Chemesis International Inc. Announces Sale of Puerto Rico Operations
ACCESSWIRE
25 Nov 2020, 03:49 GMT+10
VANCOUVER, BC / ACCESSWIRE / November 24, 2020 / Chemesis International Inc. (the 'Company') (CSE:CSI)(OTCQB:CADMF)(FRA:CWAA)
The Company announces that its (former) subsidiary, Natural Ventures PR, LLC ('NVPR'), has sold all of its cannabis assets, and assigned all related liabilities, licenses and permits, to Puerto Rico Industrial Commercial Holdings Biotech Corp. ('PRICH') in exchange for immediate net cash proceeds to the Company, in respect of its 80% interest in NVRP, of US$450,000. The Company notes that, in connection with, and as a condition to, this transaction, it will cease to be a shareholder of NVPR.
The Company also announces that its subsidiary, GSRX Industries Inc. ('GSRX'), has sold all of its Puerto Rican cannabis assets, and assigned all related liabilities, licenses and permits, to PRICH in exchange for immediate net cash proceeds to GSRX of US$2,250,000, and monthly payments to be received in the amount of US$100,000 over a period of 24 months.
On Behalf of The Board of Directors
Josh Rosenberg
President
Investor Relations:
ir@chemesis.com
1 (604) 398-3378
The CSE has not reviewed, approved or disapproved the content of this press release
SOURCE: Chemesis International Inc.
View source version on accesswire.com:
https://www.accesswire.com/618157/Chemesis-International-Inc-Announces-Sale-of-Puerto-Rico-Operations
Subscribe and Follow
Get a daily dose of Canada Standard news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
News RELEASES
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Canada Standard.
More Information
-6
℃
Covid-19 kills two more Zimbabwean government ministers
HARARE - Zimbabwe's government held burials Wednesday for two Cabinet ministers and a former prison official who died from COVID-19. ...
Today's nuclear bombs 30 times more lethal than 1945 originals
On Friday, January 22, 2021, the Treaty on the Prohibition of Nuclear Weapons (TPNW) became international law for the 122 ...
Covid has hindered diplomatic action, complicated peacemaking efforts
Since September, the devastation wrought by the COVID-19 pandemic has deepened, infecting close to 100 million people, costing more than ...
Work on final 150kms of Nord Stream 2 gas pipeline begins
The Russian vessel tapped to finish the controversial Nord Stream 2 gas pipeline has begun work in Danish waters just ...
U.S. military cleared to recruit transgender people
President Joe Biden has issued an executive order that overturns a ban on transgender people serving in the U.S. military.In ...
Chinese and Indian armies move closer to resolving border dispute
NEW DELHI, India - India and China have agreed to push for an early disengagement of the frontline troops in ...
Coyotes look for offense at home vs. Ducks
The Anaheim Ducks have struggled mightily in the scoring department during the early part of this season, but they're not ...
Bucs WR Antonio Brown on first Super Bowl injury report
The Tampa Bay Buccaneers listed wide receiver Antonio Brown on their injury report Wednesday, as well with both starting safeties, ...
Report: Two-time MVP Candace Parker to join Sky
Two-time WNBA MVP Candace Parker is heading home, leaving the Los Angeles Sparks after 13 seasons to sign with the ...
Yankees deals for DJ LeMahiu, Corey Kluber official
The New York Yankees made a couple key free-agent signings official Wednesday, announcing that infielder DJ LeMahieu is returning to ...
Lions officially tab ex-Chargers coach Anthony Lynn as OC
The Detroit Lions officially announced Wednesday the hiring of former Los Angeles Chargers head coach Anthony Lynn as the team's ...
Stars seek to extend spotless start vs. Red Wings
The Dallas Stars have faced all kinds of adversity during the early weeks of the NHL season. A couple of ...
