VANCOUVER, British Columbia, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), is proud to announce its subsidiary, Natural Ventures, has signed an exclusive offtake agreement with HempRico LLC, (“HempRico”). HempRico has received a hemp cultivation license in Puerto Rico, and will begin planting an initial high-potency hemp crop in the coming weeks.
Natural Ventures is continuing to work with cultivators in Puerto Rico, by providing cultivators with direct access to high-quality manufacturing services. With the agreement with HempRico, the Company will manufacture high-potency CBD products for the medical market through finished goods such as tinctures, patches, edibles, and other high-CBD hemp-derived products. These products will be manufactured to a high standard to ensure compliance for distribution to international markets.
HempRico’s cultivation area is located in Cayey, a mountainous municipality that has a unique micro-climate for growing. The Company expects the elevation will provide consistently high-CBD crops that will be used to supply the medical market.
“Through this exclusive offtake agreement, Natural Ventures receives additional biomass and thus ensures our facilities receive a consistent supply of raw material from various sources,” said Chief Executive Officer, Edgar Montero. “Bolstering our production capability is a key element to ensure the Company is able to process the increasing amount of high-CBD crops. As Puerto Rico issues more licenses, Natural Ventures will work with cultivators and provide extraction and finished good manufacturing.”
On Behalf of The Board of Directors
Edgar Montero
CEO and Director
About Chemesis International Inc.
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 ft2 of cultivation, and 35,000 ft2 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.
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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. 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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