Chemesis International Inc. presents its financial results

Chemesis International Inc. 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 ending on Sept. 30, 2019.

You can find more information about the cannabis industry and other important cannabis investing news in the Hemp.im app. This app collects the latest marijuana news among cannabis sectors that investors operate in.

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.

__

(Featured image by Kelly Sikkema via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Hemp.im, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in boerse-express.com, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Hemp.im assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Hemp.im is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.