly expanded its retail footprint in strategic locations and as GSRX continues to open dispensaries the Company will continue to brands and products at those locations.”