Chemesis acquires 19.9% stake in GSRX, signs definitive licensed pact

GSRX grants Chemesis a pre-emptive authority to preserve ownership percentage.

Chemesis International Inc., a Vancouver based organization announced that it has signed a pact to obtain 19.9% stake of outstanding common stock of GSRX Industries Inc. The latter organization specializes in acquiringing and operating retail cannabis dispensaries in California and Puerto Rico.

Chemesis is known for its widespread manufacturing, processing and extraction processes that is compatible with the capabilities of GSRX to handle CBD stores and dispensaries. With this pact, Chemesis expand in Puerto Rico, Texas and Tennessee.

As per the pact, GSRX has allowed Chemesis an option for first refusal for the production of its ongoing as well as future products of GSRX in areas where Chemesis has production capabilities that can adequately satisfy the location demands. GSRX will also ensure that Chemesis brands and products receive dedicated shelf space in all licensed CBD stores and THC dispensary belonging to GSRX.

Edgar Montero, CEO of Chemesis explained that GSRX which is headed by Mr. Leslie Ball has created a retail plan that suits Chemesis and matches with their firm’s abilities by supplying additional sales channels in important markets. He further added that the firm trusts that GSRX will permit a step into retail fulfilment plan that increases revenues, brand exposure as well as assist to get into new marketplaces.

Leslie Ball, CEO of GSRX claimed that they were happy to complete share exchange that will offer bigger financial strength to both firms. He further added that with this partnership, GSRX guarantees quality supply chain of its expanding dispensaries and Chemesis will get access to retail distribution that only their firm can offer.

In accordance with this acquisition, GSRX will provide approximately 11,666,998 common shares to the Vancouver based organization whereas Chemesis has issued 7,291,874 common shares which will be subjected to mutually agreed 36-month leak-out agenda.