Chemesis International Inc. operates a portfolio of brands aimed at a large community of cannabis users, with an emphasis on quality and consistency. The company is well-positioned to obtain additional licenses in competitive, performance-oriented U.S. states. The company generated revenues of $4.7 million, an increase of 279% compared to the same period of the previous fiscal year.
Chemesis International continues to be financially sound and able to continue to implement its expansion plans to increase shareholder value.
The company has just announced its results for the first quarter of 2020, ending Sept. 30, 2019.
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Chemesis International Inc. financial and operating data for the first quarter of 2020
The company generated revenues of $4.7 million, an increase of 279% compared to the same period of the previous fiscal year and 16% compared to the fourth quarter.
The company’s gross profit amounted to $1.8 million (excluding the increase in fair value of biological assets) and that represents an increase of $1.6 million over the comparable period of the previous fiscal year and an increase of $1.2 million over the fourth quarter.
Excluding the unrealized loss from investment in GSRX company, the operating profit (EBITDA) was positive at $107,568.
Chemesis International Inc. has acquired a majority interest in GSRX Industries Inc, a leader in the cannabis industry specializing in distribution, sales and brand development.
GSXR’s assets include its Puerto Rico sales and distribution facilities and a fully licensed cannabis production facility in Northern California.
More in store for Chemesis International Inc.
Another key point is that Chemesis International Inc. has signed an agreement to purchase three distribution points in Puerto Rico. The company has started the development, processing, packaging, and distribution of tobacco-free cannabis cigarettes.
Another partnership agreement Chemesis has signed is the one with Happy Tea, which includes a purchase order with a minimum value of $4 million and the manufacture and distribution of the growing range of Happy Tea products.
Chemesis has received a purchase order from PR ONE for dried flowers and cannabis infusion products with a minimum order value of $6 million per year.
Current focus & developments
Chemesis International Inc. will specialize in the manufacturing, distribution and retail sale of cannabis cigarettes throughout the United States and international markets.
The company secured a supply agreement for cannabis biomass to be processed, extracted and produced for use in Chemesis’ finished products.
“The Company is continuing its strategic actions to integrate assets acquired during the first quarter of the fiscal year 2020,” said Chief Executive Officer Edgar Montero. “Chemesis will leverage the newly acquired outlets, partnerships, and brands, as well as its team with extensive retail experience, to further expand and increase operational efficiency.
Chemesis International is a vertically integrated U.S. provider in several states with international operations in Puerto Rico and Colombia. The company operates a portfolio of brands targeting a large community of cannabis users, with a focus on quality and consistency.
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